Proto Labs (NYSE:PRLB) Stock Price Passes Above 200-Day Moving Average – Here’s What Happened

Proto Labs, Inc. (NYSE:PRLB) shares passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $36.36 and traded as high as $37.12. Proto Labs shares last traded at $35.75, with a volume of 145,388 shares traded.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on PRLB. StockNews.com raised Proto Labs from a “buy” rating to a “strong-buy” rating in a research report on Friday, March 7th. Needham & Company LLC reaffirmed a “hold” rating on shares of Proto Labs in a research report on Friday, February 7th. Finally, Cantor Fitzgerald lifted their price target on Proto Labs from $40.00 to $50.00 and gave the stock an “overweight” rating in a research report on Monday, February 10th. Two equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $43.67.

Proto Labs Stock Performance

The stock has a 50-day simple moving average of $40.19 and a two-hundred day simple moving average of $36.35. The firm has a market cap of $885.28 million, a PE ratio of 56.20 and a beta of 1.45.

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

Hedge Funds Weigh In On Proto Labs

A number of hedge funds have recently bought and sold shares of the business. Principal Financial Group Inc. raised its position in Proto Labs by 0.3% in the 4th quarter. Principal Financial Group Inc. now owns 118,889 shares of the industrial products company’s stock worth $4,647,000 after buying an additional 299 shares during the last quarter. Rhumbline Advisers raised its position in Proto Labs by 0.4% in the 4th quarter. Rhumbline Advisers now owns 78,783 shares of the industrial products company’s stock worth $3,080,000 after buying an additional 303 shares during the last quarter. American Century Companies Inc. grew its stake in shares of Proto Labs by 0.8% during the 4th quarter. American Century Companies Inc. now owns 52,579 shares of the industrial products company’s stock valued at $2,055,000 after purchasing an additional 404 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Proto Labs by 0.5% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 80,626 shares of the industrial products company’s stock valued at $3,152,000 after purchasing an additional 437 shares during the last quarter. Finally, Tidal Investments LLC increased its position in shares of Proto Labs by 1.7% during the 3rd quarter. Tidal Investments LLC now owns 30,156 shares of the industrial products company’s stock valued at $886,000 after purchasing an additional 494 shares during the last quarter. Hedge funds and other institutional investors own 84.54% of the company’s stock.

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.