Proto Labs (NYSE:PRLB) Reaches New 1-Year High - Should You Buy?

Proto Labs, Inc. (NYSE:PRLB - Get Free Report)'s stock price hit a new 52-week high during trading on Friday . The stock traded as high as $46.00 and last traded at $46.45, with a volume of 11293 shares trading hands. The stock had previously closed at $44.39.

Analyst Ratings Changes

Several equities analysts have recently issued reports on PRLB shares. Cantor Fitzgerald boosted their target price on Proto Labs from $40.00 to $50.00 and gave the company an "overweight" rating in a research note on Monday. Needham & Company LLC reiterated a "hold" rating on shares of Proto Labs in a research note on Friday. Finally, Craig Hallum upped their target price on shares of Proto Labs from $30.00 to $36.00 and gave the stock a "hold" rating in a research note 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. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $43.67.

Proto Labs Price Performance

The firm has a market capitalization of $1.06 billion, a PE ratio of 45.81 and a beta of 1.45. The firm has a 50-day simple moving average of $40.72 and a 200-day simple moving average of $34.83.

Proto Labs announced that its Board of Directors has initiated a share repurchase 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 shares through open market purchases. Shares buyback plans are generally an indication that the company's board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. KBC Group NV boosted its stake in Proto Labs by 69.3% in the 3rd quarter. KBC Group NV now owns 1,541 shares of the industrial products company's stock worth $45,000 after purchasing an additional 631 shares during the period. Modus Advisors LLC purchased a new position in Proto Labs during the fourth quarter valued at $87,000. Point72 Asia Singapore Pte. Ltd. increased its holdings in Proto Labs by 40.6% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,108 shares of the industrial products company's stock valued at $121,000 after acquiring an additional 1,186 shares during the last quarter. Meeder Asset Management Inc. grew its position 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 stake in Proto Labs during the fourth quarter valued at approximately $192,000. 84.54% of the stock is owned by hedge funds and other institutional investors.

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.