Proto Labs (NYSE:PRLB) Shares Gap Up on Better-Than-Expected Earnings

Proto Labs, Inc. (NYSE:PRLB)’s stock price gapped up before the market opened on Friday following a stronger than expected earnings report. The stock had previously closed at $27.40, but opened at $33.75. Proto Labs shares last traded at $35.67, with a volume of 219,690 shares.

The industrial products company reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.15. The company had revenue of $125.60 million for the quarter, compared to analysts’ expectations of $121.38 million. Proto Labs had a net margin of 4.86% and a return on equity of 3.60%. The firm’s revenue for the quarter was down 3.9% compared to the same quarter last year. During the same period last year, the company earned $0.31 EPS.

Analyst Upgrades and Downgrades

PRLB has been the topic of several analyst reports. Cantor Fitzgerald restated an “overweight” rating and set a $44.00 price objective on shares of Proto Labs in a report on Tuesday, July 30th. StockNews.com downgraded shares of Proto Labs from a “strong-buy” rating to a “buy” rating in a research note on Monday, August 5th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Proto Labs in a research report on Friday. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, Proto Labs presently has a consensus rating of “Moderate Buy” and a consensus price target of $41.00.

Insider Buying and Selling at Proto Labs

In other news, CEO Robert Bodor acquired 3,480 shares of the business’s stock in a transaction dated Friday, September 6th. The shares were bought at an average cost of $28.68 per share, for a total transaction of $99,806.40. Following the acquisition, the chief executive officer now directly owns 80,878 shares in the company, valued at $2,319,581.04. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Proto Labs

Several large investors have recently made changes to their positions in PRLB. Hillsdale Investment Management Inc. raised its position in 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 valued at $4,222,000 after purchasing an additional 17,720 shares during the period. Jupiter Asset Management Ltd. grew 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 valued at $5,256,000 after buying an additional 69,347 shares in the last quarter. Marshall Wace LLP raised its holdings in shares of Proto Labs by 81.6% during the 2nd quarter. Marshall Wace LLP now owns 42,800 shares of the industrial products company’s stock valued at $1,322,000 after buying an additional 19,232 shares during the period. Acadian Asset Management LLC acquired a new position in Proto Labs during the 1st quarter worth approximately $1,560,000. Finally, Vanguard Group Inc. grew its position in 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 valued at $106,541,000 after acquiring an additional 57,894 shares in the last quarter. Institutional investors and hedge funds own 84.54% of the company’s stock.

Proto Labs Price Performance

The company’s 50-day simple moving average is $28.84 and its 200-day simple moving average is $30.41. The company has a market cap of $956.45 million, a price-to-earnings ratio of 39.58 and a beta of 1.31.

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.