Scalar Gauge Management LLC Sells 567,333 Shares of N-able, Inc. (NYSE:NABL)

Scalar Gauge Management LLC decreased its holdings in N-able, Inc. (NYSE:NABL - Free Report) by 58.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 411,330 shares of the company's stock after selling 567,333 shares during the quarter. N-able comprises 1.8% of Scalar Gauge Management LLC's investment portfolio, making the stock its 19th largest holding. Scalar Gauge Management LLC owned 0.22% of N-able worth $3,842,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of NABL. Bank of New York Mellon Corp raised its holdings in shares of 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 during the last quarter. Barclays PLC increased its holdings in N-able by 398.2% in the 3rd quarter. Barclays PLC now owns 143,095 shares of the company's stock valued at $1,869,000 after purchasing an additional 114,374 shares in the last quarter. Conestoga Capital Advisors LLC acquired a new position in N-able in the 4th quarter worth $1,006,000. Edgestream Partners L.P. grew its stake in N-able by 86.5% in the fourth quarter. Edgestream Partners L.P. now owns 417,004 shares of the company's stock worth $3,895,000 after purchasing an additional 193,387 shares in the last quarter. Finally, Atom Investors LP raised its position in shares of N-able by 59.2% during the 3rd quarter. Atom Investors LP now owns 156,126 shares of the company's stock valued at $2,039,000 after acquiring an additional 58,087 shares in the last quarter. Institutional investors and hedge funds own 96.35% of the company's stock.

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N-able Price Performance

NABL stock traded up $0.27 during trading on Wednesday, hitting $7.46. 4,505,861 shares of the stock traded hands, compared to its average volume of 658,612. The stock has a market cap of $1.41 billion, a price-to-earnings ratio of 37.30 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. N-able, Inc. has a one year low of $6.75 and a one year high of $15.49. The company has a 50 day simple moving average of $8.80 and a 200 day simple moving average of $10.27.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on NABL shares. Needham & Company LLC restated a "buy" rating and issued a $10.00 price target on shares of N-able in a research note on Friday, March 14th. Scotiabank raised their target price on shares of N-able from $8.75 to $9.00 and gave the stock a "sector perform" rating in a report on Friday, March 14th. BMO Capital Markets reaffirmed 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. Royal Bank of Canada reduced their price objective 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. Finally, William Blair restated an "outperform" rating on shares of N-able in a report on Friday, March 14th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $9.38.

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.