Proto Labs (NYSE:PRLB) to Repurchase $100.00 million in Stock

Proto Labs (NYSE:PRLB) announced that its Board of Directors has initiated a share buyback plan on Friday, February 7th, RTT News reports. The company plans to repurchase $100.00 million in shares. This repurchase authorization allows the industrial products company to reacquire up to 9.8% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

PRLB has been the subject of several recent research reports. Craig Hallum boosted their price target on shares of Proto Labs from $30.00 to $36.00 and gave the stock a “hold” rating in a research note on Monday, November 4th. Cantor Fitzgerald restated an “overweight” rating and set a $40.00 target price on shares of Proto Labs in a report on Monday, November 4th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Proto Labs in a research note on Friday. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $40.33.

Proto Labs Price Performance

Proto Labs stock traded down $2.93 during trading hours on Friday, reaching $41.46. The stock had a trading volume of 711,561 shares, compared to its average volume of 224,044. The company has a fifty day simple moving average of $40.70 and a 200-day simple moving average of $34.76. Proto Labs has a 52 week low of $25.75 and a 52 week high of $46.73. The stock has a market cap of $1.02 billion, a PE ratio of 44.11 and a beta of 1.45.

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.