Proto Labs, Inc. (NYSE:PRLB) Stake Lessened by Rhumbline Advisers

Rhumbline Advisers lessened its stake in Proto Labs, Inc. (NYSE:PRLB) by 4.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 81,102 shares of the industrial products company’s stock after selling 3,908 shares during the period. Rhumbline Advisers owned about 0.32% of Proto Labs worth $2,505,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Hillsdale Investment Management Inc. increased its stake in shares of Proto Labs by 17.7% in the first quarter. Hillsdale Investment Management Inc. now owns 118,094 shares of the industrial products company’s stock worth $4,222,000 after buying an additional 17,720 shares during the last quarter. Jupiter Asset Management Ltd. increased its stake in shares of Proto Labs by 89.3% in the first quarter. Jupiter Asset Management Ltd. now owns 147,011 shares of the industrial products company’s stock worth $5,256,000 after buying an additional 69,347 shares during the last quarter. Acadian Asset Management LLC bought a new stake in shares of Proto Labs in the first quarter worth $1,560,000. Vanguard Group Inc. increased its stake in shares of Proto Labs by 2.0% in the first quarter. Vanguard Group Inc. now owns 2,980,157 shares of the industrial products company’s stock worth $106,541,000 after buying an additional 57,894 shares during the last quarter. Finally, Victory Capital Management Inc. bought a new stake in shares of Proto Labs in the fourth quarter worth $202,000. Institutional investors own 84.54% of the company’s stock.

Insider Activity

In other news, CEO Robert Bodor purchased 3,480 shares of Proto Labs stock in a transaction dated Friday, September 6th. The stock was bought at an average price of $28.68 per share, with a total value of $99,806.40. Following the completion of the acquisition, the chief executive officer now owns 80,878 shares in the company, valued at approximately $2,319,581.04. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 1.20% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Cantor Fitzgerald reiterated an “overweight” rating and set a $44.00 target price on shares of Proto Labs in a research note on Tuesday, July 30th. Benchmark reiterated a “buy” rating and set a $45.00 target price on shares of Proto Labs in a research note on Wednesday, May 29th. Needham & Company LLC reiterated a “hold” rating on shares of Proto Labs in a research note on Monday, August 5th. Finally, StockNews.com lowered shares of Proto Labs from a “strong-buy” rating to a “buy” rating in a research note on Monday, August 5th. 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 currently has an average rating of “Moderate Buy” and a consensus price target of $41.00.

Proto Labs Price Performance

PRLB stock opened at $29.69 on Thursday. Proto Labs, Inc. has a 1-year low of $23.01 and a 1-year high of $41.87. The firm has a fifty day moving average price of $30.74 and a two-hundred day moving average price of $31.80. The firm has a market cap of $746.70 million, a price-to-earnings ratio of 38.61 and a beta of 1.32.

Proto Labs (NYSE:PRLB) last announced its quarterly earnings results on Friday, August 2nd. The industrial products company reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.03. Proto Labs had a net margin of 4.86% and a return on equity of 3.60%. The company had revenue of $125.60 million during the quarter, compared to the consensus estimate of $126.25 million. During the same quarter in the previous year, the company posted ($0.01) earnings per share. The company’s revenue for the quarter was up 2.7% compared to the same quarter last year. As a group, analysts expect that Proto Labs, Inc. will post 0.7 EPS for the current fiscal year.

Proto Labs 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.