Prudential Financial Inc. Lowers Holdings in Proto Labs, Inc. (NYSE:PRLB)

Prudential Financial Inc. decreased its holdings in Proto Labs, Inc. (NYSE:PRLB - Free Report) by 49.5% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 112,629 shares of the industrial products company's stock after selling 110,345 shares during the quarter. Prudential Financial Inc. owned about 0.46% of Proto Labs worth $4,403,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of PRLB. State Street Corp increased its holdings in shares of Proto Labs by 1.4% in the 3rd quarter. State Street Corp now owns 965,426 shares of the industrial products company's stock valued at $28,355,000 after purchasing an additional 13,554 shares in the last quarter. Jane Street Group LLC lifted its position in shares of Proto Labs by 107.4% during the 3rd quarter. Jane Street Group LLC now owns 97,623 shares of the industrial products company's stock valued at $2,867,000 after acquiring an additional 50,556 shares during the period. Empowered Funds LLC boosted its stake in shares of Proto Labs by 544.3% during the 4th quarter. Empowered Funds LLC now owns 95,359 shares of the industrial products company's stock worth $3,728,000 after acquiring an additional 80,558 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Proto Labs by 93.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 139,890 shares of the industrial products company's stock worth $4,109,000 after acquiring an additional 67,449 shares in the last quarter. Finally, Nordea Investment Management AB grew its holdings in shares of Proto Labs by 76.0% in the 4th quarter. Nordea Investment Management AB now owns 244,987 shares of the industrial products company's stock worth $9,711,000 after acquiring an additional 105,813 shares during the period. Institutional investors and hedge funds own 84.54% of the company's stock.

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Analysts Set New Price Targets

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

Proto Labs Price Performance

NYSE:PRLB traded down $1.65 during trading hours on Friday, reaching $31.62. 261,189 shares of the company traded hands, compared to its average volume of 223,680. Proto Labs, Inc. has a 1-year low of $25.76 and a 1-year high of $46.73. The stock has a market cap of $766.32 million, a P/E ratio of 48.65 and a beta of 1.45. The firm's 50-day moving average is $39.33 and its 200-day moving average is $37.11.

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.

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.