Renaissance Technologies LLC Increases Stock Position in Proto Labs, Inc. (NYSE:PRLB)

Renaissance Technologies LLC boosted its stake in Proto Labs, Inc. (NYSE:PRLB - Free Report) by 2.7% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 571,851 shares of the industrial products company's stock after purchasing an additional 15,000 shares during the period. Renaissance Technologies LLC owned about 2.33% of Proto Labs worth $22,354,000 at the end of the most recent quarter.

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

Proto Labs Stock Performance

NYSE PRLB traded down $0.16 during trading on Friday, reaching $33.25. 953,508 shares of the company's stock were exchanged, compared to its average volume of 231,060. The company has a 50 day moving average price of $37.40 and a two-hundred day moving average price of $37.31. The stock has a market cap of $790.27 million, a P/E ratio of 51.15 and a beta of 1.52. Proto Labs, Inc. has a 1 year low of $25.76 and a 1 year high of $46.73.

Proto Labs announced that its board has authorized a stock 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 stock through open market purchases. Stock buyback programs are usually an indication that the company's leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

PRLB has been the topic of several recent research reports. Cantor Fitzgerald upped their price target on Proto Labs from $40.00 to $50.00 and gave the stock an "overweight" rating in a report 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 reaffirmed a "hold" rating on shares of Proto Labs in a report on Friday, February 7th. Two investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target 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.