Dolby Ray: insider trades

Director, 10% owner at Dolby Laboratories, Inc. No open-market purchases and 155 sales not made under a pre-set plan, reported from June 1, 2010 to June 11, 2013.

What happened after Dolby Ray’s sales?

After their sales, the shares moved −28.5% against the index over 12 months on average (a negative figure means selling was the right call); 99% trailed it.

With 296 insiders tested, some will look skilled or unskilled by chance alone: when we replaced each insider’s stocks with random companies bought on the same days, about 5.7 cleared the bar ahead and 23.3 behind. One record on its own proves little.

Trade by trade

Dolby Ray: trades against the S&P 500 afterwards
Measured	Trades counted	Average vs S&P 500	Median	Went the right way	Years	t-statistic	p-value	Evidence
Purchases, 3 months after the report	0	—	—	—	—	—	—	Not enough years
Purchases, 6 months after the report	0	—	—	—	—	—	—	Not enough years
Purchases, 12 months after the report	0	—	—	—	—	—	—	Not enough years
Purchases, 12 months after the trade	0	—	—	—	—	—	—	Not enough years
Sales, 3 months after the report	155	−12.8%	−16.1%	88%	4	−3.15	0.051	No reliable evidence
Sales, 12 months after the report	155	−28.5%	−14.7%	99%	4	−1.64	0.20	No reliable evidence
Sales, 12 months after the trade	155	−28.4%	−14.6%	99%	4	−1.64	0.20	No reliable evidence

“Average vs S&P 500” is the stock’s return including dividends minus the index’s over the same dates, from the close on the first trading day after the report, or from the close on the trade date. Only windows that have finished are counted. For sales, a negative figure means the stock lagged after it was sold, so selling was the right call (green). “Went the right way” is the share of purchases that beat the index, or of sales that trailed it. The t-statistic uses one average per year of reports, because one person’s trades bunch into the same stock and weeks, and needs trades in at least four different years; the p-value comes from the t distribution with that number of years (with four years, a t of 2 has p = 0.14). “Some evidence” means p under 5%, “strong evidence” p under 1% over at least six years.

Companies traded

Company	Title on the latest filing	Purchases	Sales	First report	Latest report
Dolby Laboratories, Inc. DLB	—	0	155	June 1, 2010	June 11, 2013

Trades and what followed

Moves are against the S&P 500; green means the trade went the insider’s way.

