Proto Labs (NYSE:PRLB) Stock Rating Lowered by StockNews.com

Proto Labs (NYSE:PRLB) was downgraded by equities researchers at StockNews.com from a “strong-buy” rating to a “buy” rating in a note issued to investors on Tuesday.

Several other brokerages have also issued reports on PRLB. Cantor Fitzgerald upped 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. Needham & Company LLC reaffirmed a “hold” rating on shares of Proto Labs in a research note on Friday, February 7th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $43.67.

Proto Labs Price Performance

PRLB stock traded down $0.73 during mid-day trading on Tuesday, hitting $31.04. 275,365 shares of the stock were exchanged, compared to its average volume of 224,581. The stock has a market capitalization of $752.27 million, a price-to-earnings ratio of 47.76 and a beta of 1.52. The business has a fifty day moving average price of $38.74 and a 200 day moving average price of $37.14. Proto Labs has a 12 month low of $25.76 and a 12 month high of $48.00.

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 purchase up to 9.8% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Institutional Trading of Proto Labs

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Principal Financial Group Inc. increased its stake in shares of 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 buying an additional 299 shares during the period. Rhumbline Advisers grew its holdings 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 acquiring an additional 303 shares during the last quarter. American Century Companies Inc. increased its position in shares of Proto Labs by 0.8% in the fourth quarter. American Century Companies Inc. now owns 52,579 shares of the industrial products company’s stock valued at $2,055,000 after acquiring an additional 404 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Proto Labs by 0.5% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 80,626 shares of the industrial products company’s stock valued at $3,152,000 after acquiring an additional 437 shares during the last quarter. Finally, Tidal Investments LLC boosted its holdings in shares of Proto Labs by 1.7% during the third quarter. Tidal Investments LLC now owns 30,156 shares of the industrial products company’s stock worth $886,000 after purchasing an additional 494 shares during the period. Institutional investors own 84.54% of the company’s stock.

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.