N-able (NYSE:NABL) to Repurchase $75.00 million in Outstanding Shares

N-able (NYSE:NABL) declared that its board has approved a stock buyback program on Wednesday, March 12th, RTT News reports. The company plans to repurchase $75.00 million in shares. This repurchase authorization allows the company to reacquire up to 5.7% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

N-able Stock Performance

Shares of NABL stock opened at $7.61 on Friday. The company has a current ratio of 3.01, a quick ratio of 3.01 and a debt-to-equity ratio of 0.43. The firm has a fifty day moving average price of $9.24 and a 200 day moving average price of $10.74. The company has a market cap of $1.41 billion, a P/E ratio of 38.03 and a beta of 0.41. N-able has a 12 month low of $6.75 and a 12 month high of $15.49.

Analysts Set New Price Targets

NABL has been the subject of several research reports. William Blair restated an “outperform” rating on shares of N-able in a research note on Friday. Scotiabank boosted their price target 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. 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. Needham & Company LLC restated a “buy” rating and issued a $10.00 price target on shares of N-able in a research note on Friday. Finally, Royal Bank of Canada lowered their target price on shares of N-able from $12.00 to $10.00 and set an “outperform” rating for the company in a research note on Tuesday, March 4th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, N-able currently has a consensus rating of “Moderate Buy” and an average target price of $9.38.

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.