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

Needham & Company LLC restated their hold rating on shares of Proto Labs (NYSE:PRLB) in a report issued on Friday,Benzinga reports.

PRLB has been the topic of several other research reports. Cantor Fitzgerald restated an “overweight” rating and issued a $40.00 price target on shares of Proto Labs in a research report on Monday, November 4th. Craig Hallum boosted their target price on shares of Proto Labs from $30.00 to $36.00 and gave the stock a “hold” rating in a report on Monday, November 4th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $40.33.

Proto Labs Stock Performance

Shares of NYSE:PRLB opened at $41.46 on Friday. The firm has a market cap of $1.02 billion, a price-to-earnings ratio of 44.11 and a beta of 1.45. The firm has a fifty day moving average price of $40.70 and a 200 day moving average price of $34.78. Proto Labs has a fifty-two week low of $25.75 and a fifty-two week high of $46.73.

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

Hedge Funds Weigh In On Proto Labs

Hedge funds have recently added to or reduced their stakes in the company. Principal Financial Group Inc. increased its stake in Proto Labs by 0.3% in the fourth quarter. Principal Financial Group Inc. now owns 118,889 shares of the industrial products company’s stock worth $4,647,000 after purchasing an additional 299 shares during the period. Rhumbline Advisers increased its stake in Proto Labs by 0.4% in the 4th quarter. Rhumbline Advisers now owns 78,783 shares of the industrial products company’s stock worth $3,080,000 after buying an additional 303 shares during the period. Tidal Investments LLC lifted its holdings in Proto Labs by 1.7% during the 3rd quarter. Tidal Investments LLC now owns 30,156 shares of the industrial products company’s stock valued at $886,000 after buying an additional 494 shares in the last quarter. KBC Group NV boosted its position in Proto Labs by 69.3% in the 3rd 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. Finally, Franklin Resources Inc. grew its stake in Proto Labs by 8.2% in the 3rd quarter. Franklin Resources Inc. now owns 12,989 shares of the industrial products company’s stock worth $370,000 after acquiring an additional 980 shares in the last quarter. 84.54% of the stock is currently owned by institutional investors.

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.