Proto Labs, Inc. (NYSE:PRLB) Shares Purchased by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board grew its stake in shares of Proto Labs, Inc. (NYSE:PRLB) by 2,358.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 29,500 shares of the industrial products company’s stock after purchasing an additional 28,300 shares during the quarter. Canada Pension Plan Investment Board’s holdings in Proto Labs were worth $1,153,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. Principal Financial Group Inc. grew its stake in Proto Labs by 0.3% during the 4th quarter. Principal Financial Group Inc. now owns 118,889 shares of the industrial products company’s stock worth $4,647,000 after buying an additional 299 shares during the last quarter. Rhumbline Advisers grew its position in shares of Proto Labs by 0.4% during the fourth quarter. Rhumbline Advisers now owns 78,783 shares of the industrial products company’s stock worth $3,080,000 after acquiring an additional 303 shares during the last quarter. American Century Companies Inc. increased its holdings in shares of 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 valued at $2,055,000 after acquiring an additional 404 shares during the period. Tidal Investments LLC raised its position 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 purchasing an additional 494 shares during the last quarter. Finally, Sterling Capital Management LLC boosted its stake in Proto Labs by 764.1% during the 4th quarter. Sterling Capital Management LLC now owns 795 shares of the industrial products company’s stock worth $31,000 after purchasing an additional 703 shares during the period. Hedge funds and other institutional investors own 84.54% of the company’s stock.

Wall Street Analyst Weigh In

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

Proto Labs Stock Performance

PRLB stock opened at $35.02 on Friday. Proto Labs, Inc. has a one year low of $25.76 and a one year high of $46.73. The company has a fifty day moving average of $36.35 and a 200-day moving average of $37.50. The stock has a market capitalization of $832.46 million, a PE ratio of 53.88 and a beta of 1.52.

Proto Labs declared that its board has initiated a stock buyback program on Friday, February 7th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the industrial products company to reacquire up to 9.8% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its stock is undervalued.

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.