Proto Labs, Inc. (NYSE:PRLB) Shares Bought by Jupiter Asset Management Ltd.

Jupiter Asset Management Ltd. lifted its holdings in shares of Proto Labs, Inc. (NYSE:PRLB - Free Report) by 6.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 187,911 shares of the industrial products company's stock after buying an additional 12,146 shares during the period. Jupiter Asset Management Ltd. owned about 0.77% of Proto Labs worth $7,345,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the business. KBC Group NV boosted its stake in shares of Proto Labs by 69.3% during the 3rd quarter. KBC Group NV now owns 1,541 shares of the industrial products company's stock worth $45,000 after acquiring an additional 631 shares in the last quarter. Modus Advisors LLC acquired a new position in Proto Labs during the fourth quarter worth $87,000. Point72 Asia Singapore Pte. Ltd. boosted its position in Proto Labs by 40.6% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,108 shares of the industrial products company's stock worth $121,000 after purchasing an additional 1,186 shares in the last quarter. Meeder Asset Management Inc. grew its holdings in Proto Labs by 72.3% in the third quarter. Meeder Asset Management Inc. now owns 4,465 shares of the industrial products company's stock valued at $131,000 after purchasing an additional 1,873 shares during the last quarter. Finally, Versor Investments LP acquired a new stake in Proto Labs in the fourth quarter valued at $235,000. 84.54% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

PRLB has been the topic of several recent research reports. Cantor Fitzgerald boosted their price objective 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. Needham & Company LLC restated a "hold" rating on shares of Proto Labs in a research report on Friday, February 7th. Finally, StockNews.com upgraded shares of Proto Labs from a "buy" rating to a "strong-buy" rating in a research report on Friday, March 7th. Two equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Proto Labs presently has a consensus rating of "Moderate Buy" and an average target price of $43.67.

Remove Ads

Proto Labs Stock Up 0.7 %

Shares of PRLB traded up $0.26 during trading hours on Monday, reaching $36.81. 168,874 shares of the company traded hands, compared to its average volume of 234,335. The stock has a market capitalization of $892.09 million, a PE ratio of 56.64 and a beta of 1.45. The stock has a fifty day simple moving average of $40.13 and a 200 day simple moving average of $36.48. Proto Labs, Inc. has a fifty-two week low of $25.75 and a fifty-two week high of $46.73.

Proto Labs announced that its board has initiated a stock buyback program on Friday, February 7th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the industrial products company to purchase up to 9.8% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board of directors 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.