Proto Labs (NYSE:PRLB) Sets New 12-Month High - Here's Why

Key Points

• Proto Labs shares reached a new 52-week high at $49.39, demonstrating strong performance with a trading volume of 193,749 shares.
• Wall Street analysts have optimistic forecasts for Proto Labs, with several upgrades including a price objective increase to $54.00.
• CEO Suresh Krishna purchased 1,725 shares at an average price of $43.51, reflecting confidence in the company's future performance.

Shares of Proto Labs, Inc. (NYSE:PRLB - Get Free Report) hit a new 52-week high on Thursday . The stock traded as high as $49.39 and last traded at $49.35, with a volume of 193749 shares traded. The stock had previously closed at $47.65.

Analysts Set New Price Targets

PRLB has been the topic of several research reports. Craig Hallum upgraded Proto Labs from a "hold" rating to a "buy" rating and set a $54.00 price target on the stock in a research note on Friday, August 1st. Wall Street Zen raised shares of Proto Labs from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 2nd. Finally, Cantor Fitzgerald increased their price target on Proto Labs from $50.00 to $51.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st.

Proto Labs Stock Performance

The stock has a market capitalization of $1.15 billion, a PE ratio of 80.48 and a beta of 1.33. The stock's 50 day moving average is $41.07 and its two-hundred day moving average is $39.02.

Proto Labs (NYSE:PRLB - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The industrial products company reported $0.41 EPS for the quarter, topping the consensus estimate of $0.33 by $0.08. The firm had revenue of $135.06 million during the quarter, compared to analysts' expectations of $128.05 million. Proto Labs had a return on equity of 2.22% and a net margin of 2.91%. The firm's revenue for the quarter was up 7.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.38 earnings per share. Equities research analysts expect that Proto Labs, Inc. will post 0.81 EPS for the current fiscal year.

Insider Buying and Selling at Proto Labs

In other Proto Labs news, CEO Suresh Krishna acquired 1,725 shares of the company's stock in a transaction that occurred on Monday, August 4th. The stock was bought at an average price of $43.51 per share, with a total value of $75,054.75. Following the purchase, the chief executive officer owned 18,021 shares in the company, valued at approximately $784,093.71. The trade was a 10.59% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.70% of the company's stock.

Hedge Funds Weigh In On Proto Labs

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PRLB. LPL Financial LLC acquired a new stake in shares of Proto Labs during the 4th quarter worth approximately $210,000. Wells Fargo & Company MN grew its holdings in shares of Proto Labs by 23.3% during the 4th quarter. Wells Fargo & Company MN now owns 15,199 shares of the industrial products company's stock worth $594,000 after purchasing an additional 2,869 shares during the period. Bank of Montreal Can acquired a new stake in shares of Proto Labs during the 4th quarter worth about $274,000. Sterling Capital Management LLC raised its holdings in 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 buying an additional 703 shares during the period. Finally, Barclays PLC lifted its position in Proto Labs by 4.1% in the fourth quarter. Barclays PLC now owns 44,393 shares of the industrial products company's stock valued at $1,735,000 after buying an additional 1,760 shares during the last quarter. Institutional investors and hedge funds own 84.54% of the company's stock.

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.