Summit Global Investments Invests $318,000 in Proto Labs, Inc. (NYSE:PRLB)

Summit Global Investments bought a new stake in shares of Proto Labs, Inc. (NYSE:PRLB) during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 8,124 shares of the industrial products company’s stock, valued at approximately $318,000.

A number of other large investors have also recently bought and sold shares of the stock. Modus Advisors LLC purchased a new stake in shares of Proto Labs in the fourth quarter valued at $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 valued at $121,000 after purchasing an additional 1,186 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new stake in shares of Proto Labs during the 4th quarter worth about $205,000. Versor Investments LP purchased a new stake in shares of Proto Labs during the fourth quarter worth about $235,000. Finally, Paloma Partners Management Co acquired a new position in shares of Proto Labs in the third quarter valued at approximately $201,000. Institutional investors and hedge funds own 84.54% of the company’s stock.

Analysts Set New Price Targets

PRLB has been the topic of a number of 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. Needham & Company LLC reaffirmed a “hold” rating on shares of Proto Labs in a research report on Friday, February 7th. Finally, StockNews.com upgraded Proto Labs from a “buy” rating to a “strong-buy” rating in a research note on Friday, March 7th. Two research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $43.67.

Proto Labs Stock Up 2.0 %

NYSE:PRLB opened at $36.99 on Tuesday. Proto Labs, Inc. has a fifty-two week low of $25.76 and a fifty-two week high of $46.73. The firm’s 50 day moving average is $40.00 and its two-hundred day moving average is $36.76. The company has a market cap of $896.38 million, a P/E ratio of 56.91 and a beta of 1.45.

Proto Labs announced that its board has initiated a share buyback plan on Friday, February 7th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the industrial products company to reacquire up to 9.8% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management 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.