Fred Alger Management Inc. boosted its stake in Proto Labs Inc (NYSE:PRLB) by 27.7% during the 4th quarter, HoldingsChannel.com reports. The fund owned 199,911 shares of the industrial products company’s stock after purchasing an additional 43,330 shares during the period. Fred Alger Management Inc.’s holdings in Proto Labs were worth $20,591,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently made changes to their positions in PRLB. Victory Capital Management Inc. raised its position in Proto Labs by 15,548.3% in the third quarter. Victory Capital Management Inc. now owns 363,509 shares of the industrial products company’s stock worth $29,190,000 after acquiring an additional 361,186 shares during the period. Arrowstreet Capital Limited Partnership raised its position in Proto Labs by 585.4% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 175,884 shares of the industrial products company’s stock worth $18,116,000 after acquiring an additional 150,222 shares during the period. Brown Capital Management LLC raised its position in Proto Labs by 2.4% in the fourth quarter. Brown Capital Management LLC now owns 3,896,579 shares of the industrial products company’s stock worth $401,348,000 after acquiring an additional 92,395 shares during the period. Conestoga Capital Advisors LLC raised its position in Proto Labs by 16.1% in the fourth quarter. Conestoga Capital Advisors LLC now owns 588,419 shares of the industrial products company’s stock worth $60,607,000 after acquiring an additional 81,745 shares during the period. Finally, BlackRock Inc. raised its position in Proto Labs by 2.4% in the fourth quarter. BlackRock Inc. now owns 3,053,965 shares of the industrial products company’s stock worth $314,558,000 after acquiring an additional 72,731 shares during the period. 97.59% of the stock is currently owned by institutional investors and hedge funds.
Shares of Proto Labs Inc (PRLB) opened at $118.90 on Friday. Proto Labs Inc has a 12-month low of $48.00 and a 12-month high of $119.70. The stock has a market cap of $3,170.00, a P/E ratio of 63.92, a PEG ratio of 2.42 and a beta of 1.04.
Several analysts have commented on PRLB shares. Craig Hallum set a $92.00 price objective on shares of Proto Labs and gave the stock a “hold” rating in a research report on Monday, November 27th. Piper Jaffray Companies reaffirmed a “hold” rating and issued a $84.00 price objective on shares of Proto Labs in a research report on Thursday, December 14th. Finally, Zacks Investment Research lowered shares of Proto Labs from a “buy” rating to a “hold” rating in a research report on Wednesday, December 27th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $85.00.
In related news, Director John B. Goodman sold 2,715 shares of the company’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $106.79, for a total transaction of $289,934.85. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Robert Bodor sold 4,000 shares of the company’s stock in a transaction that occurred on Monday, December 11th. The stock was sold at an average price of $94.79, for a total transaction of $379,160.00. Following the sale, the vice president now directly owns 20,578 shares in the company, valued at approximately $1,950,588.62. The disclosure for this sale can be found here. In the last three months, insiders sold 9,106 shares of company stock worth $920,916. Insiders own 7.78% of the company’s stock.
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About Proto Labs
Proto Labs, Inc is an e-commerce driven digital manufacturer of on-demand three dimensional (3D) printed, computer numerical control (CNC) machined and injection-molded custom parts for prototyping and short-run production. The Company’s geographic segments include the United States, Europe and Japan.
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