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Ray Dolby Trust Under The Dolby Family Trust Instrument, Dated May 7, 1999: insider trades

10% owner at Dolby Laboratories, Inc. No open-market purchases and 34 sales not made under a pre-set plan, reported from September 30, 2013 to October 6, 2014.

What happened after Ray Dolby Trust Under The Dolby Family Trust Instrument, Dated May 7, 1999’s sales?

After their sales, the shares moved −14.7% against the index over 12 months on average (a negative figure means selling was the right call); 74% 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

MeasuredTrades countedAverage vs S&P 500MedianWent the right wayYearst-statisticp-valueEvidence
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 34 +1.1% +0.3% 50% 2 — — Not enough years
Sales, 12 months after the report 34 −14.7% −19.2% 74% 2 — — Not enough years
Sales, 12 months after the trade 34 −14.9% −18.9% 77% 2 — — Not enough years

“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

CompanyTitle on the latest filingPurchasesSalesFirst reportLatest report
Dolby Laboratories, Inc. DLB —034September 30, 2013October 6, 2014

Trades and what followed

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

ReportedTradedCompanyTradeValue3 months after report12 months after report12 months after trade
October 6, 2014October 3, 2014 DLB Sale $1,642,400 +0.8%−19.7%−19.6%
October 1, 2014September 29, 2014 DLB Sale $1,663,400 −0.4%−22.0%−20.6%
September 25, 2014September 23, 2014 DLB Sale $1,688,200 +1.4%−19.7%−24.3%
September 19, 2014September 17, 2014 DLB Sale $1,743,000 −0.1%−23.8%−25.9%
September 17, 2014September 15, 2014 DLB Sale $1,736,800 −1.3%−25.2%−28.0%
September 11, 2014September 9, 2014 DLB Sale $3,224,402 −3.2%−28.8%−29.1%
August 25, 2014August 21, 2014 DLB Sale $3,717,400 −9.9%−29.3%−31.9%
August 21, 2014August 19, 2014 DLB Sale $3,688,300 −10.7%−30.0%−33.0%
August 15, 2014August 13, 2014 DLB Sale $3,647,868 −9.5%−33.9%−34.0%
August 13, 2014August 11, 2014 DLB Sale $3,581,600 −8.9%−33.5%−32.9%
August 4, 2014July 31, 2014 DLB Sale $193,500 −11.2%−33.8%−31.6%
July 31, 2014July 29, 2014 DLB Sale $1,583,774 −10.4%−32.0%−30.1%
July 29, 2014July 25, 2014 DLB Sale $4,146,878 −9.3%−30.5%−27.8%
April 3, 2014April 1, 2014 DLB Sale $230,760 −6.6%−26.0%−26.3%
March 25, 2014March 21, 2014 DLB Sale $529,875 −9.4%−26.0%−26.4%
March 4, 2014February 28, 2014 DLB Sale $1,649,600 −7.6%−20.5%−15.6%
February 26, 2014February 24, 2014 DLB Sale $1,656,400 −3.5%−16.9%−18.2%
February 24, 2014February 20, 2014 DLB Sale $1,653,200 −4.5%−18.0%−19.8%
February 20, 2014February 18, 2014 DLB Sale $1,666,000 −6.6%−21.0%−21.0%
January 22, 2014January 17, 2014 DLB Sale $2,845,300 +3.8%−18.7%−8.6%
January 15, 2014January 13, 2014 DLB Sale $2,863,343 +3.2%−8.1%−10.8%
January 13, 2014January 9, 2014 DLB Sale $2,864,400 +2.4%−10.1%−10.5%
January 9, 2014January 7, 2014 DLB Sale $2,826,808 +2.7%−11.6%−7.4%
November 29, 2013November 26, 2013 DLB Sale $1,424,600 +14.6%+6.9%+6.7%
November 22, 2013November 20, 2013 DLB Sale $1,224,670 +13.0%+7.1%+7.0%
November 20, 2013November 18, 2013 DLB Sale $1,404,926 +14.1%+6.6%+4.3%
November 18, 2013November 14, 2013 DLB Sale $1,421,800 +15.8%+6.4%+6.3%
November 12, 2013November 8, 2013 DLB Sale $1,411,800 +13.8%+6.1%+4.5%
November 6, 2013November 4, 2013 DLB Sale $1,412,800 +13.8%+3.8%+3.6%
November 4, 2013October 31, 2013 DLB Sale $1,422,200 +14.7%+4.7%+0.6%
October 23, 2013October 21, 2013 DLB Sale $1,592,950 +15.0%+0.5%−0.6%
October 21, 2013October 17, 2013 DLB Sale $2,456,550 +11.2%−0.1%+1.0%
October 9, 2013October 8, 2013 DLB Sale $686,711 +8.0%−3.3%−5.1%
September 30, 2013September 26, 2013 DLB Sale $1,116,953 +1.1%+0.9%−0.8%

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 Ray Dolby Trust Under The Dolby Family Trust Instrument, Dated May 7, 1999 traded and do not suggest the use of non-public information. How every insider compares · the insider trading backtest.