N-able (NYSE:NABL) Shares Gap Up – Here’s Why

N-able, Inc. (NYSE:NABL)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $10.16, but opened at $10.56. N-able shares last traded at $10.29, with a volume of 28,204 shares traded.

Analysts Set New Price Targets

A number of brokerages have commented on NABL. BMO Capital Markets cut their price objective on shares of N-able from $14.00 to $13.50 and set a “market perform” rating for the company in a research report on Friday, November 8th. Needham & Company LLC restated a “buy” rating and set a $16.50 price objective on shares of N-able in a research report on Friday. Finally, Royal Bank of Canada restated an “outperform” rating and set a $15.00 price objective on shares of N-able in a research report on Thursday.

N-able Price Performance

The stock’s fifty day moving average price is $12.17 and its 200-day moving average price is $13.06. The company has a debt-to-equity ratio of 0.43, a quick ratio of 3.01 and a current ratio of 3.01. The firm has a market cap of $1.93 billion, a PE ratio of 51.90 and a beta of 0.47.

N-able (NYSE:NABL) last announced its quarterly earnings results on Thursday, November 7th. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.03. The business had revenue of $116.40 million during the quarter, compared to the consensus estimate of $114.75 million. N-able had a net margin of 8.08% and a return on equity of 6.31%. The business’s revenue was up 8.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.03 EPS. As a group, equities analysts forecast that N-able, Inc. will post 0.28 EPS for the current fiscal year.

Insider Activity

In other N-able news, EVP Peter C. Anastos sold 16,000 shares of the firm’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $13.04, for a total transaction of $208,640.00. Following the completion of the transaction, the executive vice president now directly owns 322,774 shares in the company, valued at approximately $4,208,972.96. This trade represents a 4.72 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 1.43% of the company’s stock.

Hedge Funds Weigh In On N-able

Several hedge funds have recently added to or reduced their stakes in NABL. Summit Securities Group LLC purchased a new position in N-able during the 2nd quarter valued at about $30,000. GAMMA Investing LLC increased its holdings in N-able by 644.2% during the 2nd quarter. GAMMA Investing LLC now owns 3,654 shares of the company’s stock valued at $56,000 after acquiring an additional 3,163 shares in the last quarter. Verition Fund Management LLC purchased a new position in N-able during the 3rd quarter valued at about $146,000. Entropy Technologies LP purchased a new position in N-able during the 3rd quarter valued at about $149,000. Finally, Aigen Investment Management LP increased its holdings in N-able by 38.4% during the 3rd quarter. Aigen Investment Management LP now owns 13,915 shares of the company’s stock valued at $182,000 after acquiring an additional 3,863 shares in the last quarter. 96.35% of the stock is currently owned by hedge funds and other institutional investors.

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.