N-able (NYSE:NABL) Sees Strong Trading Volume - Here's Why

N-able, Inc. (NYSE:NABL - Get Free Report) shares saw strong trading volume on Wednesday . 3,260,511 shares changed hands during trading, an increase of 399% from the previous session's volume of 653,761 shares.The stock last traded at $7.33 and had previously closed at $7.19.

Analyst Ratings Changes

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

N-able Trading Down 4.1 %

The company has a current ratio of 3.01, a quick ratio of 3.01 and a debt-to-equity ratio of 0.43. The firm has a market cap of $1.23 billion, a P/E ratio of 32.51 and a beta of 0.57. The company's fifty day moving average price is $8.65 and its two-hundred day moving average price is $10.15.

N-able announced that its board has approved a share buyback program on Wednesday, March 12th that allows the company to buyback $75.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 5.7% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board of directors believes its shares are undervalued.

Institutional Trading of N-able

Several large investors have recently made changes to their positions in the business. Bank of New York Mellon Corp grew its holdings in N-able by 3.5% during the 4th 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 during the last quarter. Barclays PLC raised its position in N-able by 398.2% in the 3rd quarter. Barclays PLC now owns 143,095 shares of the company's stock worth $1,869,000 after purchasing an additional 114,374 shares during the last quarter. Conestoga Capital Advisors LLC bought a new stake in shares of N-able during the fourth quarter worth $1,006,000. Crescent Park Management L.P. lifted its stake in shares of N-able by 32.0% during the fourth quarter. Crescent Park Management L.P. now owns 947,984 shares of the company's stock valued at $8,854,000 after acquiring an additional 229,943 shares during the period. Finally, Edgestream Partners L.P. boosted its holdings in N-able by 86.5% in the fourth quarter. Edgestream Partners L.P. now owns 417,004 shares of the company's stock valued at $3,895,000 after acquiring an additional 193,387 shares during the last quarter. Institutional investors own 96.35% of the company's stock.

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.