Bank of Montreal Can Invests $274,000 in Proto Labs, Inc. (NYSE:PRLB)

Bank of Montreal Can bought a new stake in Proto Labs, Inc. (NYSE:PRLB) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 7,003 shares of the industrial products company’s stock, valued at approximately $274,000.

Several other hedge funds have also bought and sold shares of the stock. Federated Hermes Inc. boosted its holdings in shares of Proto Labs by 4.2% in the 4th quarter. Federated Hermes Inc. now owns 27,298 shares of the industrial products company’s stock worth $1,067,000 after purchasing an additional 1,106 shares in the last quarter. Wells Fargo & Company MN lifted its position in Proto Labs by 23.3% in the 4th quarter. Wells Fargo & Company MN now owns 15,199 shares of the industrial products company’s stock worth $594,000 after buying an additional 2,869 shares during the last quarter. ExodusPoint Capital Management LP purchased a new stake in Proto Labs in the fourth quarter worth approximately $1,635,000. Franklin Resources Inc. grew its position in Proto Labs by 130.9% during the fourth quarter. Franklin Resources Inc. now owns 29,992 shares of the industrial products company’s stock valued at $1,172,000 after acquiring an additional 17,003 shares during the last quarter. Finally, Meeder Asset Management Inc. raised its stake in shares of Proto Labs by 192.0% during the fourth quarter. Meeder Asset Management Inc. now owns 13,036 shares of the industrial products company’s stock worth $510,000 after acquiring an additional 8,571 shares in the last quarter. 84.54% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Proto Labs Stock Performance

Shares of Proto Labs stock opened at $35.02 on Friday. The company’s 50 day moving average price is $36.35 and its 200-day moving average price is $37.50. Proto Labs, Inc. has a 52-week low of $25.76 and a 52-week high of $46.73. The stock has a market capitalization of $832.46 million, a price-to-earnings ratio of 53.88 and a beta of 1.52.

Proto Labs declared that its board has initiated a share repurchase plan on Friday, February 7th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the industrial products company to buy up to 9.8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

About Proto Labs

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.