Proto Labs (NYSE:PRLB – Get Free Report) was downgraded by equities research analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Tuesday.
Several other research firms have also weighed in on PRLB. Cantor Fitzgerald lifted their target price on Proto Labs from $40.00 to $50.00 and gave the stock an “overweight” rating in a report on Monday, February 10th. Needham & Company LLC reiterated a “hold” rating on shares of Proto Labs in a report on Friday, February 7th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $43.67.
Check Out Our Latest Report on Proto Labs
Proto Labs Stock Performance
Proto Labs announced that its board has initiated a share buyback plan on Friday, February 7th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the industrial products company to purchase up to 9.8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.
Institutional Inflows and Outflows
Several large investors have recently added to or reduced their stakes in PRLB. GAMMA Investing LLC boosted its stake in shares of Proto Labs by 12,144.2% during the 1st quarter. GAMMA Investing LLC now owns 32,447 shares of the industrial products company’s stock worth $1,137,000 after buying an additional 32,182 shares during the last quarter. Mackenzie Financial Corp acquired a new position in Proto Labs during the fourth quarter valued at approximately $519,000. PharVision Advisers LLC bought a new position in Proto Labs in the fourth quarter valued at approximately $257,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Proto Labs by 0.5% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 80,626 shares of the industrial products company’s stock worth $3,152,000 after purchasing an additional 437 shares during the last quarter. Finally, SG Capital Management LLC bought a new stake in shares of Proto Labs during the 4th quarter worth approximately $1,950,000. Institutional investors and hedge funds own 84.54% of the company’s stock.
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.
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