Proto Labs (NYSE:PRLB) Shares Gap Up on Strong Earnings

Proto Labs, Inc. (NYSE:PRLB - Get Free Report) shares gapped up before the market opened on Friday following a stronger than expected earnings report. The stock had previously closed at $27.40, but opened at $33.75. Proto Labs shares last traded at $35.67, with a volume of 219,690 shares traded.

The industrial products company reported $0.47 earnings per share for the quarter, topping analysts' consensus estimates of $0.32 by $0.15. Proto Labs had a return on equity of 3.60% and a net margin of 4.86%. The business had revenue of $125.60 million for the quarter, compared to analyst estimates of $121.38 million. During the same period in the previous year, the firm earned $0.31 EPS. The firm's revenue was down 3.9% compared to the same quarter last year.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PRLB. Cantor Fitzgerald restated an "overweight" rating and set a $44.00 price objective on shares of Proto Labs in a report on Tuesday, July 30th. Needham & Company LLC restated a "hold" rating on shares of Proto Labs in a research report on Monday, August 5th. Finally, StockNews.com cut Proto Labs from a "strong-buy" rating to a "buy" rating in a research report on Monday, August 5th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $41.00.

Insider Activity at Proto Labs

In other Proto Labs news, CEO Robert Bodor acquired 3,480 shares of Proto Labs stock in a transaction dated Friday, September 6th. The stock was purchased at an average cost of $28.68 per share, for a total transaction of $99,806.40. Following the completion of the acquisition, the chief executive officer now directly owns 80,878 shares of the company's stock, valued at $2,319,581.04. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Diversified Trust Co raised its holdings in shares of Proto Labs by 5.2% in the 1st quarter. Diversified Trust Co now owns 7,724 shares of the industrial products company's stock worth $276,000 after purchasing an additional 382 shares during the period. Allspring Global Investments Holdings LLC purchased a new stake in Proto Labs during the first quarter valued at about $110,000. Janney Montgomery Scott LLC bought a new position in Proto Labs during the first quarter worth about $469,000. Nordea Investment Management AB boosted its holdings in shares of Proto Labs by 0.9% in the first quarter. Nordea Investment Management AB now owns 170,015 shares of the industrial products company's stock worth $6,115,000 after acquiring an additional 1,551 shares during the period. Finally, Texas Permanent School Fund Corp grew its stake in Proto Labs by 2.4% during the first quarter. Texas Permanent School Fund Corp now owns 22,568 shares of the industrial products company's stock valued at $807,000 after acquiring an additional 534 shares in the last quarter. Institutional investors own 84.54% of the company's stock.

Proto Labs Stock Performance

The stock has a market cap of $949.16 million, a PE ratio of 37.24 and a beta of 1.31. The company's 50-day moving average price is $28.89 and its two-hundred day moving average price is $30.43.

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.