Proto Labs, Inc. (NYSE:PRLB) Shares Purchased by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Proto Labs, Inc. (NYSE:PRLB) by 95.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 133,601 shares of the industrial products company’s stock after purchasing an additional 65,198 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.55% of Proto Labs worth $5,222,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Jupiter Asset Management Ltd. lifted its holdings in shares of Proto Labs by 6.9% in the 4th quarter. Jupiter Asset Management Ltd. now owns 187,911 shares of the industrial products company’s stock valued at $7,345,000 after purchasing an additional 12,146 shares during the last quarter. Versor Investments LP purchased a new position in shares of Proto Labs during the 4th quarter worth approximately $235,000. ARK Investment Management LLC raised its stake in shares of Proto Labs by 3.8% during the 4th quarter. ARK Investment Management LLC now owns 128,511 shares of the industrial products company’s stock worth $5,023,000 after buying an additional 4,750 shares in the last quarter. Rice Hall James & Associates LLC purchased a new position in shares of Proto Labs during the 4th quarter worth approximately $5,972,000. Finally, Principal Financial Group Inc. raised its stake in shares of Proto Labs by 0.3% during the 4th quarter. Principal Financial Group Inc. now owns 118,889 shares of the industrial products company’s stock worth $4,647,000 after buying an additional 299 shares in the last quarter. 84.54% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Needham & Company LLC reissued a “hold” rating on shares of Proto Labs in a research note on Friday, February 7th. Cantor Fitzgerald increased their target price on Proto Labs from $40.00 to $50.00 and gave the stock an “overweight” rating in a research note on Monday, February 10th. Finally, StockNews.com upgraded Proto Labs from a “buy” rating to a “strong-buy” rating in a report on Friday, March 7th. Two research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Proto Labs currently has a consensus rating of “Moderate Buy” and a consensus target price of $43.67.

Proto Labs Price Performance

PRLB opened at $36.53 on Monday. The stock has a market cap of $885.28 million, a P/E ratio of 56.20 and a beta of 1.45. The stock’s 50 day simple moving average is $40.13 and its 200 day simple moving average is $36.48. Proto Labs, Inc. has a 1-year low of $25.76 and a 1-year high of $46.73.

Proto Labs announced that its Board of Directors has approved a share repurchase plan 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 plans are generally an indication that the company’s board believes its shares are undervalued.

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.