Dolby Laboratories, Inc. (NYSE:DLB) Sees Large Increase in Short Interest

Dolby Laboratories, Inc. (NYSE:DLB) was the target of a significant growth in short interest during the month of March. As of March 15th, there was short interest totalling 1,120,000 shares, a growth of 88.5% from the February 28th total of 594,200 shares. Currently, 1.9% of the shares of the company are sold short. Based on an average trading volume of 505,000 shares, the short-interest ratio is currently 2.2 days.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Rosenblatt Securities reiterated a “buy” rating and issued a $100.00 target price on shares of Dolby Laboratories in a research report on Thursday, January 30th. StockNews.com cut shares of Dolby Laboratories from a “strong-buy” rating to a “buy” rating in a report on Friday, January 31st. Finally, Barrington Research reissued an “outperform” rating and set a $100.00 target price on shares of Dolby Laboratories in a report on Thursday, February 13th.

Insider Transactions at Dolby Laboratories

In other news, CMO Todd Pendleton sold 18,121 shares of the business’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $83.75, for a total transaction of $1,517,633.75. Following the completion of the transaction, the chief marketing officer now directly owns 37,290 shares in the company, valued at approximately $3,123,037.50. The trade was a 32.70 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Mark Andrew Sherman sold 40,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $84.88, for a total value of $3,395,200.00. Following the completion of the sale, the executive vice president now owns 62,397 shares in the company, valued at approximately $5,296,257.36. This represents a 39.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 65,121 shares of company stock worth $5,501,324. Insiders own 38.39% of the company’s stock.

Hedge Funds Weigh In On Dolby Laboratories

Several hedge funds have recently made changes to their positions in the business. Geode Capital Management LLC boosted its holdings in Dolby Laboratories by 4.3% during the third quarter. Geode Capital Management LLC now owns 1,538,583 shares of the electronics maker’s stock worth $117,767,000 after buying an additional 63,293 shares in the last quarter. Lord Abbett & CO. LLC lifted its position in shares of Dolby Laboratories by 5.8% during the 3rd quarter. Lord Abbett & CO. LLC now owns 284,466 shares of the electronics maker’s stock valued at $21,771,000 after acquiring an additional 15,546 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Dolby Laboratories by 10,441,900.0% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 104,420 shares of the electronics maker’s stock worth $8,123,000 after acquiring an additional 104,419 shares in the last quarter. Barclays PLC grew its holdings in shares of Dolby Laboratories by 80.5% in the 3rd quarter. Barclays PLC now owns 33,230 shares of the electronics maker’s stock worth $2,544,000 after acquiring an additional 14,825 shares during the last quarter. Finally, Edgestream Partners L.P. acquired a new stake in shares of Dolby Laboratories during the third quarter worth $3,031,000. Institutional investors and hedge funds own 58.56% of the company’s stock.

Dolby Laboratories Price Performance

Shares of Dolby Laboratories stock traded down $1.70 during trading on Friday, hitting $79.94. The stock had a trading volume of 263,254 shares, compared to its average volume of 441,990. The business has a fifty day moving average of $82.25 and a two-hundred day moving average of $78.26. Dolby Laboratories has a fifty-two week low of $66.35 and a fifty-two week high of $89.66. The firm has a market cap of $7.63 billion, a P/E ratio of 29.39 and a beta of 1.01.

Dolby Laboratories Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, February 19th. Shareholders of record on Tuesday, February 11th were issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 1.65%. The ex-dividend date was Tuesday, February 11th. Dolby Laboratories’s payout ratio is 48.53%.

Dolby Laboratories Company Profile

Dolby Laboratories, Inc creates audio and imaging technologies that transform entertainment at the cinema, DTV transmissions and devices, mobile devices, OTT video and music services, home entertainment devices, and automobiles. 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.