Proto Labs (NYSE:PRLB - Get Free Report) declared that its board has approved a share buyback plan on Friday, February 7th, RTT News reports. The company plans to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the industrial products company to purchase up to 9.8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.
Analyst Ratings Changes
A number of equities analysts have commented on the company. Cantor Fitzgerald boosted their price objective on Proto Labs from $40.00 to $50.00 and gave the stock an "overweight" rating in a research note on Monday. Craig Hallum upped their price target on shares of Proto Labs from $30.00 to $36.00 and gave the stock a "hold" rating in a research report on Monday, November 4th. Finally, Needham & Company LLC restated a "hold" rating on shares of Proto Labs in a research report on Friday. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $43.67.
View Our Latest Report on PRLB
Proto Labs Price Performance
Shares of PRLB stock traded up $0.95 on Tuesday, reaching $43.22. 375,179 shares of the stock were exchanged, compared to its average volume of 236,806. Proto Labs has a one year low of $25.75 and a one year high of $46.73. The stock has a market cap of $1.06 billion, a PE ratio of 45.74 and a beta of 1.45. The stock has a 50 day moving average price of $40.72 and a 200 day moving average price of $34.83.
Proto Labs Company Profile
(
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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.
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