Short Interest in N-able, Inc. (NYSE:NABL) Rises By 26.6%

by · The Markets Daily

N-able, Inc. (NYSE:NABL – Get Free Report) was the target of a large growth in short interest in the month of March. As of March 31st, there was short interest totalling 2,000,000 shares, a growth of 26.6% from the March 15th total of 1,580,000 shares. Currently, 3.0% of the company’s stock are short sold. Based on an average daily trading volume, of 1,100,000 shares, the days-to-cover ratio is presently 1.8 days.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Norges Bank acquired a new position in N-able in the 4th quarter valued at about $3,450,000. Applied Fundamental Research LLC increased its holdings in shares of N-able by 32.8% in 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 during the period. Millennium Management LLC raised its stake in shares of N-able by 48.6% during the fourth quarter. Millennium Management LLC now owns 791,871 shares of the company’s stock worth $7,396,000 after purchasing an additional 258,979 shares during the last quarter. Crescent Park Management L.P. raised its stake in shares of N-able by 32.0% during the fourth quarter. Crescent Park Management L.P. now owns 947,984 shares of the company’s stock worth $8,854,000 after purchasing an additional 229,943 shares during the last quarter. Finally, Edgestream Partners L.P. lifted its holdings in shares of N-able by 86.5% during 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 during the period. 96.35% of the stock is currently owned by institutional investors and hedge funds.

N-able Stock Performance

Shares of NABL stock traded down $0.21 during trading hours on Monday, hitting $6.14. The stock had a trading volume of 449,663 shares, compared to its average volume of 700,423. The stock’s 50 day moving average is $7.87 and its 200 day moving average is $9.64. The firm has a market capitalization of $1.16 billion, a PE ratio of 30.70 and a beta of 0.57. N-able has a twelve month low of $6.04 and a twelve month high of $15.49. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.01 and a quick ratio of 3.01.

N-able declared that its Board of Directors has initiated a stock buyback program on Wednesday, March 12th that allows the company to buyback $75.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 5.7% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on NABL. William Blair reissued an “outperform” rating on shares of N-able in a research report on Friday, March 14th. BMO Capital Markets restated a “market perform” rating and issued a $8.50 price target (down from $13.50) on shares of N-able in a research note on Tuesday, March 4th. Needham & Company LLC reiterated a “buy” rating and issued a $10.00 price objective on shares of N-able in a report on Friday, March 14th. Royal Bank of Canada decreased 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. Finally, Scotiabank boosted their price objective 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. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $9.38.

View Our Latest Analysis on NABL

About N-able

(Get Free Report)

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.

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