N-able (NYSE:NABL) Sets New 1-Year Low – What’s Next?

N-able, Inc. (NYSE:NABL)’s share price hit a new 52-week low during mid-day trading on Friday . The stock traded as low as $6.66 and last traded at $6.71, with a volume of 1717338 shares traded. The stock had previously closed at $7.10.

Analyst Ratings Changes

Several equities research analysts recently commented on NABL shares. 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 note on Friday, March 14th. BMO Capital Markets restated a “market perform” rating and issued a $8.50 price target (down previously 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 report on Tuesday, March 4th. William Blair reissued an “outperform” rating on shares of N-able in a report on Friday, March 14th. Finally, 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. Two equities research 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 presently has a consensus rating of “Moderate Buy” and an average price target of $9.38.

N-able Trading Down 4.2 %

The stock has a market cap of $1.29 billion, a PE ratio of 34.03 and a beta of 0.57. The company has a quick ratio of 3.01, a current ratio of 3.01 and a debt-to-equity ratio of 0.43. The stock’s fifty day moving average price is $8.65 and its 200 day moving average price is $10.17.

N-able announced that its board has approved a share buyback program on Wednesday, March 12th that allows the company to repurchase $75.00 million in shares. This repurchase authorization allows 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 shares are undervalued.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Blue Trust Inc. raised its position in N-able by 95.5% in the 4th quarter. Blue Trust Inc. now owns 3,128 shares of the company’s stock worth $29,000 after buying an additional 1,528 shares during the last quarter. Aquatic Capital Management LLC purchased a new position in shares of N-able during the fourth quarter valued at approximately $29,000. Tower Research Capital LLC TRC raised its holdings in shares of N-able by 67.4% during the fourth quarter. Tower Research Capital LLC TRC now owns 3,251 shares of the company’s stock valued at $30,000 after purchasing an additional 1,309 shares during the last quarter. KBC Group NV lifted its position in N-able by 104.7% during the fourth quarter. KBC Group NV now owns 5,490 shares of the company’s stock valued at $51,000 after purchasing an additional 2,808 shares during the period. Finally, New Age Alpha Advisors LLC purchased a new stake in N-able in the fourth quarter worth approximately $83,000. Hedge funds and other institutional investors own 96.35% of the company’s stock.

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.