Reported	Traded	Company	Trade	Value	3 months after report	12 months after report	12 months after trade
June 11, 2013	June 7, 2013	DLB	Sale	$1,336,367	−10.1%	+2.8%	−1.6%
June 4, 2013	June 3, 2013	DLB	Sale	$122,710	−11.6%	−3.0%	−1.3%
June 3, 2013	May 30, 2013	DLB	Sale	$1,409,400	−10.4%	−1.9%	−0.9%
May 31, 2013	May 29, 2013	DLB	Sale	$712,000	−9.6%	−1.3%	−2.3%
May 30, 2013	May 28, 2013	DLB	Sale	$700,000	−9.9%	−3.6%	−2.2%
December 19, 2012	December 18, 2012	DLB	Sale	$706,800	−4.0%	−8.7%	−8.4%
December 18, 2012	December 17, 2012	DLB	Sale	$705,200	−4.9%	−9.3%	−7.6%
December 14, 2012	December 13, 2012	DLB	Sale	$45,526	−4.5%	−7.6%	−4.1%
December 13, 2012	December 12, 2012	DLB	Sale	$667,764	+0.9%	−2.0%	−6.2%
November 7, 2012	November 6, 2012	DLB	Sale	$223,644	−6.5%	−14.2%	−12.9%
November 7, 2012	November 5, 2012	DLB	Sale	$395,500	−6.5%	−14.2%	−13.2%
September 26, 2012	September 25, 2012	DLB	Sale	$160,055	−2.1%	−4.4%	−6.3%
September 25, 2012	September 24, 2012	DLB	Sale	$635,635	−1.1%	−3.9%	−6.5%
September 21, 2012	September 20, 2012	DLB	Sale	$91,052	−3.6%	−6.5%	−5.5%
September 20, 2012	September 19, 2012	DLB	Sale	$105,330	−0.6%	−4.1%	−7.9%
September 20, 2012	September 18, 2012	DLB	Sale	$946,490	−0.6%	−4.1%	−8.5%
September 18, 2012	September 17, 2012	DLB	Sale	$452,538	+2.5%	−7.9%	−7.8%
September 17, 2012	September 14, 2012	DLB	Sale	$1,061,900	+1.6%	−8.5%	−10.2%
September 14, 2012	September 13, 2012	DLB	Sale	$1,047,600	+2.0%	−7.8%	−8.3%
September 13, 2012	September 12, 2012	DLB	Sale	$425,506	+1.6%	−10.2%	−12.6%
September 12, 2012	September 11, 2012	DLB	Sale	$1,057,400	−2.5%	−8.3%	−14.1%
September 11, 2012	September 10, 2012	DLB	Sale	$622,414	−2.0%	−12.6%	−16.4%
September 10, 2012	September 7, 2012	DLB	Sale	$589,169	−0.9%	−14.1%	−14.4%
September 7, 2012	September 6, 2012	DLB	Sale	$341,100	−2.6%	−16.4%	−14.8%
September 6, 2012	September 5, 2012	DLB	Sale	$335,800	+0.2%	−14.4%	−13.6%
September 5, 2012	September 4, 2012	DLB	Sale	$335,100	−1.3%	−14.8%	−14.6%
September 4, 2012	August 31, 2012	DLB	Sale	$331,500	−0.5%	−13.6%	−12.6%
September 4, 2012	August 30, 2012	DLB	Sale	$330,900	−0.5%	−13.6%	−12.9%
August 30, 2012	August 29, 2012	DLB	Sale	$338,100	−1.5%	−12.6%	−13.7%
August 29, 2012	August 28, 2012	DLB	Sale	$342,100	−2.8%	−12.9%	−14.5%
August 28, 2012	August 27, 2012	DLB	Sale	$340,700	−2.1%	−13.7%	−13.1%
August 27, 2012	August 24, 2012	DLB	Sale	$339,500	−4.2%	−14.5%	−13.2%
August 24, 2012	August 23, 2012	DLB	Sale	$336,625	−3.8%	−13.1%	−12.5%
August 23, 2012	August 22, 2012	DLB	Sale	$360,624	−5.2%	−13.2%	−13.4%
August 22, 2012	August 21, 2012	DLB	Sale	$758,931	−5.1%	−12.5%	−15.9%
August 21, 2012	August 20, 2012	DLB	Sale	$1,056,000	−5.9%	−13.4%	−16.6%
August 20, 2012	August 17, 2012	DLB	Sale	$1,053,600	−6.6%	−15.9%	−14.7%
