ValuEngine Upgrades Proto Labs (NYSE:PRLB) to “Buy”

Proto Labs (NYSE:PRLB) was upgraded by equities researchers at ValuEngine from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday, ValuEngine reports.

PRLB has been the subject of several other reports. Zacks Investment Research upgraded Proto Labs from a “hold” rating to a “buy” rating and set a $117.00 price target for the company in a research report on Thursday, August 1st. Piper Jaffray Companies reduced their price target on Proto Labs from $92.00 to $84.00 and set a “neutral” rating for the company in a research report on Thursday, July 25th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $126.25.

PRLB traded down $0.86 during trading on Tuesday, reaching $108.74. 9,953 shares of the company’s stock were exchanged, compared to its average volume of 185,164. Proto Labs has a 1 year low of $88.75 and a 1 year high of $166.60. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.26 and a quick ratio of 4.08. The stock has a market capitalization of $2.78 billion, a P/E ratio of 38.68, a price-to-earnings-growth ratio of 1.29 and a beta of 1.65. The company’s fifty day simple moving average is $97.76 and its 200-day simple moving average is $105.28.

Proto Labs (NYSE:PRLB) last posted its quarterly earnings results on Thursday, July 25th. The industrial products company reported $0.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.58 by $0.02. Proto Labs had a net margin of 15.71% and a return on equity of 13.14%. The company had revenue of $115.90 million during the quarter, compared to analyst estimates of $116.49 million. During the same period last year, the firm posted $0.73 EPS. Proto Labs’s revenue for the quarter was up 5.7% compared to the same quarter last year. Equities analysts forecast that Proto Labs will post 2.5 EPS for the current year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Janney Montgomery Scott LLC increased its stake in shares of Proto Labs by 13.1% in the 2nd quarter. Janney Montgomery Scott LLC now owns 2,598 shares of the industrial products company’s stock valued at $301,000 after purchasing an additional 301 shares in the last quarter. Amundi Pioneer Asset Management Inc. increased its stake in shares of Proto Labs by 34.0% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 166,743 shares of the industrial products company’s stock valued at $17,531,000 after purchasing an additional 42,323 shares in the last quarter. ARK Investment Management LLC increased its stake in shares of Proto Labs by 61.7% in the 2nd quarter. ARK Investment Management LLC now owns 470,848 shares of the industrial products company’s stock valued at $54,628,000 after purchasing an additional 179,626 shares in the last quarter. Mesirow Financial Investment Management Equity Management purchased a new stake in shares of Proto Labs in the second quarter valued at approximately $5,460,000. Finally, Wasatch Advisors Inc. increased its position in shares of Proto Labs by 118.0% in the first quarter. Wasatch Advisors Inc. now owns 92,039 shares of the industrial products company’s stock valued at $9,677,000 after buying an additional 49,818 shares in the last quarter. 93.87% of the stock is owned by institutional investors.

About Proto Labs

Proto Labs, Inc, together with its subsidiaries, operates as an e-commerce driven digital manufacturer of custom parts for prototyping and short-run production worldwide. It utilizes injection molding, computer numerical control machining, three-dimensional (3D) printing, and sheet metal fabrication to manufacture custom parts for developers and engineers who use 3D computer-aided design software to design products across a range of end markets.

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