Proto Labs (NYSE:PRLB) Stock Price Up 8.6% After Earnings Beat

Proto Labs, Inc. (NYSE:PRLB - Get Free Report)'s share price rose 8.6% during mid-day trading on Friday following a better than expected earnings announcement. The company traded as high as $38.43 and last traded at $38.89. Approximately 43,591 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 232,715 shares. The stock had previously closed at $35.80.

The industrial products company reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.04. The business had revenue of $126.21 million for the quarter, compared to analysts' expectations of $123.71 million. Proto Labs had a return on equity of 2.44% and a net margin of 3.31%. The company's revenue for the quarter was down 1.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.40 EPS.

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

Analysts Set New Price Targets

PRLB has been the subject of several analyst reports. Needham & Company LLC reissued a "hold" rating on shares of Proto Labs in a research report on Friday, February 7th. StockNews.com cut shares of Proto Labs from a "strong-buy" rating to a "buy" rating in a research report on Thursday, April 24th. Finally, Cantor Fitzgerald lifted their price target on shares of Proto Labs from $40.00 to $50.00 and gave the stock an "overweight" rating in a report on Monday, February 10th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, Proto Labs currently has an average rating of "Moderate Buy" and an average price target of $43.67.

Institutional Trading of Proto Labs

Large investors have recently bought and sold shares of the stock. Sterling Capital Management LLC grew its holdings in shares of Proto Labs by 764.1% during 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. GAMMA Investing LLC grew its stake in Proto Labs by 249.4% during the 1st quarter. GAMMA Investing LLC now owns 926 shares of the industrial products company's stock valued at $32,000 after purchasing an additional 661 shares during the last quarter. Quarry LP increased its holdings in shares of Proto Labs by 175.7% in the fourth quarter. Quarry LP now owns 1,585 shares of the industrial products company's stock valued at $62,000 after purchasing an additional 1,010 shares during the period. CWM LLC raised its stake in shares of Proto Labs by 50.4% in the first quarter. CWM LLC now owns 1,840 shares of the industrial products company's stock worth $64,000 after purchasing an additional 617 shares during the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new stake in shares of Proto Labs during the fourth quarter worth about $192,000. Hedge funds and other institutional investors own 84.54% of the company's stock.

Proto Labs Price Performance

The stock has a fifty day moving average of $35.62 and a 200 day moving average of $38.00. The stock has a market cap of $929.16 million, a price-to-earnings ratio of 60.14 and a beta of 1.52.

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.