N-able, Inc. (NYSE:NABL) Position Boosted by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of N-able, Inc. (NYSE:NABL - Free Report) by 44.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 317,860 shares of the company's stock after purchasing an additional 98,429 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.17% of N-able worth $2,969,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. State Street Corp raised its position in N-able by 2.4% in the third quarter. State Street Corp now owns 3,164,709 shares of the company's stock worth $41,331,000 after acquiring an additional 75,003 shares in the last quarter. Geode Capital Management LLC raised its position in N-able by 1.0% in the third quarter. Geode Capital Management LLC now owns 1,597,651 shares of the company's stock worth $20,870,000 after acquiring an additional 15,145 shares in the last quarter. Scalar Gauge Management LLC raised its position in N-able by 40.0% in the third quarter. Scalar Gauge Management LLC now owns 978,663 shares of the company's stock worth $12,781,000 after acquiring an additional 279,387 shares in the last quarter. Applied Fundamental Research LLC raised its position in N-able by 438.6% in the third quarter. Applied Fundamental Research LLC now owns 815,634 shares of the company's stock worth $10,652,000 after acquiring an additional 664,198 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in N-able by 3.5% in the fourth quarter. Bank of New York Mellon Corp now owns 487,320 shares of the company's stock worth $4,552,000 after acquiring an additional 16,253 shares in the last quarter. 96.35% of the stock is currently owned by institutional investors.

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N-able Trading Down 1.5 %

NYSE NABL traded down $0.12 on Friday, hitting $7.51. 2,129,845 shares of the company were exchanged, compared to its average volume of 614,103. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.01 and a quick ratio of 3.01. N-able, Inc. has a twelve month low of $6.75 and a twelve month high of $15.49. The company's 50 day moving average price is $9.10 and its 200-day moving average price is $10.59. The firm has a market capitalization of $1.42 billion, a P/E ratio of 37.53 and a beta of 0.41.

N-able declared that its board has authorized a stock buyback plan on Wednesday, March 12th that allows the company to buyback $75.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 5.7% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. BMO Capital Markets reiterated a "market perform" rating and issued a $8.50 price target (down from $13.50) on shares of N-able in a research report on Tuesday, March 4th. Needham & Company LLC restated a "buy" rating and set a $10.00 price objective on shares of N-able in a report on Friday, March 14th. Scotiabank boosted their price objective on N-able from $8.75 to $9.00 and gave the stock a "sector perform" rating in a report on Friday, March 14th. William Blair restated an "outperform" rating on shares of N-able in a report on Friday, March 14th. Finally, Royal Bank of Canada cut their price objective on N-able from $12.00 to $10.00 and set an "outperform" rating on the stock in a report on Tuesday, March 4th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat, N-able currently has an average rating of "Moderate Buy" and an average target price of $9.38.

N-able Company Profile

N-able, Inc provides cloud-based software solutions for managed service providers in the United States, the United Kingdom, and internationally. The company's solutions enable MSPs to support digital transformation and growth within small and medium-sized enterprises. It provides software platform designed to be an integrated, enterprise-grade solution that serves as an operating system for its MSP partners and scales as their businesses grow.