Geode Capital Management LLC Sells 15,752 Shares of Proto Labs, Inc. (NYSE:PRLB)

Geode Capital Management LLC cut its stake in shares of Proto Labs, Inc. (NYSE:PRLB - Free Report) by 2.7% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 570,057 shares of the industrial products company's stock after selling 15,752 shares during the quarter. Geode Capital Management LLC owned approximately 2.33% of Proto Labs worth $22,289,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Principal Financial Group Inc. boosted its position in 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 valued at $4,647,000 after buying an additional 299 shares in the last quarter. Rhumbline Advisers raised 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 valued at $3,080,000 after acquiring an additional 303 shares during the last quarter. American Century Companies Inc. grew its position in Proto Labs by 0.8% during the 4th quarter. American Century Companies Inc. now owns 52,579 shares of the industrial products company's stock worth $2,055,000 after acquiring an additional 404 shares during the last quarter. Tidal Investments LLC increased its holdings in Proto Labs by 1.7% during the 3rd quarter. Tidal Investments LLC now owns 30,156 shares of the industrial products company's stock valued at $886,000 after purchasing an additional 494 shares in the last quarter. Finally, Hillsdale Investment Management Inc. boosted its stake in Proto Labs by 0.8% in the fourth quarter. Hillsdale Investment Management Inc. now owns 115,724 shares of the industrial products company's stock worth $4,524,000 after purchasing an additional 900 shares in the last quarter. Institutional investors and hedge funds own 84.54% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. StockNews.com cut Proto Labs from a "strong-buy" rating to a "buy" rating in a report on Thursday. Needham & Company LLC restated a "hold" rating on shares of Proto Labs in a research report on Friday, February 7th. Finally, Cantor Fitzgerald upped their target price on shares of Proto Labs from $40.00 to $50.00 and gave the stock an "overweight" rating in a research report on Monday, February 10th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, Proto Labs has a consensus rating of "Moderate Buy" and an average target price of $43.67.

Proto Labs Stock Performance

Proto Labs stock traded up $0.70 during trading hours on Thursday, reaching $34.51. 14,307 shares of the company's stock traded hands, compared to its average volume of 231,187. The firm has a market capitalization of $820.22 million, a price-to-earnings ratio of 53.09 and a beta of 1.52. Proto Labs, Inc. has a fifty-two week low of $25.76 and a fifty-two week high of $46.73. The firm's 50 day moving average is $36.53 and its 200-day moving average is $37.45.

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

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.