Norges Bank Acquires Shares of 49,800 Proto Labs, Inc. (NYSE:PRLB)

Norges Bank purchased a new position in shares of Proto Labs, Inc. (NYSE:PRLB - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 49,800 shares of the industrial products company's stock, valued at approximately $1,947,000. Norges Bank owned about 0.20% of Proto Labs at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Modus Advisors LLC acquired a new position in Proto Labs in the 4th quarter worth about $87,000. KLP Kapitalforvaltning AS bought a new stake in Proto Labs in the 4th quarter valued at $192,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new stake in shares of Proto Labs in the 4th quarter worth approximately $205,000. LPL Financial LLC bought a new stake in Proto Labs in the fourth quarter valued at about $210,000. Finally, Versor Investments LP bought a new stake in shares of Proto Labs in the 4th quarter worth about $235,000. Hedge funds and other institutional investors own 84.54% of the company's stock.

Proto Labs Stock Down 0.2 %

NYSE:PRLB traded down $0.06 during mid-day trading on Thursday, hitting $33.34. 101,342 shares of the stock traded hands, compared to its average volume of 227,345. Proto Labs, Inc. has a 12-month low of $25.76 and a 12-month high of $46.73. The business's 50-day moving average price is $37.58 and its 200 day moving average price is $37.28. The company has a market cap of $792.53 million, a PE ratio of 51.40 and a beta of 1.52.

Proto Labs declared that its Board of Directors has approved a stock repurchase plan on Friday, February 7th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the industrial products company to purchase up to 9.8% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's management believes its stock is undervalued.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on PRLB shares. Cantor Fitzgerald upped their price target on Proto Labs from $40.00 to $50.00 and gave the company an "overweight" rating in a research note on Monday, February 10th. StockNews.com upgraded shares of Proto Labs from a "buy" rating to a "strong-buy" rating in a research note on Wednesday. Finally, Needham & Company LLC restated a "hold" rating on shares of Proto Labs in a research note on Friday, February 7th. Two research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $43.67.

Proto Labs 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.