Dolby Laboratories (NYSE:DLB) Issues Q3 Earnings Guidance

Dolby Laboratories (NYSE:DLB) updated its third quarter earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $0.51-0.66 for the period, compared to the consensus estimate of $0.58. The company issued revenue guidance of $270-300 million, compared to the consensus revenue estimate of $313.64 million. Dolby Laboratories also updated its FY24 guidance to $3.60-3.75 EPS.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on DLB. StockNews.com upgraded Dolby Laboratories from a hold rating to a buy rating in a research report on Friday, February 2nd. Rosenblatt Securities reaffirmed a buy rating and issued a $98.00 target price on shares of Dolby Laboratories in a research note on Monday.

Dolby Laboratories Stock Performance

Shares of Dolby Laboratories stock traded up $2.13 during trading hours on Thursday, reaching $79.71. The company’s stock had a trading volume of 614,505 shares, compared to its average volume of 366,300. The company has a market capitalization of $7.62 billion, a P/E ratio of 40.53 and a beta of 0.98. The stock’s fifty day simple moving average is $81.61 and its two-hundred day simple moving average is $83.25. Dolby Laboratories has a one year low of $75.87 and a one year high of $91.01.

Dolby Laboratories (NYSE:DLB) last issued its quarterly earnings results on Thursday, February 1st. The electronics maker reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.14. Dolby Laboratories had a return on equity of 10.21% and a net margin of 14.70%. The firm had revenue of $315.57 million during the quarter, compared to analyst estimates of $310.98 million. As a group, research analysts forecast that Dolby Laboratories will post 2.6 earnings per share for the current year.

Insider Buying and Selling

In related news, SVP John D. Couling sold 33,560 shares of the company’s stock in a transaction on Friday, February 9th. The shares were sold at an average price of $80.81, for a total value of $2,711,983.60. Following the completion of the transaction, the senior vice president now owns 108,519 shares of the company’s stock, valued at approximately $8,769,420.39. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 39.54% of the stock is owned by insiders.

About Dolby Laboratories

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.