N-able (NYSE:NABL) Trading Down 2.6% - What's Next?

N-able, Inc. (NYSE:NABL - Get Free Report) shares dropped 2.6% during trading on Friday . The stock traded as low as $7.22 and last traded at $7.64. Approximately 385,919 shares traded hands during mid-day trading, a decline of 36% from the average daily volume of 598,753 shares. The stock had previously closed at $7.84.

Analyst Ratings Changes

NABL has been the subject of several research reports. Royal Bank of Canada reduced their target price on N-able from $12.00 to $10.00 and set an "outperform" rating for the company in a research note on Tuesday, March 4th. Needham & Company LLC restated a "buy" rating and issued a $10.00 target price on shares of N-able in a research note on Friday. William Blair reaffirmed an "outperform" rating on shares of N-able in a research report on Friday. Scotiabank raised their price target on shares of N-able from $8.75 to $9.00 and gave the company a "sector perform" rating in a research report on Friday. Finally, 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. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $9.38.

N-able Stock Performance

The firm has a market cap of $1.47 billion, a P/E ratio of 38.83 and a beta of 0.41. 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 company's 50-day moving average is $9.17 and its two-hundred day moving average is $10.63.

Remove Ads

N-able declared that its board has approved a stock buyback program on Wednesday, March 12th that permits the company to buyback $75.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 5.7% of its shares through open market purchases. Shares buyback programs are often an indication that the company's leadership believes its shares are undervalued.

Hedge Funds Weigh In On N-able

Several hedge funds have recently modified their holdings of NABL. Entropy Technologies LP bought a new position in shares of N-able during the 3rd quarter worth approximately $149,000. Victory Capital Management Inc. lifted its position in shares of N-able by 14.4% during the 3rd quarter. Victory Capital Management Inc. now owns 55,497 shares of the company's stock worth $725,000 after buying an additional 7,000 shares in the last quarter. Quest Partners LLC lifted its position in shares of N-able by 91.4% during the 3rd quarter. Quest Partners LLC now owns 67,217 shares of the company's stock worth $878,000 after buying an additional 32,094 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of N-able by 94.7% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 219,431 shares of the company's stock worth $2,866,000 after buying an additional 106,731 shares in the last quarter. Finally, Intech Investment Management LLC bought a new stake in shares of N-able in the 3rd quarter worth approximately $188,000. 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.