N-able, Inc. (NYSE:NABL) Short Interest Update

N-able, Inc. (NYSE:NABL) saw a large increase in short interest in the month of February. As of February 28th, there was short interest totalling 1,390,000 shares, an increase of 32.4% from the February 13th total of 1,050,000 shares. Based on an average trading volume of 824,600 shares, the short-interest ratio is currently 1.7 days. Approximately 2.1% of the company’s stock are sold short.

N-able Stock Performance

Shares of NABL traded up $0.14 during mid-day trading on Tuesday, hitting $7.82. 412,018 shares of the company traded hands, compared to its average volume of 980,073. 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 stock has a 50-day moving average price of $9.20 and a two-hundred day moving average price of $10.67. N-able has a 1 year low of $6.75 and a 1 year high of $15.48. The stock has a market cap of $1.48 billion, a price-to-earnings ratio of 39.12 and a beta of 0.41.

N-able declared that its board has authorized a stock repurchase plan 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 plans are typically a sign that the company’s leadership believes its shares are undervalued.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. Blue Trust Inc. grew its position in N-able by 95.5% during the fourth quarter. Blue Trust Inc. now owns 3,128 shares of the company’s stock valued at $29,000 after buying an additional 1,528 shares during the period. Aquatic Capital Management LLC bought a new stake in N-able during the fourth quarter valued at approximately $29,000. Tower Research Capital LLC TRC grew its position in 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 buying an additional 1,309 shares during the period. KBC Group NV grew 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 buying an additional 2,808 shares during the period. Finally, New Age Alpha Advisors LLC bought a new stake in N-able during the fourth quarter valued at approximately $83,000. 96.35% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Royal Bank of Canada lowered their price target on shares of N-able from $12.00 to $10.00 and set an “outperform” rating for the company in a research report on Tuesday, March 4th. Scotiabank lifted their price target on shares of N-able from $8.75 to $9.00 and gave the company a “sector perform” rating in a research report on Friday. William Blair reissued an “outperform” rating on shares of N-able in a research report on Friday. BMO Capital Markets reissued a “market perform” rating and set a $8.50 price target (down from $13.50) on shares of N-able in a research report on Tuesday, March 4th. Finally, Needham & Company LLC reissued a “buy” rating and set a $10.00 price target on shares of N-able in a research report on Friday. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, N-able has an average rating of “Moderate Buy” and a consensus price target 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.