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

N-able (NYSE:NABL)‘s stock had its “buy” rating reiterated by equities research analysts at Needham & Company LLC in a research note issued on Friday,Benzinga reports. They presently have a $10.00 price objective on the stock. Needham & Company LLC’s target price indicates a potential upside of 27.34% from the stock’s previous close.

A number of other analysts have also commented on the company. Scotiabank decreased their target price on N-able from $11.00 to $8.75 and set a “sector perform” rating for the company in a research report on Tuesday, March 4th. Royal Bank of Canada lowered their target price on N-able from $12.00 to $10.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 4th. Finally, BMO Capital Markets reiterated a “market perform” rating and issued a $8.50 target price (down from $13.50) on shares of N-able in a report on Tuesday, March 4th.

N-able Trading Up 9.8 %

Shares of NABL stock opened at $7.85 on Friday. The company has a market cap of $1.46 billion, a P/E ratio of 39.27 and a beta of 0.41. N-able has a fifty-two week low of $6.75 and a fifty-two week high of $15.49. The stock has a 50 day simple moving average of $9.28 and a two-hundred day simple moving average of $10.77. 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 announced that its Board of Directors has initiated 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 reacquire up to 5.7% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Institutional Investors Weigh In On N-able

A number of institutional investors and hedge funds have recently bought and sold shares of NABL. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in N-able by 13.2% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 170,357 shares of the company’s stock worth $1,591,000 after acquiring an additional 19,861 shares during the last quarter. Woodline Partners LP purchased a new position in N-able in the fourth quarter worth $443,000. Squarepoint Ops LLC grew its stake in N-able by 567.0% in the 4th quarter. Squarepoint Ops LLC now owns 86,207 shares of the company’s stock valued at $805,000 after purchasing an additional 73,282 shares during the period. Two Sigma Advisers LP increased its position in shares of N-able by 340.6% during the 4th quarter. Two Sigma Advisers LP now owns 74,900 shares of the company’s stock valued at $700,000 after purchasing an additional 57,900 shares during the last quarter. Finally, Two Sigma Investments LP raised its stake in shares of N-able by 46.9% during the 4th quarter. Two Sigma Investments LP now owns 159,612 shares of the company’s stock worth $1,491,000 after purchasing an additional 50,926 shares during the period. 96.35% of the stock is 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.