Proto Labs, Inc. (NYSE:PRLB) Position Trimmed by Vanguard Group Inc.

Vanguard Group Inc. lessened its holdings in Proto Labs, Inc. (NYSE:PRLB - Free Report) by 2.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,863,376 shares of the industrial products company's stock after selling 70,415 shares during the period. Vanguard Group Inc. owned about 11.68% of Proto Labs worth $111,929,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Modus Advisors LLC purchased a new position in Proto Labs in the fourth quarter valued at about $87,000. KLP Kapitalforvaltning AS acquired a new stake in shares of Proto Labs in the fourth quarter valued at about $192,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new stake in shares of Proto Labs in the fourth quarter valued at about $205,000. LPL Financial LLC purchased a new stake in shares of Proto Labs during the 4th quarter valued at about $210,000. Finally, Versor Investments LP acquired a new position in Proto Labs during the 4th quarter worth approximately $235,000. Institutional investors and hedge funds own 84.54% of the company's stock.

Analysts Set New Price Targets

PRLB has been the topic of a number of analyst reports. Cantor Fitzgerald lifted their price objective on shares of Proto Labs from $40.00 to $50.00 and gave the company an "overweight" rating in a research note on Monday, February 10th. StockNews.com downgraded shares of Proto Labs from a "strong-buy" rating to a "buy" rating in a research note on Tuesday, April 8th. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Proto Labs in a report on Friday, February 7th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat.com, Proto Labs currently has a consensus rating of "Moderate Buy" and a consensus target price of $43.67.

Proto Labs Price Performance

PRLB traded up $1.11 during trading on Friday, hitting $34.77. The company had a trading volume of 206,341 shares, compared to its average volume of 225,958. Proto Labs, Inc. has a 1-year low of $25.76 and a 1-year high of $46.73. The business has a 50-day moving average of $38.14 and a 200-day moving average of $37.30. The company has a market cap of $842.65 million, a PE ratio of 53.50 and a beta of 1.52.

Proto Labs declared that its board has approved a share repurchase program on Friday, February 7th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the industrial products company to buy up to 9.8% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's leadership believes its stock is undervalued.

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.