N-able, Inc. (NYSE:NABL) Sees Significant Increase in Short Interest

N-able, Inc. (NYSE:NABL - Get Free Report) was the target of a significant growth in short interest in February. As of February 28th, there was short interest totalling 1,390,000 shares, a growth of 32.4% from the February 13th total of 1,050,000 shares. Based on an average trading volume of 824,600 shares, the days-to-cover ratio is presently 1.7 days. Currently, 2.1% of the company's stock are short sold.

Wall Street Analyst Weigh In

NABL has been the subject of several analyst reports. Needham & Company LLC restated a "buy" rating and set a $10.00 price target on shares of N-able in a 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 price target (down previously from $13.50) on shares of N-able in a report on Tuesday, March 4th. 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, March 14th. Finally, Royal Bank of Canada lowered their price objective on N-able from $12.00 to $10.00 and set an "outperform" rating on the stock in a research report on Tuesday, March 4th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $9.38.

N-able Stock Performance

Shares of NYSE NABL traded down $0.16 during trading on Thursday, reaching $7.63. 351,409 shares of the company traded hands, compared to its average volume of 606,983. The firm has a 50 day simple moving average of $9.14 and a 200-day simple moving average of $10.61. N-able has a 52-week low of $6.75 and a 52-week high of $15.49. The stock has a market capitalization of $1.44 billion, a PE ratio of 38.14 and a beta of 0.41. The company has a quick ratio of 3.01, a current ratio of 3.01 and a debt-to-equity ratio of 0.43.

Remove Ads

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

Institutional Investors Weigh In On N-able

A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in N-able by 1.8% during the fourth 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 last quarter. Dimensional Fund Advisors LP increased its stake in shares of N-able by 5.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,529,875 shares of the company's stock worth $32,969,000 after purchasing an additional 179,305 shares in the last quarter. State Street Corp raised its holdings 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 during the period. Geode Capital Management LLC raised its holdings 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 during the period. Finally, Applied Fundamental Research LLC lifted its position in N-able by 32.8% during the fourth quarter. Applied Fundamental Research LLC now owns 1,083,033 shares of the company's stock valued at $10,116,000 after purchasing an additional 267,399 shares in the last quarter. 96.35% of the stock is currently 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.