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

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

Several other research analysts have also recently weighed in on the stock. Needham & Company LLC restated a “hold” rating on shares of Proto Labs in a research report on Friday, February 7th. Craig Hallum lifted their price objective on shares of Proto Labs from $30.00 to $36.00 and gave the stock a “hold” rating in a report on Monday, November 4th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, Proto Labs currently has an average rating of “Moderate Buy” and an average price target of $43.67.

Proto Labs Price Performance

NYSE PRLB opened at $43.70 on Monday. The company’s 50 day simple moving average is $40.79 and its two-hundred day simple moving average is $34.95. The stock has a market capitalization of $1.07 billion, a PE ratio of 46.49 and a beta of 1.45. Proto Labs has a 1 year low of $25.75 and a 1 year high of $46.73.

Proto Labs announced that its Board of Directors has authorized a stock buyback 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 reacquire up to 9.8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in PRLB. KBC Group NV grew its holdings in Proto Labs by 69.3% in the 3rd quarter. KBC Group NV now owns 1,541 shares of the industrial products company’s stock worth $45,000 after acquiring an additional 631 shares during the last quarter. Modus Advisors LLC bought a new position in Proto Labs during the 4th quarter valued at approximately $87,000. Point72 Asia Singapore Pte. Ltd. lifted its holdings in Proto Labs by 40.6% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,108 shares of the industrial products company’s stock worth $121,000 after buying an additional 1,186 shares during the period. Meeder Asset Management Inc. grew its position in shares of Proto Labs by 72.3% in the 3rd quarter. Meeder Asset Management Inc. now owns 4,465 shares of the industrial products company’s stock worth $131,000 after buying an additional 1,873 shares during the last quarter. Finally, KLP Kapitalforvaltning AS purchased a new position in shares of Proto Labs during the fourth quarter valued at approximately $192,000. 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.