Proto Labs (NYSE:PRLB) Price Target Raised to $50.00 at Cantor Fitzgerald

Proto Labs (NYSE:PRLB) had its target price increased by Cantor Fitzgerald from $40.00 to $50.00 in a report released on Monday morning,Benzinga reports. Cantor Fitzgerald currently has an overweight rating on the industrial products company’s stock.

Other analysts also recently issued reports about the company. Craig Hallum boosted their target price on Proto Labs from $30.00 to $36.00 and gave the stock a “hold” rating in a research report on Monday, November 4th. Needham & Company LLC reiterated a “hold” rating on shares of Proto Labs in a research report on Friday. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $43.67.

Proto Labs Trading Up 1.7 %

Shares of Proto Labs stock opened at $42.29 on Monday. The company has a 50-day moving average of $40.72 and a two-hundred day moving average of $34.83. Proto Labs has a 12-month low of $25.75 and a 12-month high of $46.73. The stock has a market cap of $1.04 billion, a PE ratio of 44.99 and a beta of 1.45.

Proto Labs announced that its board has approved a share repurchase plan on Friday, February 7th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the industrial products company to buy up to 9.8% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in PRLB. State Street Corp grew its position in shares of Proto Labs by 1.4% in the third quarter. State Street Corp now owns 965,426 shares of the industrial products company’s stock valued at $28,355,000 after purchasing an additional 13,554 shares during the period. Dynamic Technology Lab Private Ltd purchased a new stake in Proto Labs in the 3rd quarter valued at about $753,000. Jane Street Group LLC increased its stake in shares of Proto Labs by 107.4% during the 3rd quarter. Jane Street Group LLC now owns 97,623 shares of the industrial products company’s stock valued at $2,867,000 after acquiring an additional 50,556 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Proto Labs by 93.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 139,890 shares of the industrial products company’s stock worth $4,109,000 after acquiring an additional 67,449 shares during the period. Finally, Nordea Investment Management AB boosted its position in shares of Proto Labs by 76.0% in the fourth quarter. Nordea Investment Management AB now owns 244,987 shares of the industrial products company’s stock worth $9,711,000 after acquiring an additional 105,813 shares during the last quarter. 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.