Proto Labs, Inc. (NYSE:PRLB) Shares Sold by Dynamic Technology Lab Private Ltd

Dynamic Technology Lab Private Ltd cut its stake in shares of Proto Labs, Inc. (NYSE:PRLB) by 78.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,540 shares of the industrial products company’s stock after selling 20,112 shares during the quarter. Dynamic Technology Lab Private Ltd’s holdings in Proto Labs were worth $217,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in PRLB. Principal Financial Group Inc. increased its holdings in Proto Labs by 0.3% in the fourth quarter. Principal Financial Group Inc. now owns 118,889 shares of the industrial products company’s stock valued at $4,647,000 after buying an additional 299 shares in the last quarter. Rhumbline Advisers increased its position in shares of Proto Labs by 0.4% in the fourth quarter. Rhumbline Advisers now owns 78,783 shares of the industrial products company’s stock valued at $3,080,000 after buying an additional 303 shares in the last quarter. American Century Companies Inc. lifted its position 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 buying an additional 404 shares in the last quarter. Tidal Investments LLC increased 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 worth $886,000 after acquiring an additional 494 shares in the last quarter. Finally, Hillsdale Investment Management Inc. grew its position in shares of Proto Labs by 0.8% in the fourth quarter. Hillsdale Investment Management Inc. now owns 115,724 shares of the industrial products company’s stock valued at $4,524,000 after purchasing an additional 900 shares during the period. 84.54% of the stock is owned by institutional investors and hedge funds.

Proto Labs Price Performance

Shares of PRLB stock opened at $34.77 on Friday. The firm’s 50-day moving average is $38.14 and its two-hundred day moving average is $37.24. Proto Labs, Inc. has a 12 month low of $25.76 and a 12 month high of $46.73. The company has a market capitalization of $842.65 million, a PE ratio of 53.50 and a beta of 1.52.

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

Wall Street Analysts Forecast Growth

A number of brokerages have commented on PRLB. Needham & Company LLC reissued a “hold” rating on shares of Proto Labs in a report on Friday, February 7th. Cantor Fitzgerald raised their price target on shares of Proto Labs from $40.00 to $50.00 and gave the stock an “overweight” rating in a research note on Monday, February 10th. Finally, StockNews.com downgraded shares of Proto Labs from a “strong-buy” rating to a “buy” rating in a report on Tuesday. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $43.67.

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.