August 17, 2012	August 16, 2012	DLB	Sale	$1,053,180	−8.3%	−16.6%	−15.3%
August 16, 2012	August 15, 2012	DLB	Sale	$345,800	−8.0%	−14.7%	−13.4%
August 15, 2012	August 14, 2012	DLB	Sale	$344,100	−7.2%	−15.3%	−13.6%
August 14, 2012	August 13, 2012	DLB	Sale	$342,259	−4.5%	−13.4%	−12.5%
August 13, 2012	August 10, 2012	DLB	Sale	$344,100	−7.8%	−13.6%	−15.8%
August 10, 2012	August 9, 2012	DLB	Sale	$342,400	−7.5%	−12.5%	−15.1%
August 9, 2012	August 8, 2012	DLB	Sale	$336,700	−6.6%	−15.8%	−12.7%
August 8, 2012	August 7, 2012	DLB	Sale	$397,340	−3.6%	−15.1%	−14.8%
July 27, 2011	July 26, 2011	DLB	Sale	$910,985	−27.5%	−27.0%	−24.8%
July 26, 2011	July 25, 2011	DLB	Sale	$888,200	−27.5%	−25.8%	−23.3%
July 25, 2011	July 22, 2011	DLB	Sale	$877,800	−27.8%	−24.8%	−24.2%
July 25, 2011	July 21, 2011	DLB	Sale	$878,800	−27.8%	−24.8%	−23.6%
July 21, 2011	July 20, 2011	DLB	Sale	$864,708	−27.8%	−24.2%	−25.1%
July 21, 2011	July 19, 2011	DLB	Sale	$849,502	−27.8%	−24.2%	−23.9%
July 20, 2011	July 18, 2011	DLB	Sale	$832,600	−26.0%	−23.6%	−21.3%
July 18, 2011	July 15, 2011	DLB	Sale	$836,800	−25.8%	−23.9%	−14.9%
July 15, 2011	July 14, 2011	DLB	Sale	$831,200	−24.0%	−21.3%	−14.2%
July 14, 2011	July 13, 2011	DLB	Sale	$833,200	−22.6%	−14.9%	−12.0%
July 13, 2011	July 12, 2011	DLB	Sale	$823,200	−21.5%	−14.2%	−11.3%
July 12, 2011	July 11, 2011	DLB	Sale	$820,000	−20.4%	−12.0%	−9.7%
July 11, 2011	July 8, 2011	DLB	Sale	$821,800	−20.2%	−11.3%	−6.8%
July 7, 2011	July 7, 2011	DLB	Sale	$822,417	−17.0%	−6.8%	−3.9%
July 7, 2011	July 6, 2011	DLB	Sale	$821,336	−17.0%	−6.8%	+0.1%
July 6, 2011	July 5, 2011	DLB	Sale	$839,602	−18.1%	−3.9%	−3.0%
July 5, 2011	July 1, 2011	DLB	Sale	$860,000	−16.7%	+0.1%	−7.6%
July 1, 2011	June 30, 2011	DLB	Sale	$848,000	−19.8%	−3.0%	−8.1%
June 30, 2011	June 29, 2011	DLB	Sale	$840,400	−21.3%	−7.6%	−6.9%
June 29, 2011	June 28, 2011	DLB	Sale	$839,000	−21.1%	−8.1%	−5.6%
June 28, 2011	June 27, 2011	DLB	Sale	$838,800	−20.0%	−6.9%	−6.1%
June 27, 2011	June 24, 2011	DLB	Sale	$836,682	−20.5%	−5.6%	−7.0%
June 24, 2011	June 23, 2011	DLB	Sale	$849,400	−22.3%	−6.1%	−8.2%
June 23, 2011	June 22, 2011	DLB	Sale	$849,600	−23.5%	−7.0%	−6.8%
June 22, 2011	June 21, 2011	DLB	Sale	$853,800	−23.6%	−8.2%	−7.3%
June 21, 2011	June 20, 2011	DLB	Sale	$852,800	−23.3%	−6.8%	−8.3%
June 20, 2011	June 17, 2011	DLB	Sale	$855,961	−22.3%	−7.3%	−8.5%
June 17, 2011	June 16, 2011	DLB	Sale	$867,200	−23.2%	−8.3%	−10.1%
June 16, 2011	June 15, 2011	DLB	Sale	$874,400	−21.9%	−8.5%	−10.7%
June 15, 2011	June 14, 2011	DLB	Sale	$886,200	−21.8%	−10.1%	−10.8%
June 14, 2011	June 13, 2011	DLB	Sale	$880,600	−21.3%	−10.7%	−11.5%
June 13, 2011	June 10, 2011	DLB	Sale	$883,400	−19.7%	−10.8%	−12.0%
June 10, 2011	June 9, 2011	DLB	Sale	$887,200	−20.8%	−11.5%	−10.7%
June 9, 2011	June 8, 2011	DLB	Sale	$889,000	−20.0%	−12.0%	−10.1%
