Proto Labs (NYSE:PRLB) Rating Increased to Strong-Buy at StockNews.com

StockNews.com upgraded shares of Proto Labs (NYSE:PRLB) from a buy rating to a strong-buy rating in a research report report published on Wednesday.

Other equities research analysts have also issued reports about the company. Cantor Fitzgerald increased their price target on Proto Labs from $40.00 to $50.00 and gave the company an “overweight” rating in a research report on Monday, February 10th. Needham & Company LLC reiterated a “hold” rating on shares of Proto Labs in a report on Friday, February 7th. Two research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $43.67.

Proto Labs Stock Performance

Shares of PRLB opened at $33.43 on Wednesday. The firm has a market capitalization of $794.66 million, a P/E ratio of 51.43 and a beta of 1.52. Proto Labs has a 52 week low of $25.76 and a 52 week high of $46.73. The stock has a 50 day moving average price of $37.58 and a two-hundred day moving average price of $37.28.

Proto Labs announced that its Board of Directors has initiated a stock buyback plan on Friday, February 7th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the industrial products company to purchase up to 9.8% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On Proto Labs

Several large investors have recently added to or reduced their stakes in PRLB. Sterling Capital Management LLC lifted its holdings in Proto Labs by 764.1% during the fourth quarter. Sterling Capital Management LLC now owns 795 shares of the industrial products company’s stock valued at $31,000 after purchasing an additional 703 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Proto Labs by 249.4% in the first quarter. GAMMA Investing LLC now owns 926 shares of the industrial products company’s stock valued at $32,000 after purchasing an additional 661 shares during the period. Quarry LP lifted its stake in shares of Proto Labs by 175.7% during the 4th quarter. Quarry LP now owns 1,585 shares of the industrial products company’s stock valued at $62,000 after buying an additional 1,010 shares in the last quarter. Modus Advisors LLC bought a new position in Proto Labs in the 4th quarter worth approximately $87,000. Finally, KLP Kapitalforvaltning AS purchased a new position in Proto Labs in the 4th quarter valued at approximately $192,000. Hedge funds and other institutional investors own 84.54% of the company’s stock.

Proto Labs Company Profile

Proto Labs, Inc, together with its subsidiaries, operates as a digital manufacturer of custom parts in the United States and Europe. The company offers injection molding; computer numerical control machining; three-dimensional printing; and sheet metal fabrication products. It serves developers and engineers, who use 3D computer-aided design software to design products across a range of end-markets.