Cantor Fitzgerald Issues Positive Forecast for Proto Labs (NYSE:PRLB) Stock Price

Proto Labs (NYSE:PRLB) had its price target hoisted by analysts at Cantor Fitzgerald from $40.00 to $50.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the industrial products company’s stock. Cantor Fitzgerald’s target price points to a potential upside of 18.75% from the stock’s current price.

PRLB has been the topic of a number of other research reports. Craig Hallum lifted their target price on Proto Labs from $30.00 to $36.00 and gave the company a “hold” rating in a research report on Monday, November 4th. Needham & Company LLC reissued a “hold” rating on shares of Proto Labs in a research report on Friday. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $43.67.

Proto Labs Stock Up 1.2 %

Shares of Proto Labs stock traded up $0.50 during trading on Monday, reaching $42.10. 49,104 shares of the company were exchanged, compared to its average volume of 216,964. Proto Labs has a twelve month low of $25.75 and a twelve month high of $46.73. The business has a 50-day moving average price of $40.70 and a 200-day moving average price of $34.78. The firm has a market capitalization of $1.03 billion, a price-to-earnings ratio of 44.86 and a beta of 1.45.

Proto Labs declared that its board has authorized a stock buyback 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 generally a sign that the company’s leadership believes its shares are undervalued.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Disciplined Growth Investors Inc. MN boosted its stake in shares of Proto Labs by 5.7% during the 3rd quarter. Disciplined Growth Investors Inc. MN now owns 2,056,593 shares of the industrial products company’s stock worth $60,402,000 after acquiring an additional 110,244 shares during the period. State Street Corp boosted its stake in Proto Labs by 1.4% in the 3rd quarter. State Street Corp now owns 965,426 shares of the industrial products company’s stock valued at $28,355,000 after purchasing an additional 13,554 shares during the period. Geode Capital Management LLC boosted its stake in Proto Labs by 0.7% in the 3rd quarter. Geode Capital Management LLC now owns 585,809 shares of the industrial products company’s stock valued at $17,209,000 after purchasing an additional 4,285 shares during the period. Pacer Advisors Inc. boosted its stake in 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 purchasing an additional 572,596 shares during the period. Finally, Wellington Management Group LLP boosted its stake in Proto Labs by 6.5% in the 3rd quarter. Wellington Management Group LLP now owns 387,741 shares of the industrial products company’s stock valued at $11,388,000 after purchasing 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.