N-able (NYSE:NABL) Shares Gap Up - Should You Buy?

Shares of N-able, Inc. (NYSE:NABL - Get Free Report) gapped up before the market opened on Thursday . The stock had previously closed at $7.15, but opened at $7.53. N-able shares last traded at $7.82, with a volume of 211,571 shares.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on NABL shares. Royal Bank of Canada decreased their price objective on shares of N-able from $12.00 to $10.00 and set an "outperform" rating for the company in a research report on Tuesday, March 4th. Scotiabank upped 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 note on Friday. BMO Capital Markets reiterated a "market perform" rating and set a $8.50 price objective (down from $13.50) on shares of N-able in a research note on Tuesday, March 4th. William Blair reissued an "outperform" rating on shares of N-able in a research report on Friday. Finally, 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. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $9.38.

N-able Stock Up 0.7 %

The business's 50-day simple moving average is $9.20 and its 200-day simple moving average is $10.67. The company has a market capitalization of $1.45 billion, a PE ratio of 38.44 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.

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N-able declared that its board has initiated a share repurchase plan on Wednesday, March 12th that allows the company to buyback $75.00 million in shares. This buyback authorization allows the company to repurchase up to 5.7% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's board of directors believes its stock is undervalued.

Institutional Investors Weigh In On N-able

Several hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in shares of N-able by 1.8% in the 4th quarter. Vanguard Group Inc. now owns 9,330,440 shares of the company's stock valued at $87,146,000 after buying an additional 161,725 shares during the period. Dimensional Fund Advisors LP lifted its holdings in N-able by 5.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,529,875 shares of the company's stock valued at $32,969,000 after acquiring an additional 179,305 shares during the period. State Street Corp boosted its position in N-able by 2.4% in the 3rd quarter. State Street Corp now owns 3,164,709 shares of the company's stock worth $41,331,000 after purchasing an additional 75,003 shares in the last quarter. Geode Capital Management LLC boosted its position in N-able by 1.0% in the 3rd quarter. Geode Capital Management LLC now owns 1,597,651 shares of the company's stock worth $20,870,000 after purchasing an additional 15,145 shares in the last quarter. Finally, Applied Fundamental Research LLC grew its stake in shares of N-able by 32.8% during the 4th quarter. Applied Fundamental Research LLC now owns 1,083,033 shares of the company's stock worth $10,116,000 after purchasing an additional 267,399 shares during the period. 96.35% of the stock is owned by hedge funds and other institutional investors.

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.