N-able (NYSE:NABL) Reaches New 1-Year Low - Here's What Happened

N-able, Inc. (NYSE:NABL - Get Free Report) shares hit a new 52-week low on Monday . The stock traded as low as $6.07 and last traded at $6.22, with a volume of 828557 shares trading hands. The stock had previously closed at $6.35.

Wall Street Analysts Forecast Growth

Several analysts have commented on NABL shares. Scotiabank boosted their target price on shares of 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 reiterated an "outperform" rating on shares of N-able in a report on Friday, March 14th. Royal Bank of Canada lowered their target price on shares of N-able from $12.00 to $10.00 and set an "outperform" rating on the stock in a research report on Tuesday, March 4th. BMO Capital Markets reaffirmed a "market perform" rating and issued a $8.50 price target (down previously from $13.50) on shares of N-able in a research report on Tuesday, March 4th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $10.00 price target on shares of N-able in a research note on Friday, March 14th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, N-able presently has an average rating of "Moderate Buy" and an average target price of $9.38.

N-able Stock Up 4.3 %

The firm has a market capitalization of $1.32 billion, a price-to-earnings ratio of 35.00 and a beta of 0.57. The company has a debt-to-equity ratio of 0.43, a quick ratio of 3.01 and a current ratio of 3.01. The business's 50 day moving average is $7.59 and its 200-day moving average is $9.51.

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

Institutional Trading of N-able

Hedge funds have recently added to or reduced their stakes in the business. Blue Trust Inc. increased its position in N-able by 95.5% in the 4th quarter. Blue Trust Inc. now owns 3,128 shares of the company's stock worth $29,000 after buying an additional 1,528 shares during the period. Aquatic Capital Management LLC bought a new position in N-able during the fourth quarter worth $29,000. Tower Research Capital LLC TRC increased its position in N-able by 67.4% during the fourth quarter. Tower Research Capital LLC TRC now owns 3,251 shares of the company's stock worth $30,000 after acquiring an additional 1,309 shares during the period. KBC Group NV raised its stake in N-able by 104.7% during the 4th quarter. KBC Group NV now owns 5,490 shares of the company's stock valued at $51,000 after purchasing an additional 2,808 shares during the last quarter. Finally, GAMMA Investing LLC boosted its holdings in N-able by 332.7% in the 1st quarter. GAMMA Investing LLC now owns 10,722 shares of the company's stock valued at $76,000 after purchasing an additional 8,244 shares during the period. Institutional investors own 96.35% of the company's stock.

About N-able

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.