Proto Labs, Inc. (NYSE:PRLB) Stake Reduced by Corebridge Financial Inc.

Corebridge Financial Inc. decreased its holdings in shares of Proto Labs, Inc. (NYSE:PRLB) by 8.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,408 shares of the industrial products company’s stock after selling 1,292 shares during the period. Corebridge Financial Inc. owned approximately 0.05% of Proto Labs worth $524,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in PRLB. FMR LLC lifted its stake in Proto Labs by 23.4% during the third quarter. FMR LLC now owns 29,474 shares of the industrial products company’s stock valued at $866,000 after buying an additional 5,584 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Proto Labs by 4.2% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 80,189 shares of the industrial products company’s stock valued at $2,355,000 after acquiring an additional 3,247 shares during the period. Verition Fund Management LLC lifted its position in shares of Proto Labs by 27.1% in the 3rd quarter. Verition Fund Management LLC now owns 13,118 shares of the industrial products company’s stock valued at $385,000 after acquiring an additional 2,800 shares in the last quarter. State Street Corp boosted its stake in Proto Labs by 1.4% in the 3rd quarter. State Street Corp now owns 965,426 shares of the industrial products company’s stock worth $28,355,000 after purchasing an additional 13,554 shares during the period. Finally, Wellington Management Group LLP raised its stake 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 valued at $11,388,000 after purchasing an additional 23,696 shares during the period. Institutional investors and hedge funds own 84.54% of the company’s stock.

Analyst Upgrades and Downgrades

Several 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 lifted their target price on Proto Labs from $40.00 to $50.00 and gave the company an “overweight” rating in a research note on Monday, February 10th. Finally, StockNews.com lowered shares of Proto Labs from a “strong-buy” rating to a “buy” rating in a research report on Tuesday. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, Proto Labs presently has an average rating of “Moderate Buy” and a consensus price target of $43.67.

Proto Labs Trading Down 2.3 %

Shares of NYSE:PRLB opened at $31.04 on Wednesday. The firm has a market cap of $752.27 million, a price-to-earnings ratio of 47.76 and a beta of 1.52. Proto Labs, Inc. has a 1 year low of $25.76 and a 1 year high of $46.73. The business has a fifty day simple moving average of $38.74 and a 200 day simple moving average of $37.14.

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