Vanguard Group Inc. Decreases Stock Position in Proto Labs, Inc. (NYSE:PRLB)

Vanguard Group Inc. cut its position in Proto Labs, Inc. (NYSE:PRLB) by 2.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,863,376 shares of the industrial products company’s stock after selling 70,415 shares during the period. Vanguard Group Inc. owned 11.68% of Proto Labs worth $111,929,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the company. FMR LLC boosted its stake in Proto Labs by 23.4% during the 3rd quarter. FMR LLC now owns 29,474 shares of the industrial products company’s stock worth $866,000 after purchasing an additional 5,584 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Proto Labs by 4.2% in 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 worth $2,355,000 after buying an additional 3,247 shares in the last quarter. Verition Fund Management LLC boosted its position in Proto Labs by 27.1% during the third quarter. Verition Fund Management LLC now owns 13,118 shares of the industrial products company’s stock worth $385,000 after acquiring an additional 2,800 shares during the last quarter. State Street Corp grew its stake in Proto Labs by 1.4% during the 3rd quarter. State Street Corp now owns 965,426 shares of the industrial products company’s stock valued at $28,355,000 after acquiring an additional 13,554 shares in the last quarter. Finally, Wellington Management Group LLP raised its holdings in Proto Labs by 6.5% in 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 acquiring an additional 23,696 shares during the last quarter. 84.54% of the stock is currently owned by hedge funds and other institutional investors.

Proto Labs Price Performance

Shares of NYSE PRLB opened at $31.04 on Wednesday. The company has a market capitalization of $752.27 million, a P/E ratio of 47.76 and a beta of 1.52. The company has a 50 day simple moving average of $38.74 and a 200-day simple moving average of $37.14. Proto Labs, Inc. has a 1 year low of $25.76 and a 1 year high of $46.73.

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

Analysts Set New Price Targets

Several research analysts have recently weighed in on PRLB shares. Cantor Fitzgerald boosted 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. StockNews.com lowered Proto Labs from a “strong-buy” rating to a “buy” rating in a research note on Tuesday. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Proto Labs in a research note on Friday, February 7th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, Proto Labs presently has an average rating of “Moderate Buy” and a consensus target price of $43.67.

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.