Summit Global Investments acquired a new position in shares of Proto Labs, Inc. (NYSE:PRLB - Free Report) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 8,124 shares of the industrial products company's stock, valued at approximately $318,000.
Several other hedge funds have also recently bought and sold shares of PRLB. Modus Advisors LLC acquired a new stake in Proto Labs in the fourth quarter valued at approximately $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 worth $121,000 after purchasing an additional 1,186 shares in the last quarter. Paloma Partners Management Co acquired a new stake in Proto Labs during the 3rd quarter worth approximately $201,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new stake in Proto Labs during the 4th quarter worth approximately $205,000. Finally, Intech Investment Management LLC bought a new position in shares of Proto Labs during the third quarter valued at $232,000. 84.54% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
Several brokerages recently commented on PRLB. Needham & Company LLC reiterated a "hold" rating on shares of Proto Labs in a report on Friday, February 7th. Cantor Fitzgerald upped their price target on shares of Proto Labs from $40.00 to $50.00 and gave the company an "overweight" rating in a research report on Monday, February 10th. Finally, StockNews.com raised shares of Proto Labs from a "buy" rating to a "strong-buy" rating in a research note on Friday, March 7th. Two investment analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $43.67.
Read Our Latest Report on PRLB
Proto Labs Price Performance
Shares of PRLB stock traded down $1.27 on Friday, hitting $35.78. The stock had a trading volume of 136,574 shares, compared to its average volume of 223,178. Proto Labs, Inc. has a 12-month low of $25.76 and a 12-month high of $46.73. The business has a 50 day moving average of $39.89 and a 200 day moving average of $36.88. The stock has a market cap of $867.11 million, a price-to-earnings ratio of 55.05 and a beta of 1.45.
Proto Labs declared that its Board of Directors has authorized 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 purchase up to 9.8% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board believes its shares are undervalued.
About Proto Labs
(
Free Report)
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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