Nikko Asset Management Americas Inc. Sells 620,066 Shares of Proto Labs, Inc. (NYSE:PRLB)

Nikko Asset Management Americas Inc. cut its stake in Proto Labs, Inc. (NYSE:PRLB - Get Rating) by 57.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 467,018 shares of the industrial products company's stock after selling 620,066 shares during the period. Nikko Asset Management Americas Inc. owned 1.72% of Proto Labs worth $11,918,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Point72 Hong Kong Ltd bought a new position in shares of Proto Labs in the second quarter worth about $29,000. Quantbot Technologies LP acquired a new stake in shares of Proto Labs during the 2nd quarter worth approximately $30,000. Gladius Capital Management LP acquired a new stake in shares of Proto Labs during the 4th quarter worth approximately $36,000. Nisa Investment Advisors LLC grew its holdings in Proto Labs by 339.7% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,684 shares of the industrial products company's stock valued at $43,000 after purchasing an additional 1,301 shares during the period. Finally, Altshuler Shaham Ltd acquired a new position in Proto Labs during the third quarter valued at approximately $48,000. 88.41% of the stock is owned by institutional investors.

A number of research analysts have weighed in on the stock. Benchmark raised shares of Proto Labs from a "hold" rating to a "buy" rating and set a $45.00 price target on the stock in a research note on Monday, February 13th. StockNews.com assumed coverage on shares of Proto Labs in a research report on Thursday, May 18th. They issued a "buy" rating on the stock. Craig Hallum boosted their price objective on shares of Proto Labs from $20.00 to $25.00 and gave the stock a "sell" rating in a research report on Monday, February 13th. Lake Street Capital boosted their price objective on shares of Proto Labs from $37.50 to $40.00 in a research report on Monday, February 13th. Finally, TheStreet lowered shares of Proto Labs from a "c-" rating to a "d" rating in a research report on Friday, February 10th. One equities research analyst has rated the stock with a sell rating and three have assigned a buy rating to the stock. According to MarketBeat.com, Proto Labs presently has a consensus rating of "Moderate Buy" and an average target price of $36.67.

Shares of Proto Labs stock traded up $1.48 during trading on Tuesday, reaching $34.08. 68,795 shares of the company traded hands, compared to its average volume of 208,812. Proto Labs, Inc. has a 1-year low of $22.04 and a 1-year high of $53.00. The company has a 50 day moving average price of $30.80 and a 200-day moving average price of $29.59. The firm has a market capitalization of $892.90 million, a PE ratio of -8.33 and a beta of 1.19.

Proto Labs, Inc engages in the manufacture of custom prototypes and production parts. It offers 3D printing, CNC machining, and injection molding services. The company was founded by Lawrence J. Lukis and Gregg Bloom on May 5, 1999 and is headquartered in Maple Plain, MN.

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 [email protected].

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 "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

Click the link below and we'll send you MarketBeat's guide to investing in 5G and which 5G stocks show the most promise.

Sign up for MarketBeat All Access to gain access to MarketBeat's full suite of research tools:

View the latest news, buy/sell ratings, SEC filings and insider transactions for your stocks. Compare your portfolio performance to leading indices and get personalized stock ideas based on your portfolio.

Get daily stock ideas from top-performing Wall Street analysts. Get short term trading ideas from the MarketBeat Idea Engine. View which stocks are hot on social media with MarketBeat's trending stocks report.

Identify stocks that meet your criteria using seven unique stock screeners. See what's happening in the market right now with MarketBeat's real-time news feed. Export data to Excel for your own analysis.