Proto Labs (NYSE:PRLB) Shares Gap Up After Strong Earnings

Shares of Proto Labs, Inc. (NYSE:PRLB) gapped up prior to trading on Friday following a better than expected earnings announcement. The stock had previously closed at $27.40, but opened at $33.75. Proto Labs shares last traded at $35.67, with a volume of 219,690 shares changing hands.

The industrial products company reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.32 by $0.15. Proto Labs had a net margin of 4.86% and a return on equity of 3.60%. The business had revenue of $125.60 million for the quarter, compared to analysts’ expectations of $121.38 million. During the same quarter in the prior year, the firm posted $0.31 earnings per share. The business’s quarterly revenue was down 3.9% compared to the same quarter last year.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on PRLB shares. StockNews.com downgraded Proto Labs from a “strong-buy” rating to a “buy” rating in a report on Monday, August 5th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $44.00 price objective on shares of Proto Labs in a research note on Tuesday, July 30th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Proto Labs in a research report on Monday, August 5th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $41.00.

Insiders Place Their Bets

In other news, CEO Robert Bodor acquired 3,480 shares of the firm’s stock in a transaction dated Friday, September 6th. The stock was purchased at an average price of $28.68 per share, for a total transaction of $99,806.40. Following the completion of the acquisition, the chief executive officer now directly owns 80,878 shares in the company, valued at $2,319,581.04. The trade was a 0.00 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 1.20% of the company’s stock.

Institutional Investors Weigh In On Proto Labs

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Canada Pension Plan Investment Board bought a new position in Proto Labs during the 2nd quarter valued at $37,000. Innealta Capital LLC bought a new stake in Proto Labs in the 2nd quarter worth about $40,000. Headlands Technologies LLC grew its position in Proto Labs by 224.0% in the 1st quarter. Headlands Technologies LLC now owns 1,873 shares of the industrial products company’s stock worth $67,000 after purchasing an additional 1,295 shares in the last quarter. Meeder Asset Management Inc. bought a new position in shares of Proto Labs during the 2nd quarter worth approximately $80,000. Finally, Allspring Global Investments Holdings LLC purchased a new position in shares of Proto Labs in the 1st quarter worth approximately $110,000. Institutional investors and hedge funds own 84.54% of the company’s stock.

Proto Labs Price Performance

The company has a market capitalization of $897.10 million, a P/E ratio of 38.59 and a beta of 1.31. The firm has a fifty day moving average price of $28.89 and a 200-day moving average price of $30.43.

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.