Balyasny Asset Management L.P. Makes New Investment in Proto Labs, Inc. (NYSE:PRLB)

Balyasny Asset Management L.P. acquired a new stake in Proto Labs, Inc. (NYSE:PRLB - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 34,377 shares of the industrial products company's stock, valued at approximately $1,344,000. Balyasny Asset Management L.P. owned 0.14% of Proto Labs at the end of the most recent quarter.

Several other large investors have also modified their holdings of the company. Principal Financial Group Inc. raised its position in Proto Labs by 0.3% in the 4th quarter. Principal Financial Group Inc. now owns 118,889 shares of the industrial products company's stock valued at $4,647,000 after purchasing an additional 299 shares during the last quarter. Rhumbline Advisers increased its stake in 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 purchasing an additional 303 shares during the period. American Century Companies Inc. increased its stake in Proto Labs by 0.8% in the fourth quarter. American Century Companies Inc. now owns 52,579 shares of the industrial products company's stock valued at $2,055,000 after purchasing an additional 404 shares during the period. Sterling Capital Management LLC raised its holdings in shares of Proto Labs by 764.1% in the fourth quarter. Sterling Capital Management LLC now owns 795 shares of the industrial products company's stock valued at $31,000 after buying an additional 703 shares during the last quarter. Finally, Hillsdale Investment Management Inc. boosted its stake in shares of Proto Labs by 0.8% during the fourth quarter. Hillsdale Investment Management Inc. now owns 115,724 shares of the industrial products company's stock worth $4,524,000 after buying an additional 900 shares during the period. 84.54% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PRLB has been the topic of several recent research reports. StockNews.com upgraded Proto Labs from a "buy" rating to a "strong-buy" rating in a research report on Tuesday, May 6th. Needham & Company LLC reissued a "hold" rating on shares of Proto Labs in a report on Friday, February 7th. Finally, Cantor Fitzgerald upped their price target on Proto Labs from $40.00 to $50.00 and gave the stock an "overweight" rating in a research note on Monday, February 10th. Two analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $43.67.

Proto Labs Trading Down 0.2%

Shares of NYSE:PRLB traded down $0.07 during midday trading on Monday, hitting $41.01. The stock had a trading volume of 136,460 shares, compared to its average volume of 234,933. Proto Labs, Inc. has a 1 year low of $25.76 and a 1 year high of $46.73. The stock has a 50 day moving average price of $36.09 and a two-hundred day moving average price of $38.84. The company has a market capitalization of $974.85 million, a PE ratio of 63.09 and a beta of 1.37.

Proto Labs (NYSE:PRLB - Get Free Report) last announced its quarterly earnings data on Friday, May 2nd. The industrial products company reported $0.33 EPS for the quarter, beating analysts' consensus estimates of $0.29 by $0.04. Proto Labs had a net margin of 3.31% and a return on equity of 2.44%. The firm had revenue of $126.21 million during the quarter, compared to the consensus estimate of $123.71 million. During the same quarter last year, the firm earned $0.40 earnings per share. The firm's revenue was down 1.3% compared to the same quarter last year. As a group, equities analysts expect that Proto Labs, Inc. will post 0.81 EPS for the current year.

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

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.