Dolby Laboratories (NYSE:DLB – Get Free Report) issued an update on its first quarter 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of $0.80-$0.95 for the period, compared to the consensus earnings per share estimate of $1.08. The company issued revenue guidance of $300.00 million-$330.00 million, compared to the consensus revenue estimate of $353.67 million. Dolby Laboratories also updated its FY 2024 guidance to $3.60-$3.75 EPS.
Dolby Laboratories Stock Down 5.9 %
DLB opened at $82.55 on Friday. The business has a fifty day simple moving average of $81.99 and a 200-day simple moving average of $83.29. Dolby Laboratories has a 52 week low of $65.18 and a 52 week high of $91.01. The firm has a market cap of $7.90 billion, a P/E ratio of 39.00 and a beta of 1.00.
Wall Street Analysts Forecast Growth
DLB has been the subject of several research reports. Rosenblatt Securities reaffirmed a buy rating and issued a $98.00 target price on shares of Dolby Laboratories in a research report on Friday. StockNews.com assumed coverage on shares of Dolby Laboratories in a report on Thursday, October 5th. They issued a hold rating for the company. Finally, TheStreet cut shares of Dolby Laboratories from a b rating to a c+ rating in a research note on Friday, August 4th. Two investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, Dolby Laboratories presently has a consensus rating of Moderate Buy and a consensus price target of $107.00.
Insider Transactions at Dolby Laboratories
In related news, CEO Kevin J. Yeaman sold 18,060 shares of the business’s stock in a transaction that occurred on Tuesday, September 12th. The shares were sold at an average price of $82.62, for a total value of $1,492,117.20. Following the completion of the sale, the chief executive officer now directly owns 51,879 shares in the company, valued at $4,286,242.98. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, CEO Kevin J. Yeaman sold 9,030 shares of the company’s stock in a transaction on Tuesday, October 17th. The shares were sold at an average price of $82.32, for a total value of $743,349.60. Following the sale, the chief executive officer now directly owns 51,879 shares of the company’s stock, valued at $4,270,679.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Kevin J. Yeaman sold 18,060 shares of the stock in a transaction on Tuesday, September 12th. The stock was sold at an average price of $82.62, for a total transaction of $1,492,117.20. Following the sale, the chief executive officer now directly owns 51,879 shares in the company, valued at $4,286,242.98. The disclosure for this sale can be found here. Insiders sold a total of 33,979 shares of company stock worth $2,816,967 over the last ninety days. 39.25% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On Dolby Laboratories
Several institutional investors have recently modified their holdings of DLB. Quarry LP grew its position in Dolby Laboratories by 248.2% in the 2nd quarter. Quarry LP now owns 296 shares of the electronics maker’s stock valued at $25,000 after buying an additional 211 shares in the last quarter. Tower Research Capital LLC TRC lifted its stake in Dolby Laboratories by 52.7% during the first quarter. Tower Research Capital LLC TRC now owns 400 shares of the electronics maker’s stock valued at $34,000 after buying an additional 138 shares in the last quarter. Zions Bancorporation N.A. purchased a new stake in Dolby Laboratories during the first quarter valued at about $42,000. First Manhattan Co. purchased a new stake in Dolby Laboratories during the fourth quarter valued at about $66,000. Finally, Horizon Investments LLC lifted its position 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 purchasing an additional 135 shares in the last quarter. 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.
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