Federated Hermes Inc. Raises Holdings in Proto Labs, Inc. (NYSE:PRLB)

Federated Hermes Inc. lifted its stake in Proto Labs, Inc. (NYSE:PRLB) by 4.2% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 27,298 shares of the industrial products company’s stock after purchasing an additional 1,106 shares during the quarter. Federated Hermes Inc. owned about 0.11% of Proto Labs worth $1,067,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. State Street Corp raised its holdings in shares of Proto Labs by 1.4% in the third quarter. State Street Corp now owns 965,426 shares of the industrial products company’s stock worth $28,355,000 after buying an additional 13,554 shares during the last quarter. Geode Capital Management LLC raised its stake in Proto Labs by 0.7% in the 3rd quarter. Geode Capital Management LLC now owns 585,809 shares of the industrial products company’s stock worth $17,209,000 after acquiring an additional 4,285 shares during the last quarter. Wellington Management Group LLP lifted its position in Proto Labs by 6.5% during the 3rd quarter. Wellington Management Group LLP now owns 387,741 shares of the industrial products company’s stock worth $11,388,000 after acquiring an additional 23,696 shares during the period. Nordea Investment Management AB grew its stake in Proto Labs by 76.0% during the 4th 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 during the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its holdings in shares of Proto Labs by 348.1% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 212,914 shares of the industrial products company’s stock valued at $8,323,000 after purchasing an additional 165,396 shares during the period. 84.54% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Needham & Company LLC reaffirmed a “hold” rating on shares of Proto Labs in a report on Friday, February 7th. Cantor Fitzgerald upped their price objective on shares of Proto Labs from $40.00 to $50.00 and gave the company an “overweight” rating in a report on Monday, February 10th. Finally, StockNews.com cut shares of Proto Labs from a “strong-buy” rating to a “buy” rating in a report on Tuesday, April 8th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, Proto Labs presently has a consensus rating of “Moderate Buy” and an average price target of $43.67.

Proto Labs Trading Down 1.5 %

Shares of PRLB opened at $34.16 on Tuesday. The firm has a market cap of $827.80 million, a P/E ratio of 52.55 and a beta of 1.52. Proto Labs, Inc. has a 12 month low of $25.76 and a 12 month high of $46.73. The stock’s 50 day moving average is $37.94 and its two-hundred day moving average is $37.33.

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

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.