June 8, 2011	June 7, 2011	DLB	Sale	$890,400	−18.6%	−10.7%	−9.0%
June 7, 2011	June 6, 2011	DLB	Sale	$889,055	−18.5%	−10.1%	−8.7%
June 6, 2011	June 3, 2011	DLB	Sale	$909,600	−19.1%	−9.0%	−10.8%
June 3, 2011	June 2, 2011	DLB	Sale	$911,215	−19.2%	−8.7%	−8.8%
June 2, 2011	June 1, 2011	DLB	Sale	$913,553	−20.6%	−10.8%	−7.1%
June 1, 2011	May 31, 2011	DLB	Sale	$932,800	−19.8%	−8.8%	−6.4%
May 31, 2011	May 27, 2011	DLB	Sale	$934,200	−18.8%	−7.1%	−8.1%
May 27, 2011	May 26, 2011	DLB	Sale	$925,000	−18.0%	−6.4%	−6.6%
May 26, 2011	May 25, 2011	DLB	Sale	$932,000	−17.1%	−8.1%	−7.0%
May 25, 2011	May 24, 2011	DLB	Sale	$947,400	−17.9%	−6.6%	−9.8%
May 24, 2011	May 23, 2011	DLB	Sale	$947,000	−18.8%	−7.0%	−9.5%
May 23, 2011	May 20, 2011	DLB	Sale	$978,000	−20.5%	−9.8%	−9.7%
May 20, 2011	May 19, 2011	DLB	Sale	$983,400	−18.3%	−9.5%	−8.8%
May 19, 2011	May 18, 2011	DLB	Sale	$985,005	−19.6%	−9.7%	−9.5%
May 18, 2011	May 17, 2011	DLB	Sale	$961,000	−19.7%	−8.8%	−8.8%
May 17, 2011	May 16, 2011	DLB	Sale	$957,662	−21.1%	−9.5%	−7.9%
August 23, 2010	August 20, 2010	DLB	Sale	$571,100	+7.3%	−52.4%	−51.4%
August 20, 2010	August 19, 2010	DLB	Sale	$576,182	+6.1%	−48.4%	−51.6%
August 19, 2010	August 18, 2010	DLB	Sale	$582,100	+0.4%	−51.4%	−53.2%
August 18, 2010	August 17, 2010	DLB	Sale	$581,572	+1.7%	−51.6%	−54.4%
August 17, 2010	August 16, 2010	DLB	Sale	$564,500	+1.8%	−53.2%	−54.9%
August 16, 2010	August 13, 2010	DLB	Sale	$573,583	+0.7%	−54.4%	−53.2%
August 13, 2010	August 12, 2010	DLB	Sale	$587,651	+5.2%	−54.9%	−55.0%
August 12, 2010	August 11, 2010	DLB	Sale	$581,583	+4.1%	−53.2%	−50.8%
August 11, 2010	August 10, 2010	DLB	Sale	$610,331	+0.4%	−55.0%	−54.0%
August 10, 2010	August 9, 2010	DLB	Sale	$631,400	+2.5%	−50.8%	−54.7%
August 9, 2010	August 6, 2010	DLB	Sale	$1,237,319	+4.4%	−54.0%	−59.8%
August 6, 2010	August 5, 2010	DLB	Sale	$1,263,097	+1.5%	−54.7%	−49.1%
August 5, 2010	August 4, 2010	DLB	Sale	$1,264,712	−4.6%	−59.8%	−49.8%
August 4, 2010	August 3, 2010	DLB	Sale	$1,260,200	−3.7%	−49.1%	−49.7%
August 3, 2010	August 2, 2010	DLB	Sale	$1,257,778	−6.0%	−49.8%	−50.0%
August 2, 2010	July 30, 2010	DLB	Sale	$1,265,157	−6.3%	−49.7%	−52.9%
July 30, 2010	July 29, 2010	DLB	Sale	$1,325,320	−7.1%	−50.0%	−54.9%
July 29, 2010	July 28, 2010	DLB	Sale	$1,334,746	−11.4%	−52.9%	−55.2%
July 28, 2010	July 27, 2010	DLB	Sale	$1,374,774	−14.0%	−54.9%	−55.4%
July 27, 2010	July 26, 2010	DLB	Sale	$1,380,556	−14.6%	−55.2%	−58.2%
July 26, 2010	July 23, 2010	DLB	Sale	$1,353,837	−13.9%	−55.4%	−58.7%
July 23, 2010	July 22, 2010	DLB	Sale	$1,354,679	−16.2%	−58.2%	−59.7%
July 22, 2010	July 21, 2010	DLB	Sale	$1,338,958	−17.8%	−58.7%	−60.8%
July 21, 2010	July 20, 2010	DLB	Sale	$1,332,159	−18.5%	−59.7%	−61.6%
July 20, 2010	July 19, 2010	DLB	Sale	$1,326,166	−19.2%	−60.8%	−62.0%
July 20, 2010	July 16, 2010	DLB	Sale	$1,312,359	−19.2%	−60.8%	−61.2%
