Dolby Laboratories (NYSE:DLB) Issues FY24 Earnings Guidance

Dolby Laboratories (NYSE:DLB) issued an update on its FY24 earnings guidance on Thursday morning. The company provided EPS guidance of $2.30-2.45 for the period, compared to the consensus EPS estimate of $2.89. The company issued revenue guidance of $1.30 billion, compared to the consensus revenue estimate of $1.36 billion. Dolby Laboratories also updated its FY 2024 guidance to $3.60-$3.75 EPS.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. TheStreet cut shares of Dolby Laboratories from a b rating to a c+ rating in a report on Friday, August 4th. StockNews.com initiated coverage on shares of Dolby Laboratories in a research report on Thursday, October 5th. They issued a hold rating on the stock. Finally, Rosenblatt Securities reiterated a buy rating and set a $98.00 target price on shares of Dolby Laboratories in a research report on Friday. Two investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average target price of $107.00.

Dolby Laboratories Price Performance

DLB opened at $87.75 on Friday. Dolby Laboratories has a one year low of $65.18 and a one year high of $91.01. The business has a 50 day simple moving average of $81.99 and a two-hundred day simple moving average of $83.29. The firm has a market capitalization of $8.39 billion, a price-to-earnings ratio of 39.00 and a beta of 1.00.

Insider Transactions at Dolby Laboratories

In other news, CEO Kevin J. Yeaman sold 9,030 shares of the business’s stock in a transaction on Tuesday, October 17th. The shares were sold at an average price of $82.32, for a total transaction of $743,349.60. Following the sale, the chief executive officer now owns 51,879 shares in the company, valued at approximately $4,270,679.28. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CEO Kevin J. Yeaman sold 18,060 shares of the business’s stock in a transaction on Tuesday, September 12th. The stock was sold at an average price of $82.62, for a total value of $1,492,117.20. Following the completion of the transaction, the chief executive officer now owns 51,879 shares in the company, valued at $4,286,242.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Kevin J. Yeaman sold 9,030 shares of the company’s stock in a transaction dated Tuesday, October 17th. The shares were sold at an average price of $82.32, for a total transaction of $743,349.60. Following the transaction, the chief executive officer now owns 51,879 shares in the company, valued at approximately $4,270,679.28. The disclosure for this sale can be found here. In the last quarter, insiders sold 33,979 shares of company stock valued at $2,816,967. Corporate insiders own 39.25% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Quarry LP grew its position in Dolby Laboratories by 248.2% during the second quarter. Quarry LP now owns 296 shares of the electronics maker’s stock valued at $25,000 after buying an additional 211 shares during the period. Tower Research Capital LLC TRC raised its holdings in Dolby Laboratories by 52.7% in the 1st quarter. Tower Research Capital LLC TRC now owns 400 shares of the electronics maker’s stock worth $34,000 after purchasing an additional 138 shares during the period. Zions Bancorporation N.A. bought a new stake in Dolby Laboratories during the first quarter valued at about $42,000. Horizon Investments LLC raised its stake in shares of Dolby Laboratories by 19.4% in the second quarter. Horizon Investments LLC now owns 831 shares of the electronics maker’s stock worth $70,000 after buying an additional 135 shares during the period. Finally, First Manhattan Co. bought a new position in shares of Dolby Laboratories during the 4th quarter valued at approximately $66,000. Institutional investors own 56.37% of the company’s stock.

About Dolby Laboratories

Dolby Laboratories, Inc creates audio and imaging technologies that transform entertainment and communications at the cinema, DTV transmissions and devices, mobile devices, OTT video and music services, and home entertainment devices. The company develops and licenses its audio technologies, such as AAC & HE-AAC, a digital audio codec solution used for a range of media applications; AVC, a digital video codec with high bandwidth efficiency used in various media devices; Dolby AC-4, a digital audio coding technology that delivers new audio experiences to a range of playback devices; and Dolby Atmos technology for cinema and various media devices.