Proto Labs (NYSE:PRLB) Stock Price Passes Above 200-Day Moving Average – Here’s What Happened

Proto Labs, Inc. (NYSE:PRLB) crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred 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

Several equities research analysts have recently commented on PRLB shares. Needham & Company LLC reaffirmed a “hold” rating on shares of Proto Labs in a research report on Friday, February 7th. Cantor Fitzgerald increased their target price on shares of Proto Labs from $40.00 to $50.00 and gave the stock an “overweight” rating in a report on Monday, February 10th. Finally, StockNews.com raised shares of Proto Labs from a “buy” rating to a “strong-buy” rating in a report on Friday, March 7th. Two investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $43.67.

Proto Labs Stock Performance

The company’s fifty day moving average is $40.19 and its 200-day moving average is $36.35. The company has a market capitalization of $885.28 million, a PE ratio of 56.20 and a beta of 1.45.

Proto Labs announced that its Board of Directors has initiated a share repurchase plan on Friday, February 7th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the industrial products company to repurchase up to 9.8% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On Proto Labs

A number of institutional investors have recently added to or reduced their stakes in PRLB. GSA Capital Partners LLP purchased a new stake in Proto Labs during the 3rd quarter valued at approximately $524,000. KBC Group NV grew its holdings in Proto Labs by 69.3% during the 3rd quarter. KBC Group NV now owns 1,541 shares of the industrial products company’s stock valued at $45,000 after buying an additional 631 shares in the last quarter. Meeder Asset Management Inc. grew its holdings in Proto Labs by 72.3% during the 3rd quarter. Meeder Asset Management Inc. now owns 4,465 shares of the industrial products company’s stock valued at $131,000 after buying an additional 1,873 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its holdings in Proto Labs by 217.6% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 68,403 shares of the industrial products company’s stock valued at $2,009,000 after buying an additional 46,866 shares in the last quarter. Finally, Intech Investment Management LLC purchased a new stake in Proto Labs during the 3rd quarter valued at approximately $232,000. 84.54% of the stock is owned by hedge funds and other institutional investors.

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.