July 16, 2010	July 15, 2010	DLB	Sale	$1,361,238	−18.8%	−62.0%	−60.4%
July 15, 2010	July 14, 2010	DLB	Sale	$1,351,746	−17.5%	−61.2%	−61.6%
July 14, 2010	July 13, 2010	DLB	Sale	$1,339,946	−19.1%	−60.4%	−60.5%
July 13, 2010	July 12, 2010	DLB	Sale	$1,283,400	−20.7%	−61.6%	−61.3%
July 12, 2010	July 9, 2010	DLB	Sale	$1,287,700	−20.7%	−60.5%	−62.9%
July 9, 2010	July 8, 2010	DLB	Sale	$1,294,100	−19.1%	−61.3%	−64.7%
July 8, 2010	July 7, 2010	DLB	Sale	$1,266,194	−18.4%	−62.9%	−65.8%
July 7, 2010	July 6, 2010	DLB	Sale	$1,270,649	−19.4%	−64.7%	−65.5%
July 6, 2010	July 2, 2010	DLB	Sale	$1,243,242	−16.6%	−65.8%	−64.7%
July 2, 2010	July 1, 2010	DLB	Sale	$1,227,495	−18.6%	−65.5%	−62.7%
July 1, 2010	June 30, 2010	DLB	Sale	$1,272,943	−20.8%	−64.7%	−62.3%
June 30, 2010	June 29, 2010	DLB	Sale	$1,286,012	−20.3%	−62.7%	−60.9%
June 29, 2010	June 28, 2010	DLB	Sale	$1,330,700	−17.6%	−62.3%	−58.3%
June 28, 2010	June 25, 2010	DLB	Sale	$1,324,028	−15.6%	−60.9%	−56.9%
June 28, 2010	June 24, 2010	DLB	Sale	$1,314,277	−15.6%	−60.9%	−57.0%
June 24, 2010	June 23, 2010	DLB	Sale	$1,321,882	−14.1%	−56.9%	−56.0%
June 23, 2010	June 22, 2010	DLB	Sale	$1,325,940	−13.7%	−57.0%	−55.6%
June 22, 2010	June 21, 2010	DLB	Sale	$1,351,043	−13.4%	−56.0%	−53.0%
June 21, 2010	June 18, 2010	DLB	Sale	$1,352,033	−13.0%	−55.6%	−52.5%
June 18, 2010	June 17, 2010	DLB	Sale	$1,362,240	−12.9%	−53.0%	−52.6%
June 17, 2010	June 16, 2010	DLB	Sale	$1,380,550	−18.0%	−52.5%	−51.9%
June 16, 2010	June 15, 2010	DLB	Sale	$1,354,820	−19.6%	−52.6%	−54.1%
June 15, 2010	June 14, 2010	DLB	Sale	$1,339,696	−21.5%	−51.9%	−52.8%
June 14, 2010	June 11, 2010	DLB	Sale	$1,325,043	−21.4%	−54.1%	−52.3%
June 11, 2010	June 10, 2010	DLB	Sale	$1,300,500	−20.5%	−52.8%	−54.3%
June 10, 2010	June 9, 2010	DLB	Sale	$1,291,978	−20.9%	−52.3%	−54.6%
June 9, 2010	June 8, 2010	DLB	Sale	$1,280,220	−20.2%	−54.3%	−53.2%
June 8, 2010	June 7, 2010	DLB	Sale	$1,307,969	−17.4%	−54.6%	−56.5%
June 7, 2010	June 4, 2010	DLB	Sale	$1,350,300	−14.8%	−53.2%	−55.6%
June 4, 2010	June 3, 2010	DLB	Sale	$1,355,200	−17.4%	−56.5%	−54.8%
June 3, 2010	June 2, 2010	DLB	Sale	$1,308,515	−16.1%	−55.6%	−53.4%
June 2, 2010	June 1, 2010	DLB	Sale	$1,308,200	−15.7%	−54.8%	−56.0%
June 2, 2010	May 28, 2010	DLB	Sale	$1,322,400	−15.7%	−54.8%	−53.7%
June 1, 2010	May 27, 2010	DLB	Sale	$1,241,601	−12.1%	−53.4%	−53.0%

Open-market purchases and sales of at least $10,000 in companies we cover, from SEC Form 4 filings; sales made under a pre-set Rule 10b5-1 plan are not shown. “Not yet” means the window has not finished or the share price was under $5 at entry. These are the shares’ moves after each trade: they say nothing about why Dolby Ray traded and do not suggest the use of non-public information. How every insider compares · the insider trading backtest.