N-able (NYSE:NABL) Shares Gap Up – Still a Buy?

N-able, Inc. (NYSE:NABL)’s share price gapped up before the market opened on Thursday . The stock had previously closed at $7.15, but opened at $7.53. N-able shares last traded at $7.82, with a volume of 211,571 shares trading hands.

Analyst Upgrades and Downgrades

NABL has been the topic of a number of analyst reports. Scotiabank cut their price objective on shares of N-able from $11.00 to $8.75 and set a “sector perform” rating on the stock in a research report on Tuesday, March 4th. BMO Capital Markets reaffirmed a “market perform” rating and issued a $8.50 price objective (down from $13.50) on shares of N-able in a research report on Tuesday, March 4th. Needham & Company LLC lowered their price target on shares of N-able from $16.50 to $10.00 and set a “buy” rating on the stock in a research report on Monday, March 3rd. Finally, Royal Bank of Canada lowered their price target on N-able from $12.00 to $10.00 and set an “outperform” rating for the company in a report on Tuesday, March 4th.

N-able Trading Up 7.1 %

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 company has a fifty day moving average of $9.30 and a two-hundred day moving average of $10.79. The stock has a market capitalization of $1.42 billion, a price-to-earnings ratio of 38.33 and a beta of 0.41.

N-able announced that its Board of Directors has authorized a stock buyback program on Wednesday, March 12th that authorizes the company to buyback $75.00 million in shares. This buyback authorization authorizes the company to repurchase up to 5.7% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Institutional Investors Weigh In On N-able

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