N-able (NYSE:NABL) Shares Gap Up – Should You Buy?

N-able, Inc. (NYSE:NABL)’s share price gapped up prior to trading 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.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. BMO Capital Markets restated a “market perform” rating and set 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 restated a “buy” rating and issued a $10.00 target price on shares of N-able in a report on Friday. Scotiabank lifted their price target on N-able from $8.75 to $9.00 and gave the stock a “sector perform” rating in a report on Friday. William Blair restated an “outperform” rating on shares of N-able in a research note on Friday. Finally, Royal Bank of Canada reduced their price target on N-able from $12.00 to $10.00 and set an “outperform” rating for the company in a research report on Tuesday, March 4th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $9.38.

N-able Price Performance

The business has a fifty day moving average price of $9.24 and a 200-day moving average price of $10.74. 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 stock has a market capitalization of $1.41 billion, a PE ratio of 38.03 and a beta of 0.41.

N-able declared that its board has authorized a share repurchase program on Wednesday, March 12th that permits the company to buyback $75.00 million in outstanding shares. This buyback authorization permits the company to buy up to 5.7% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board believes its shares are undervalued.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Applied Fundamental Research LLC boosted its stake in N-able by 438.6% during the 3rd quarter. Applied Fundamental Research LLC now owns 815,634 shares of the company’s stock valued at $10,652,000 after purchasing an additional 664,198 shares during the last quarter. Barclays PLC raised its holdings in N-able by 398.2% in the 3rd quarter. Barclays PLC now owns 143,095 shares of the company’s stock worth $1,869,000 after purchasing an additional 114,374 shares during the period. Conestoga Capital Advisors LLC bought a new stake in N-able during the fourth quarter valued at about $1,006,000. Algert Global LLC raised its holdings in N-able by 73.6% during the third quarter. Algert Global LLC now owns 161,100 shares of the company’s stock valued at $2,104,000 after acquiring an additional 68,320 shares during the period. Finally, Edgestream Partners L.P. grew its position in shares of N-able by 86.5% during the fourth quarter. Edgestream Partners L.P. now owns 417,004 shares of the company’s stock valued at $3,895,000 after purchasing an additional 193,387 shares in the last quarter. Hedge funds and other institutional investors own 96.35% of the company’s stock.

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.