Proto Labs (NYSE:PRLB) Upgraded by Craig Hallum to "Buy" Rating

Key Points

• Proto Labs was upgraded from a "hold" rating to a "buy" rating by Craig Hallum, with a target price of $54.00, indicating a potential upside of 25.60% from the previous close.
• The company reported quarterly earnings of $0.41 per share, surpassing expectations, with revenue also exceeding estimates at $135.06 million, a 7.6% year-over-year increase.
• Significant institutional investor interest has been observed, with firms like Wellington Management Group and Arrowstreet Capital dramatically increasing their holdings in Proto Labs.

Proto Labs (NYSE:PRLB - Get Free Report) was upgraded by investment analysts at Craig Hallum from a "hold" rating to a "buy" rating in a report released on Friday. The brokerage currently has a $54.00 target price on the industrial products company's stock. Craig Hallum's price objective would indicate a potential upside of 25.60% from the company's previous close.

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

Proto Labs Price Performance

Shares of PRLB opened at $43.00 on Friday. Proto Labs has a one year low of $25.75 and a one year high of $46.73. The company has a market cap of $1.02 billion, a P/E ratio of 71.66 and a beta of 1.33. The firm has a 50 day simple moving average of $39.16 and a two-hundred day simple moving average of $38.54.

Proto Labs (NYSE:PRLB - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The industrial products company reported $0.41 earnings per share for the quarter, beating analysts' consensus estimates of $0.33 by $0.08. The business had revenue of $135.06 million during the quarter, compared to the consensus estimate of $128.05 million. Proto Labs had a return on equity of 2.22% and a net margin of 2.99%. Proto Labs's quarterly revenue was up 7.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.38 earnings per share. On average, analysts expect that Proto Labs will post 0.81 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Proto Labs

Several large investors have recently modified their holdings of PRLB. Wellington Management Group LLP boosted its holdings in Proto Labs by 97.4% in the 1st quarter. Wellington Management Group LLP now owns 711,738 shares of the industrial products company's stock worth $24,939,000 after buying an additional 351,097 shares during the period. First Trust Advisors LP boosted its holdings in Proto Labs by 71.9% in the 4th quarter. First Trust Advisors LP now owns 738,576 shares of the industrial products company's stock valued at $28,871,000 after purchasing an additional 308,970 shares during the period. Arrowstreet Capital Limited Partnership boosted its holdings in Proto Labs by 348.1% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 212,914 shares of the industrial products company's stock valued at $8,323,000 after purchasing an additional 165,396 shares during the period. Pacer Advisors Inc. boosted its holdings in Proto Labs by 9,033.1% in the 1st quarter. Pacer Advisors Inc. now owns 148,595 shares of the industrial products company's stock valued at $5,207,000 after purchasing an additional 146,968 shares during the period. Finally, Nuveen LLC bought a new position in Proto Labs in the 1st quarter valued at $2,458,000. Hedge funds and other institutional investors own 84.54% of the company's stock.

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.

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