Rice Hall James & Associates LLC Acquires Shares of 152,783 Proto Labs, Inc. (NYSE:PRLB)

Rice Hall James & Associates LLC acquired a new stake in Proto Labs, Inc. (NYSE:PRLB) during the fourth quarter, HoldingsChannel reports. The firm acquired 152,783 shares of the industrial products company’s stock, valued at approximately $5,972,000.

A number of other institutional investors also recently bought and sold shares of PRLB. KBC Group NV increased its stake in 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 purchasing an additional 631 shares during the period. Modus Advisors LLC acquired a new position in shares of Proto Labs during the fourth quarter worth about $87,000. Point72 Asia Singapore Pte. Ltd. increased its stake 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. Meeder Asset Management Inc. increased its stake in shares of Proto Labs by 72.3% during the third quarter. Meeder Asset Management Inc. now owns 4,465 shares of the industrial products company’s stock worth $131,000 after acquiring an additional 1,873 shares during the period. Finally, Paloma Partners Management Co acquired a new position in shares of Proto Labs during the third quarter worth about $201,000. 84.54% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on PRLB. Craig Hallum boosted their price target on shares of 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 reiterated a “hold” rating on shares of Proto Labs in a research note on Friday, February 7th. Finally, Cantor Fitzgerald boosted their price target on shares of Proto Labs from $40.00 to $50.00 and gave the stock an “overweight” rating in a research note on Monday, February 10th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $43.67.

Proto Labs Trading Down 1.8 %

PRLB stock opened at $44.20 on Tuesday. The company has a market cap of $1.08 billion, a P/E ratio of 47.02 and a beta of 1.45. Proto Labs, Inc. has a 52 week low of $25.75 and a 52 week high of $46.73. The company’s 50-day moving average price is $40.91 and its 200 day moving average price is $35.18.

Proto Labs announced that its board has approved a share 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 shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.

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.