N-able’s (NABL) “Buy” Rating Reiterated at Needham & Company LLC

by · The Cerbat Gem

Needham & Company LLC reaffirmed their buy rating on shares of N-able (NYSE:NABL – Free Report) in a research report report published on Monday,Benzinga reports. The brokerage currently has a $10.00 price objective on the stock.

NABL has been the subject of a number of other research reports. BMO Capital Markets reiterated a “market perform” rating and set a $8.50 target price (down previously from $13.50) on shares of N-able in a research report on Tuesday, March 4th. Scotiabank raised their price objective 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. Royal Bank of Canada cut their target price on shares of 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 research report on Friday, March 14th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, N-able presently has a consensus rating of “Moderate Buy” and an average target price of $9.38.

Check Out Our Latest Analysis on NABL

N-able Price Performance

Shares of NABL stock opened at $7.13 on Monday. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.01 and a quick ratio of 3.01. The stock’s fifty day simple moving average is $7.05 and its 200 day simple moving average is $9.18. N-able has a one year low of $6.07 and a one year high of $15.49. The firm has a market cap of $1.35 billion, a price-to-earnings ratio of 35.65 and a beta of 0.57.

N-able announced that its Board of Directors has authorized a share repurchase plan 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 plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of NABL. Edgestream Partners L.P. increased its stake in shares of N-able by 89.7% in the 1st quarter. Edgestream Partners L.P. now owns 790,993 shares of the company’s stock valued at $5,608,000 after buying an additional 373,989 shares during the period. Norges Bank acquired a new stake in N-able in the fourth quarter worth about $3,450,000. Applied Fundamental Research LLC raised its holdings in 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 last quarter. Millennium Management LLC lifted its position in N-able by 48.6% during the 4th quarter. Millennium Management LLC now owns 791,871 shares of the company’s stock valued at $7,396,000 after purchasing an additional 258,979 shares during the period. Finally, Crescent Park Management L.P. boosted its stake in shares of N-able by 32.0% in the 4th quarter. Crescent Park Management L.P. now owns 947,984 shares of the company’s stock valued at $8,854,000 after purchasing an additional 229,943 shares during the last quarter. Institutional investors and hedge funds own 96.35% of the company’s stock.

N-able Company Profile

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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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