N-able (NYSE:NABL) Shares Gap Up – Still a Buy?

Shares of N-able, Inc. (NYSE:NABL) gapped up before the market opened 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.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on NABL shares. BMO Capital Markets reiterated a “market perform” rating and issued a $8.50 price target (down from $13.50) on shares of N-able in a report on Tuesday, March 4th. Scotiabank lowered their price target on N-able from $11.00 to $8.75 and set a “sector perform” rating for the company in a report on Tuesday, March 4th. Needham & Company LLC lowered their price target on N-able from $16.50 to $10.00 and set a “buy” rating for the company in a report on Monday, March 3rd. Finally, Royal Bank of Canada lowered their price target on N-able from $12.00 to $10.00 and set an “outperform” rating for the company in a report on Tuesday, March 4th.

N-able Stock Up 7.1 %

The firm has a market cap of $1.42 billion, a price-to-earnings ratio of 38.33 and a beta of 0.41. 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 50-day moving average of $9.30 and a 200-day moving average of $10.79.

N-able declared that its board has initiated a share buyback plan 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 plans are often a sign that the company’s board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in N-able by 1.8% during the 4th quarter. Vanguard Group Inc. now owns 9,330,440 shares of the company’s stock valued at $87,146,000 after purchasing an additional 161,725 shares during the period. Dimensional Fund Advisors LP boosted its position in N-able by 5.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,529,875 shares of the company’s stock worth $32,969,000 after acquiring an additional 179,305 shares during the period. State Street Corp boosted its position in N-able by 2.4% during the 3rd quarter. State Street Corp now owns 3,164,709 shares of the company’s stock worth $41,331,000 after acquiring an additional 75,003 shares during the period. Geode Capital Management LLC boosted its position in N-able by 1.0% during the 3rd quarter. Geode Capital Management LLC now owns 1,597,651 shares of the company’s stock worth $20,870,000 after acquiring an additional 15,145 shares during the period. Finally, Applied Fundamental Research LLC boosted its position in N-able by 32.8% during the 4th quarter. Applied Fundamental Research LLC now owns 1,083,033 shares of the company’s stock worth $10,116,000 after acquiring an additional 267,399 shares during the period. Institutional investors and hedge funds own 96.35% of the company’s stock.

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.