Rice Hall James & Associates LLC Purchases New Stake in Proto Labs, Inc. (NYSE:PRLB)

Rice Hall James & Associates LLC purchased a new position in Proto Labs, Inc. (NYSE:PRLB - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 152,783 shares of the industrial products company's stock, valued at approximately $5,972,000. Rice Hall James & Associates LLC owned about 0.62% of Proto Labs at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in 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 last quarter. Rhumbline Advisers increased its stake in shares of Proto Labs by 0.4% in the fourth quarter. Rhumbline Advisers now owns 78,783 shares of the industrial products company's stock worth $3,080,000 after buying an additional 303 shares during the last quarter. Tidal Investments LLC increased its stake in shares of Proto Labs by 1.7% in the third quarter. Tidal Investments LLC now owns 30,156 shares of the industrial products company's stock worth $886,000 after buying an additional 494 shares during the last quarter. KBC Group NV increased its stake in shares of Proto Labs by 69.3% in the third quarter. KBC Group NV now owns 1,541 shares of the industrial products company's stock worth $45,000 after buying an additional 631 shares during the last quarter. Finally, Franklin Resources Inc. increased its stake in shares of Proto Labs by 8.2% in the third quarter. Franklin Resources Inc. now owns 12,989 shares of the industrial products company's stock worth $370,000 after buying an additional 980 shares during the last quarter. Institutional investors own 84.54% of the company's stock.

Proto Labs Stock Performance

Shares of PRLB traded down $1.46 during midday trading on Friday, hitting $40.59. 211,011 shares of the stock traded hands, compared to its average volume of 246,215. Proto Labs, Inc. has a 1-year low of $25.75 and a 1-year high of $46.73. The firm has a market capitalization of $994.74 million, a PE ratio of 62.44 and a beta of 1.45. The business's 50 day moving average price is $40.79 and its two-hundred day moving average price is $35.48.

Proto Labs announced that its board has authorized a stock repurchase program on Friday, February 7th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the industrial products company to reacquire up to 9.8% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

PRLB has been the subject of several recent research reports. Craig Hallum boosted their target price on shares of Proto Labs from $30.00 to $36.00 and gave the company a "hold" rating in a research note on Monday, November 4th. Cantor Fitzgerald boosted their target price on shares of Proto Labs from $40.00 to $50.00 and gave the company an "overweight" rating in a research note on Monday, February 10th. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Proto Labs in a research note on Friday, February 7th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, Proto Labs has an average rating of "Moderate Buy" and an average price target of $43.67.

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.