Corebridge Financial Inc. Sells 1,292 Shares of Proto Labs, Inc. (NYSE:PRLB)

Corebridge Financial Inc. lowered its holdings in shares of Proto Labs, Inc. (NYSE:PRLB) by 8.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,408 shares of the industrial products company’s stock after selling 1,292 shares during the quarter. Corebridge Financial Inc.’s holdings in Proto Labs were worth $524,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of PRLB. FMR LLC raised its holdings in Proto Labs by 23.4% during the third quarter. FMR LLC now owns 29,474 shares of the industrial products company’s stock valued at $866,000 after buying an additional 5,584 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Proto Labs by 4.2% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 80,189 shares of the industrial products company’s stock valued at $2,355,000 after acquiring an additional 3,247 shares during the last quarter. Verition Fund Management LLC raised its stake in shares of Proto Labs by 27.1% in the 3rd quarter. Verition Fund Management LLC now owns 13,118 shares of the industrial products company’s stock valued at $385,000 after acquiring an additional 2,800 shares in the last quarter. State Street Corp lifted its holdings in Proto Labs by 1.4% in the 3rd quarter. State Street Corp now owns 965,426 shares of the industrial products company’s stock worth $28,355,000 after purchasing an additional 13,554 shares during the last quarter. Finally, Wellington Management Group LLP boosted its position in Proto Labs by 6.5% during the third quarter. Wellington Management Group LLP now owns 387,741 shares of the industrial products company’s stock worth $11,388,000 after purchasing an additional 23,696 shares during the period. Institutional investors and hedge funds own 84.54% of the company’s stock.

Analyst Upgrades and Downgrades

PRLB has been the subject of a number of analyst reports. Needham & Company LLC restated a “hold” rating on shares of Proto Labs in a research note on Friday, February 7th. Cantor Fitzgerald boosted their target price on shares of Proto Labs from $40.00 to $50.00 and gave the stock an “overweight” rating in a research report on Monday, February 10th. Finally, StockNews.com downgraded Proto Labs from a “strong-buy” rating to a “buy” rating in a research report on Tuesday. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, Proto Labs presently has an average rating of “Moderate Buy” and a consensus target price of $43.67.

Proto Labs Trading Down 2.3 %

Shares of Proto Labs stock opened at $31.04 on Wednesday. The company has a market cap of $752.27 million, a price-to-earnings ratio of 47.76 and a beta of 1.52. Proto Labs, Inc. has a 1 year low of $25.76 and a 1 year high of $46.73. The company’s fifty day simple moving average is $38.74 and its 200-day simple moving average is $37.14.

Proto Labs declared that its board has initiated a stock repurchase program 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 programs are often an indication that the company’s board believes its stock is undervalued.

Proto Labs 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.