Needham & Company LLC Reaffirms “Hold” Rating for Proto Labs (NYSE:PRLB)

Needham & Company LLC restated their hold rating on shares of Proto Labs (NYSE:PRLB) in a research report released on Friday,Benzinga reports.

A number of other research analysts have also weighed in on the company. Craig Hallum raised their target price on Proto Labs from $30.00 to $36.00 and gave the company a “hold” rating in a report on Monday, November 4th. Cantor Fitzgerald reiterated an “overweight” rating and set a $40.00 price target on shares of Proto Labs in a research note on Monday, November 4th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $40.33.

Proto Labs Stock Down 6.6 %

PRLB stock opened at $41.46 on Friday. The company’s fifty day simple moving average is $40.70 and its 200 day simple moving average is $34.76. Proto Labs has a 12-month low of $25.75 and a 12-month high of $46.73. The firm has a market cap of $1.02 billion, a price-to-earnings ratio of 44.11 and a beta of 1.45.

Proto Labs announced that its board has authorized a stock repurchase program on Friday, February 7th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the industrial products company to reacquire up to 9.8% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

Institutional Investors Weigh In On Proto Labs

Several institutional investors and hedge funds have recently modified their holdings of PRLB. KBC Group NV boosted its stake in Proto Labs by 69.3% during the third quarter. KBC Group NV now owns 1,541 shares of the industrial products company’s stock worth $45,000 after acquiring an additional 631 shares in the last quarter. Modus Advisors LLC purchased a new stake in Proto Labs during the fourth quarter valued at $87,000. Point72 Asia Singapore Pte. Ltd. lifted its stake in shares of 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 during the period. Meeder Asset Management Inc. grew its holdings in Proto Labs by 72.3% during the third quarter. Meeder Asset Management Inc. now owns 4,465 shares of the industrial products company’s stock valued at $131,000 after purchasing an additional 1,873 shares during the period. Finally, Paloma Partners Management Co bought a new position in Proto Labs in the 3rd quarter worth $201,000. 84.54% of the stock is owned by hedge funds and other institutional investors.

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.