Proto Labs (NYSE:PRLB) Announces Stock Repurchase Plan

Proto Labs (NYSE:PRLB - Get Free Report) announced that its Board of Directors has initiated a share repurchase plan on Friday, February 7th, RTT News reports. The company plans to buyback $100.00 million in outstanding shares. This buyback authorization allows the industrial products company to reacquire up to 9.8% of its shares through open market purchases. Shares buyback plans are often a sign that the company's board of directors believes its stock is undervalued.Analysts Set New Price TargetsSeveral equities analysts have recently weighed in on PRLB shares. Cantor Fitzgerald reiterated an "overweight" rating and issued a $40.00 price target on shares of Proto Labs in a research report on Monday, November 4th. Craig Hallum lifted their target price on Proto Labs from $30.00 to $36.00 and gave the company a "hold" rating in a report on Monday, November 4th. Finally, Needham & Company LLC reissued a "hold" rating on shares of Proto Labs in a report on Friday. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $40.33.View Our Latest Analysis on Proto LabsProto Labs Stock Down 6.6 %NYSE:PRLB traded down $2.93 during trading hours on Friday, hitting $41.46. 711,561 shares of the company's stock traded hands, compared to its average volume of 224,044. Proto Labs has a 52 week low of $25.75 and a 52 week high of $46.73. The business's fifty day simple moving average is $40.70 and its two-hundred day simple moving average is $34.76. The firm has a market cap of $1.02 billion, a P/E ratio of 44.11 and a beta of 1.45. About Proto Labs (Get Free Report)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.Further ReadingFive stocks we like better than Proto LabsWhat is a Special Dividend?IBM’s AI Bet Pays Off—What’s Next for Investors?The 3 Best Retail Stocks to Shop for in August3 Reasons to Treat AMD's Drop as an Entry OpportunityWhat is a Stock Market Index and How Do You Use Them?Qualcomm’s Post-Earnings Dip: A Prime Buying Opportunity?This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.Where Should You Invest $1,000 Right Now?Before you make your next trade, you'll want to hear this.MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis.Our team has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and none of the big name stocks were on the list.They believe these five stocks are the five best companies for investors to buy now...See The Five Stocks Here Should You Invest $1,000 in Proto Labs Right Now?Before you consider Proto Labs, you'll want to hear this.MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Proto Labs wasn't on the list.While Proto Labs currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.View The Five Stocks Here