Proto Labs (NYSE:PRLB) Price Target Raised to $50.00

Proto Labs (NYSE:PRLB - Free Report) had its price objective increased by Cantor Fitzgerald from $40.00 to $50.00 in a report released on Monday,Benzinga reports. They currently have an overweight rating on the industrial products company's stock.

A number of other research firms have also weighed in on PRLB. Needham & Company LLC restated a "hold" rating on shares of Proto Labs in a research note on Friday, February 7th. Craig Hallum increased their price target on shares of Proto Labs from $30.00 to $36.00 and gave the company a "hold" rating in a report on Monday, November 4th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, Proto Labs has an average rating of "Moderate Buy" and a consensus target price of $43.67.

Proto Labs Stock Up 2.7 %

Shares of NYSE PRLB traded up $1.17 during trading on Monday, reaching $44.91. The company had a trading volume of 152,031 shares, compared to its average volume of 242,954. Proto Labs has a 12-month low of $25.75 and a 12-month high of $46.73. The business's 50-day moving average is $40.79 and its 200 day moving average is $34.95. The stock has a market cap of $1.10 billion, a PE ratio of 47.78 and a beta of 1.45.

Proto Labs announced that its board has approved a stock repurchase plan on Friday, February 7th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the industrial products company to purchase up to 9.8% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Proto Labs

Hedge funds have recently bought and sold shares of the business. Assenagon Asset Management S.A. grew its stake in shares of Proto Labs by 22.9% in the third quarter. Assenagon Asset Management S.A. now owns 299,848 shares of the industrial products company's stock worth $8,807,000 after acquiring an additional 55,932 shares during the period. GSA Capital Partners LLP purchased a new stake in Proto Labs in the third quarter worth approximately $524,000. KBC Group NV grew its position in Proto Labs by 69.3% in the 3rd quarter. KBC Group NV now owns 1,541 shares of the industrial products company's stock worth $45,000 after purchasing an additional 631 shares during the period. Meeder Asset Management Inc. grew its position in Proto Labs by 72.3% in the 3rd quarter. Meeder Asset Management Inc. now owns 4,465 shares of the industrial products company's stock worth $131,000 after purchasing an additional 1,873 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. raised its stake in Proto Labs by 217.6% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 68,403 shares of the industrial products company's stock valued at $2,009,000 after buying an additional 46,866 shares during the last quarter. Hedge funds and other 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.