First Trust Advisors LP Has $28.87 Million Stake in Proto Labs, Inc. (NYSE:PRLB)

First Trust Advisors LP grew its stake in Proto Labs, Inc. (NYSE:PRLB - Free Report) by 71.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 738,576 shares of the industrial products company's stock after acquiring an additional 308,970 shares during the period. First Trust Advisors LP owned 3.01% of Proto Labs worth $28,871,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Sterling Capital Management LLC grew its position in shares of Proto Labs by 764.1% in the 4th 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 acquired a new stake in Proto Labs in the 4th quarter valued at about $87,000. KLP Kapitalforvaltning AS bought a new position in Proto Labs during the fourth quarter worth about $192,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new position in Proto Labs during the fourth quarter worth approximately $205,000. Finally, LPL Financial LLC bought a new stake in Proto Labs in the fourth quarter valued at approximately $210,000. Institutional investors and hedge funds own 84.54% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently commented on PRLB. StockNews.com downgraded Proto Labs from a "strong-buy" rating to a "buy" rating in a research note on Thursday, April 24th. Needham & Company LLC reaffirmed a "hold" rating on shares of Proto Labs in a research report on Friday, February 7th. Finally, Cantor Fitzgerald upped their price objective on shares of Proto Labs from $40.00 to $50.00 and gave the company an "overweight" rating in a report on Monday, February 10th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $43.67.

Proto Labs Price Performance

PRLB traded up $0.33 during trading on Thursday, hitting $35.49. The stock had a trading volume of 35,487 shares, compared to its average volume of 232,230. The firm has a market cap of $843.63 million, a price-to-earnings ratio of 54.76 and a beta of 1.52. The company has a 50 day moving average price of $35.76 and a 200-day moving average price of $37.69. Proto Labs, Inc. has a one year low of $25.76 and a one year high of $46.73.

Proto Labs declared that its board has approved a stock 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 repurchase up to 9.8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board 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.