Proto Labs (NYSE:PRLB) to Repurchase $100.00 million in Shares

Proto Labs (NYSE:PRLB) declared that its Board of Directors has initiated a stock repurchase plan on Friday, February 7th, RTT News reports. The company plans to buyback $100.00 million in shares. This buyback authorization permits the industrial products company to buy up to 9.8% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board believes its stock is undervalued.

Proto Labs Price Performance

Shares of NYSE:PRLB opened at $41.46 on Friday. The stock has a market capitalization of $1.02 billion, a P/E ratio of 44.11 and a beta of 1.45. Proto Labs has a fifty-two week low of $25.75 and a fifty-two week high of $46.73. The business has a 50-day moving average of $40.70 and a two-hundred day moving average of $34.76.

Analyst Ratings Changes

A number of research firms recently weighed in on PRLB. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $40.00 price objective on shares of Proto Labs in a report on Monday, November 4th. Craig Hallum raised their price target on shares of Proto Labs from $30.00 to $36.00 and gave the company a “hold” rating in a research note on Monday, November 4th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Proto Labs in a report on Friday. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Proto Labs currently has an average rating of “Moderate Buy” and an average price target of $40.33.

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.