Renaissance Technologies LLC Increases Position in Proto Labs, Inc. (NYSE:PRLB)

Renaissance Technologies LLC boosted its position in Proto Labs, Inc. (NYSE:PRLB) by 2.7% in the 4th quarter, Holdings Channel reports. The fund owned 571,851 shares of the industrial products company’s stock after purchasing an additional 15,000 shares during the period. Renaissance Technologies LLC’s holdings in Proto Labs were worth $22,354,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the business. Principal Financial Group Inc. boosted its holdings in shares of Proto Labs by 0.3% during the fourth quarter. Principal Financial Group Inc. now owns 118,889 shares of the industrial products company’s stock worth $4,647,000 after purchasing an additional 299 shares during the last quarter. Rhumbline Advisers boosted its stake 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. boosted its stake in Proto Labs by 0.8% in the 4th quarter. American Century Companies Inc. now owns 52,579 shares of the industrial products company’s stock worth $2,055,000 after buying an additional 404 shares during the last quarter. Tidal Investments LLC grew its holdings in Proto Labs by 1.7% in the 3rd quarter. Tidal Investments LLC now owns 30,156 shares of the industrial products company’s stock valued at $886,000 after buying an additional 494 shares during the period. Finally, Hillsdale Investment Management Inc. increased its stake in shares of Proto Labs by 0.8% during the 4th quarter. Hillsdale Investment Management Inc. now owns 115,724 shares of the industrial products company’s stock valued at $4,524,000 after acquiring an additional 900 shares during the last quarter. 84.54% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PRLB has been the topic of several research analyst reports. Cantor Fitzgerald raised their target price on shares of Proto Labs from $40.00 to $50.00 and gave the stock an “overweight” rating in a research report on Monday, February 10th. StockNews.com downgraded shares of Proto Labs from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, April 8th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Proto Labs in a research note on Friday, February 7th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $43.67.

Proto Labs Trading Up 3.3 %

NYSE:PRLB opened at $34.77 on Friday. Proto Labs, Inc. has a twelve month low of $25.76 and a twelve month high of $46.73. The firm has a market capitalization of $842.65 million, a price-to-earnings ratio of 53.50 and a beta of 1.52. The firm’s fifty day simple moving average is $38.14 and its 200 day simple moving average is $37.24.

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

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.