ARK Investment Management LLC Cuts Stock Position in Proto Labs, Inc. (NYSE:PRLB)

ARK Investment Management LLC trimmed its position in shares of Proto Labs, Inc. (NYSE:PRLB) by 2.6% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 132,966 shares of the industrial products company’s stock after selling 3,497 shares during the period. ARK Investment Management LLC’s holdings in Proto Labs were worth $4,107,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. Hillsdale Investment Management Inc. lifted its holdings in shares of Proto Labs by 17.7% in the 1st quarter. Hillsdale Investment Management Inc. now owns 118,094 shares of the industrial products company’s stock worth $4,222,000 after acquiring an additional 17,720 shares during the last quarter. Jupiter Asset Management Ltd. grew its stake in shares of Proto Labs by 89.3% during 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 during the last quarter. Acadian Asset Management LLC purchased a new position in shares of Proto Labs in the first quarter worth about $1,560,000. Vanguard Group Inc. lifted its stake in shares of Proto Labs by 2.0% in the 1st 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 during the last quarter. Finally, Victory Capital Management Inc. purchased a new stake in Proto Labs during the 4th quarter valued at about $202,000. Institutional investors own 84.54% of the company’s stock.

Proto Labs Stock Down 2.2 %

Shares of NYSE:PRLB traded down $0.68 on Tuesday, hitting $30.43. The company had a trading volume of 73,087 shares, compared to its average volume of 171,130. The firm’s 50-day simple moving average is $31.02 and its two-hundred day simple moving average is $32.55. The firm has a market capitalization of $770.37 million, a price-to-earnings ratio of 40.40 and a beta of 1.33. Proto Labs, Inc. has a 1 year low of $23.01 and a 1 year high of $41.87.

Proto Labs (NYSE:PRLB) last issued its quarterly earnings data on Friday, August 2nd. The industrial products company reported $0.38 EPS for the quarter, topping the consensus estimate of $0.35 by $0.03. Proto Labs had a net margin of 4.86% and a return on equity of 3.60%. The business had revenue of $125.60 million during the quarter, compared to analyst estimates of $126.25 million. During the same period last year, the business posted ($0.01) earnings per share. Proto Labs’s quarterly revenue was up 2.7% compared to the same quarter last year. Equities research analysts anticipate that Proto Labs, Inc. will post 0.7 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Needham & Company LLC reaffirmed a “hold” rating on shares of Proto Labs in a research note on Monday, August 5th. Benchmark reiterated a “buy” rating and set a $45.00 price target on shares of Proto Labs in a report on Wednesday, May 29th. Cantor Fitzgerald reissued an “overweight” rating and issued a $44.00 price target on shares of Proto Labs in a report on Tuesday, July 30th. Craig Hallum lowered their price objective on shares of Proto Labs from $38.00 to $34.00 and set a “hold” rating for the company in a research note on Monday, May 6th. Finally, StockNews.com cut Proto Labs from a “strong-buy” rating to a “buy” rating in a research note on Monday, August 5th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $41.00.

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.