Proto Labs (NYSE:PRLB) Stock Crosses Above 200 Day Moving Average - Here's Why

Shares of Proto Labs, Inc. (NYSE:PRLB - Get Free Report) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $36.36 and traded as high as $37.12. Proto Labs shares last traded at $35.75, with a volume of 145,388 shares trading hands.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on PRLB shares. Cantor Fitzgerald upped 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, February 10th. StockNews.com upgraded shares of Proto Labs from a "buy" rating to a "strong-buy" rating in a research report on Friday, March 7th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Proto Labs in a research report on Friday, February 7th. Two investment 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 company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $43.67.

Proto Labs Stock Up 0.7 %

The firm has a 50 day moving average of $40.13 and a 200-day moving average of $36.48. The firm has a market capitalization of $892.09 million, a P/E ratio of 56.64 and a beta of 1.45.

Remove Ads

Proto Labs declared that its Board of Directors has approved a share buyback program on Friday, February 7th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the industrial products company to buy up to 9.8% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's board believes its shares are undervalued.

Institutional Investors Weigh In On Proto Labs

Institutional investors and hedge funds have recently bought and sold shares of the company. Principal Financial Group Inc. raised its position in shares of Proto Labs by 0.3% in the 4th quarter. Principal Financial Group Inc. now owns 118,889 shares of the industrial products company's stock valued at $4,647,000 after buying an additional 299 shares in the last quarter. Rhumbline Advisers increased its stake in Proto Labs by 0.4% in the fourth quarter. Rhumbline Advisers now owns 78,783 shares of the industrial products company's stock valued at $3,080,000 after acquiring an additional 303 shares during the last quarter. American Century Companies Inc. raised its position in Proto Labs by 0.8% during the fourth quarter. American Century Companies Inc. now owns 52,579 shares of the industrial products company's stock valued at $2,055,000 after purchasing an additional 404 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Proto Labs by 0.5% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 80,626 shares of the industrial products company's stock worth $3,152,000 after purchasing an additional 437 shares during the last quarter. Finally, Tidal Investments LLC boosted its stake in Proto Labs by 1.7% in the third quarter. Tidal Investments LLC now owns 30,156 shares of the industrial products company's stock valued at $886,000 after buying an additional 494 shares in the last quarter. Institutional investors own 84.54% of the company's stock.

About Proto Labs

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.