StockNews.com Downgrades Proto Labs (NYSE:PRLB) to Buy

Proto Labs (NYSE:PRLB - Get Free Report) was downgraded by StockNews.com from a "strong-buy" rating to a "buy" rating in a report released on Tuesday.

Several other equities analysts also recently commented on PRLB. Needham & Company LLC reiterated a "hold" rating on shares of Proto Labs in a research note on Friday, February 7th. Cantor Fitzgerald upped their price target on Proto Labs from $40.00 to $50.00 and gave the company an "overweight" rating in a research report on Monday, February 10th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $43.67.

Proto Labs Stock Performance

PRLB stock traded up $1.11 during mid-day trading on Tuesday, hitting $34.77. The company had a trading volume of 206,341 shares, compared to its average volume of 225,958. The firm has a market cap of $842.65 million, a PE ratio of 53.50 and a beta of 1.52. Proto Labs has a 12 month low of $25.76 and a 12 month high of $46.73. The stock's fifty day moving average price is $38.14 and its two-hundred day moving average price is $37.30.

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 outstanding 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 often a sign that the company's board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Proto Labs

A number of large investors have recently made changes to their positions in the stock. First Trust Advisors LP raised its stake in shares of Proto Labs by 71.9% during the 4th quarter. First Trust Advisors LP now owns 738,576 shares of the industrial products company's stock valued at $28,871,000 after purchasing an additional 308,970 shares during the period. Arrowstreet Capital Limited Partnership increased its position in shares of Proto Labs by 348.1% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 212,914 shares of the industrial products company's stock valued at $8,323,000 after buying an additional 165,396 shares during the period. Rice Hall James & Associates LLC bought a new stake in shares of Proto Labs during the fourth quarter valued at about $5,972,000. Disciplined Growth Investors Inc. MN lifted its holdings in shares of Proto Labs by 5.7% in the third quarter. Disciplined Growth Investors Inc. MN now owns 2,056,593 shares of the industrial products company's stock worth $60,402,000 after buying an additional 110,244 shares in the last quarter. Finally, Nordea Investment Management AB boosted its position in shares of Proto Labs by 76.0% in the fourth quarter. Nordea Investment Management AB now owns 244,987 shares of the industrial products company's stock valued at $9,711,000 after acquiring an additional 105,813 shares during the period. 84.54% of the stock is owned by 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.