Proto Labs’ (PRLB) Hold Rating Reiterated at Needham & Company LLC

Needham & Company LLC reissued their hold rating on shares of Proto Labs (NYSE:PRLB) in a research note released on Friday morning,Benzinga reports.

A number of other research analysts also recently issued reports on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $40.00 price objective on shares of Proto Labs in a research report on Monday, November 4th. Craig Hallum raised their target price 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. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, Proto Labs has an average rating of “Moderate Buy” and a consensus target price of $40.33.

Proto Labs Price Performance

Shares of PRLB stock opened at $41.46 on Friday. The stock’s 50-day moving average is $40.70 and its 200 day moving average is $34.78. Proto Labs has a 1-year low of $25.75 and a 1-year high of $46.73. The company has a market cap of $1.02 billion, a P/E ratio of 44.11 and a beta of 1.45.

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

Institutional Trading of Proto Labs

Institutional investors have recently bought and sold shares of the stock. Pacer Advisors Inc. increased its stake in Proto Labs by 44,804.1% during the 3rd quarter. Pacer Advisors Inc. now owns 573,874 shares of the industrial products company’s stock valued at $16,855,000 after purchasing an additional 572,596 shares in the last quarter. Hotchkis & Wiley Capital Management LLC purchased a new stake in shares of Proto Labs during the third quarter valued at $8,587,000. Rice Hall James & Associates LLC acquired a new position in shares of Proto Labs in the 4th quarter valued at $5,972,000. Disciplined Growth Investors Inc. MN raised its stake in Proto Labs by 5.7% in the 3rd quarter. Disciplined Growth Investors Inc. MN now owns 2,056,593 shares of the industrial products company’s stock worth $60,402,000 after acquiring an additional 110,244 shares during the last quarter. Finally, Nordea Investment Management AB lifted its position in Proto Labs by 76.0% during the 4th quarter. Nordea Investment Management AB now owns 244,987 shares of the industrial products company’s stock worth $9,711,000 after acquiring an additional 105,813 shares during the period. 84.54% of the stock is currently owned by institutional investors and hedge funds.

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.