Canada Pension Plan Investment Board Has $1.15 Million Position in Proto Labs, Inc. (NYSE:PRLB)

Canada Pension Plan Investment Board increased its holdings in shares of Proto Labs, Inc. (NYSE:PRLB - Free Report) by 2,358.3% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 29,500 shares of the industrial products company's stock after purchasing an additional 28,300 shares during the period. Canada Pension Plan Investment Board owned 0.12% of Proto Labs worth $1,153,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the business. Sterling Capital Management LLC boosted its position 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 acquiring an additional 703 shares during the period. Modus Advisors LLC bought a new stake in Proto Labs in the 4th quarter valued at about $87,000. KLP Kapitalforvaltning AS bought a new stake in Proto Labs in the 4th quarter valued at about $192,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new position in shares of Proto Labs during the 4th quarter worth approximately $205,000. Finally, LPL Financial LLC bought a new position in shares of Proto Labs during the fourth quarter worth approximately $210,000. 84.54% of the stock is owned by institutional investors and hedge funds.

Proto Labs Stock Down 0.8 %

Shares of PRLB stock traded down $0.30 during trading hours on Wednesday, reaching $35.11. The company's stock had a trading volume of 167,108 shares, compared to its average volume of 232,996. 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 simple moving average is $35.76 and its 200-day simple moving average is $37.69. The company has a market capitalization of $834.60 million, a price-to-earnings ratio of 54.02 and a beta of 1.52.

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

Analyst Upgrades and Downgrades

PRLB has been the subject of several recent research reports. StockNews.com cut Proto Labs from a "strong-buy" rating to a "buy" rating in a research note on Thursday, April 24th. Cantor Fitzgerald upped their target price on Proto Labs from $40.00 to $50.00 and gave the company an "overweight" rating in a research report on Monday, February 10th. Finally, Needham & Company LLC restated 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's stock. According to data from MarketBeat, Proto Labs presently has an average rating of "Moderate Buy" and a consensus target price of $43.67.

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.