Proto Labs (NYSE:PRLB) Upgraded at StockNews.com

StockNews.com upgraded shares of Proto Labs (NYSE:PRLB) from a buy rating to a strong-buy rating in a research note issued to investors on Friday morning.

Several other equities analysts have also issued reports on PRLB. Cantor Fitzgerald boosted their target price on Proto Labs from $40.00 to $50.00 and gave the stock an “overweight” rating in a research report on Monday, February 10th. Needham & Company LLC reissued a “hold” rating on shares of Proto Labs in a research note on Friday, February 7th. Two investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $43.67.

Proto Labs Stock Up 0.5 %

NYSE:PRLB opened at $38.10 on Friday. The stock’s fifty day simple moving average is $40.37 and its 200-day simple moving average is $36.25. The firm has a market capitalization of $923.35 million, a P/E ratio of 58.62 and a beta of 1.45. Proto Labs has a 12-month low of $25.75 and a 12-month high of $46.73.

Proto Labs announced that its Board of Directors has initiated a stock repurchase program on Friday, February 7th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the industrial products company to purchase up to 9.8% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Institutional Investors Weigh In On Proto Labs

A number of hedge funds have recently modified their holdings of PRLB. Sterling Capital Management LLC grew its position in shares of Proto Labs by 764.1% in the 4th 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 period. KBC Group NV boosted its holdings in shares of Proto Labs by 69.3% in the third quarter. KBC Group NV now owns 1,541 shares of the industrial products company’s stock valued at $45,000 after buying an additional 631 shares during the period. Quarry LP boosted its holdings in shares of Proto Labs by 175.7% in the fourth 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 during the period. Modus Advisors LLC bought a new stake in shares of Proto Labs during the fourth quarter worth $87,000. Finally, Point72 Asia Singapore Pte. Ltd. raised its holdings in shares of Proto Labs by 40.6% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,108 shares of the industrial products company’s stock worth $121,000 after acquiring an additional 1,186 shares during the period. Institutional investors and hedge funds 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.