Needham & Company LLC Reiterates “Buy” Rating for N-able (NYSE:NABL)

Needham & Company LLC restated their buy rating on shares of N-able (NYSE:NABL) in a research report report published on Friday morning,Benzinga reports. They currently have a $10.00 price target on the stock.

NABL has been the subject of several other research reports. BMO Capital Markets reissued a “market perform” rating and issued a $8.50 target price (down previously from $13.50) on shares of N-able in a research report on Tuesday, March 4th. Royal Bank of Canada decreased their price target on shares of N-able from $12.00 to $10.00 and set an “outperform” rating for the company in a report on Tuesday, March 4th. Finally, Scotiabank decreased their price target on shares of N-able from $11.00 to $8.75 and set a “sector perform” rating for the company in a report on Tuesday, March 4th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $9.38.

N-able Price Performance

NABL opened at $7.61 on Friday. The company has a 50-day moving average of $9.24 and a 200-day moving average of $10.74. The company has a market capitalization of $1.41 billion, a P/E ratio of 38.03 and a beta of 0.41. N-able has a 1-year low of $6.75 and a 1-year high of $15.49. The company has a debt-to-equity ratio of 0.43, a quick ratio of 3.01 and a current ratio of 3.01.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of NABL. Applied Fundamental Research LLC boosted its stake in N-able by 438.6% during the 3rd quarter. Applied Fundamental Research LLC now owns 815,634 shares of the company’s stock valued at $10,652,000 after purchasing an additional 664,198 shares during the period. Norges Bank acquired a new position in N-able during the 4th quarter valued at about $3,450,000. Scalar Gauge Management LLC boosted its stake in N-able by 40.0% during the 3rd quarter. Scalar Gauge Management LLC now owns 978,663 shares of the company’s stock valued at $12,781,000 after purchasing an additional 279,387 shares during the period. Millennium Management LLC boosted its stake 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 N-able by 32.0% during 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 period. 96.35% of the stock is owned by institutional investors and hedge funds.

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.