Proto Labs (NYSE:PRLB) Stock Price Expected to Rise, Cantor Fitzgerald Analyst Says

Proto Labs (NYSE:PRLB) had its price target upped by Cantor Fitzgerald from $40.00 to $50.00 in a research note published on Monday,Benzinga reports. They currently have an overweight rating on the industrial products company’s stock.

A number of other research analysts have also recently commented on PRLB. Craig Hallum boosted their price objective on Proto Labs from $30.00 to $36.00 and gave the stock a “hold” rating in a research note on Monday, November 4th. Needham & Company LLC reissued a “hold” rating on shares of Proto Labs in a research report on Friday. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $43.67.

Proto Labs Trading Up 1.7 %

NYSE:PRLB opened at $42.29 on Monday. The firm’s fifty day simple moving average is $40.72 and its 200 day simple moving average is $34.83. Proto Labs has a twelve month low of $25.75 and a twelve month high of $46.73. The firm has a market capitalization of $1.04 billion, a price-to-earnings ratio of 44.99 and a beta of 1.45.

Proto Labs declared that its board has authorized a share repurchase plan on Friday, February 7th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the industrial products company to purchase up to 9.8% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On Proto Labs

A number of hedge funds have recently bought and sold shares of PRLB. Disciplined Growth Investors Inc. MN lifted its position in shares of Proto Labs by 5.7% during the third quarter. Disciplined Growth Investors Inc. MN now owns 2,056,593 shares of the industrial products company’s stock worth $60,402,000 after purchasing an additional 110,244 shares during the last quarter. State Street Corp lifted its holdings in Proto Labs by 1.4% during the 3rd quarter. State Street Corp now owns 965,426 shares of the industrial products company’s stock worth $28,355,000 after buying an additional 13,554 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Proto Labs by 0.7% in the third quarter. Geode Capital Management LLC now owns 585,809 shares of the industrial products company’s stock worth $17,209,000 after purchasing an additional 4,285 shares during the period. Pacer Advisors Inc. boosted its holdings in shares of Proto Labs by 44,804.1% in the 3rd quarter. Pacer Advisors Inc. now owns 573,874 shares of the industrial products company’s stock valued at $16,855,000 after buying an additional 572,596 shares during the period. Finally, Wellington Management Group LLP boosted its stake in Proto Labs by 6.5% in the third quarter. Wellington Management Group LLP now owns 387,741 shares of the industrial products company’s stock valued at $11,388,000 after acquiring an additional 23,696 shares during the period. Institutional investors and hedge funds own 84.54% of the company’s stock.

About Proto Labs

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.