Wellington Management Group LLP Lowers Position in Proto Labs, Inc. (NYSE:PRLB)

Wellington Management Group LLP decreased its position in Proto Labs, Inc. (NYSE:PRLB - Free Report) by 7.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 360,641 shares of the industrial products company's stock after selling 27,100 shares during the period. Wellington Management Group LLP owned 1.47% of Proto Labs worth $14,097,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PRLB. Arrowstreet Capital Limited Partnership grew its stake 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 worth $8,323,000 after purchasing an additional 165,396 shares during the period. Rice Hall James & Associates LLC bought a new position in Proto Labs during the 4th quarter worth approximately $5,972,000. Disciplined Growth Investors Inc. MN grew its holdings in Proto Labs by 5.7% during the third quarter. Disciplined Growth Investors Inc. MN now owns 2,056,593 shares of the industrial products company's stock valued at $60,402,000 after purchasing an additional 110,244 shares during the period. Nordea Investment Management AB increased its stake in 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 purchasing an additional 105,813 shares in the last quarter. Finally, Empowered Funds LLC boosted its position in shares of Proto Labs by 544.3% during the fourth quarter. Empowered Funds LLC now owns 95,359 shares of the industrial products company's stock worth $3,728,000 after purchasing an additional 80,558 shares in the last quarter. 84.54% of the stock is currently owned by institutional investors and hedge funds.

Proto Labs Trading Up 0.8 %

NYSE PRLB traded up $0.27 during trading on Monday, hitting $34.94. 6,242 shares of the company's stock were exchanged, compared to its average volume of 225,092. The company has a market cap of $846.60 million, a PE ratio of 53.78 and a beta of 1.52. The stock's 50 day moving average price is $38.14 and its two-hundred day moving average price is $37.30. Proto Labs, Inc. has a fifty-two week low of $25.76 and a fifty-two week high of $46.73.

Proto Labs announced that its Board of Directors has authorized a share buyback program on Friday, February 7th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the industrial products company to purchase up to 9.8% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

PRLB has been the subject of a number of research reports. Needham & Company LLC reissued a "hold" rating on shares of Proto Labs in a research note on Friday, February 7th. Cantor Fitzgerald lifted their target price on 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 cut shares of Proto Labs from a "strong-buy" rating to a "buy" rating in a research note on Tuesday, April 8th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $43.67.

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.