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

Key Points

• ARK Investment Management LLC reduced its stake in Proto Labs, Inc. by 32.3%, selling 41,465 shares and owning 87,046 shares valued at $3,050,000.
• Other hedge funds have increased their holdings in Proto Labs, with Dimensional Fund Advisors LP boosting its stake by 5.5% and First Trust Advisors LP raising it by an impressive 71.9%.
• Proto Labs reported quarterly earnings of $0.33 per share, which was above expectations, but its revenue decreased 1.3% year-over-year.

ARK Investment Management LLC lowered its holdings in Proto Labs, Inc. (NYSE:PRLB - Free Report) by 32.3% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 87,046 shares of the industrial products company's stock after selling 41,465 shares during the quarter. ARK Investment Management LLC owned 0.37% of Proto Labs worth $3,050,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. American Century Companies Inc. increased its holdings in Proto Labs by 0.8% during 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 purchasing an additional 404 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Proto Labs by 0.5% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 80,626 shares of the industrial products company's stock valued at $3,152,000 after purchasing an additional 437 shares during the last quarter. CWM LLC grew its position in Proto Labs by 50.4% during the first quarter. CWM LLC now owns 1,840 shares of the industrial products company's stock worth $64,000 after buying an additional 617 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of Proto Labs by 249.4% in the 1st quarter. GAMMA Investing LLC now owns 926 shares of the industrial products company's stock valued at $32,000 after acquiring an additional 661 shares during the last quarter. Finally, Sterling Capital Management LLC raised its position 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 last quarter. Hedge funds and other institutional investors own 84.54% of the company's stock.

Analysts Set New Price Targets

Separately, Wall Street Zen upgraded Proto Labs from a "buy" rating to a "strong-buy" rating in a research report on Tuesday, May 6th.

Proto Labs Trading Down 0.5%

PRLB stock traded down $0.19 during trading on Wednesday, reaching $39.84. 68,997 shares of the stock were exchanged, compared to its average volume of 212,417. The firm has a market capitalization of $946.92 million, a price-to-earnings ratio of 66.40 and a beta of 1.33. The business has a 50 day moving average price of $39.07 and a 200-day moving average price of $38.49. Proto Labs, Inc. has a 1 year low of $25.75 and a 1 year high of $46.73.

Proto Labs (NYSE:PRLB - Get Free Report) last released its earnings results on Friday, May 2nd. The industrial products company reported $0.33 EPS for the quarter, topping the consensus estimate of $0.29 by $0.04. Proto Labs had a net margin of 2.99% and a return on equity of 2.22%. The firm had revenue of $126.21 million during the quarter, compared to analysts' expectations of $123.71 million. During the same period in the previous year, the company earned $0.40 EPS. Proto Labs's revenue for the quarter was down 1.3% on a year-over-year basis. On average, research analysts anticipate that Proto Labs, Inc. will post 0.81 EPS for the current year.

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.