Needham & Company LLC Reiterates Hold Rating for Proto Labs (NYSE:PRLB)

Needham & Company LLC restated their hold rating on shares of Proto Labs (NYSE:PRLB - Free Report) in a research report released on Friday,Benzinga reports.

A number of other research firms have also commented on PRLB. Craig Hallum increased their price target on Proto Labs from $30.00 to $36.00 and gave the company a "hold" rating in a research report on Monday, November 4th. Cantor Fitzgerald reissued an "overweight" rating and issued a $40.00 price objective on shares of Proto Labs in a report on Monday, November 4th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $43.67.

Proto Labs Trading Up 2.3 %

PRLB stock traded up $0.99 during trading on Friday, reaching $43.26. 537,275 shares of the stock were exchanged, compared to its average volume of 243,836. Proto Labs has a twelve month low of $25.75 and a twelve month high of $46.73. The firm's 50 day moving average is $40.76 and its 200 day moving average is $34.89. The firm has a market cap of $1.06 billion, a P/E ratio of 46.02 and a beta of 1.45.

Proto Labs announced that its Board of Directors has initiated a share buyback plan 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 plans are generally an indication that the company's management believes its stock is undervalued.

Institutional Trading of Proto Labs

A number of large investors have recently modified their holdings of the business. KBC Group NV raised its holdings in shares of Proto Labs by 69.3% during the 3rd quarter. KBC Group NV now owns 1,541 shares of the industrial products company's stock valued at $45,000 after buying an additional 631 shares in the last quarter. Modus Advisors LLC bought a new stake in shares of Proto Labs during the fourth quarter valued at approximately $87,000. Point72 Asia Singapore Pte. Ltd. boosted its holdings in Proto Labs by 40.6% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,108 shares of the industrial products company's stock worth $121,000 after acquiring an additional 1,186 shares in the last quarter. Meeder Asset Management Inc. boosted its holdings in Proto Labs by 72.3% in the third quarter. Meeder Asset Management Inc. now owns 4,465 shares of the industrial products company's stock worth $131,000 after acquiring an additional 1,873 shares in the last quarter. Finally, KLP Kapitalforvaltning AS purchased a new position in shares of Proto Labs in the fourth quarter worth $192,000. Institutional investors own 84.54% of the company's stock.

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.