N-able (NYSE:NABL) Sets New 52-Week Low – Here’s Why

N-able, Inc. (NYSE:NABL)’s stock price reached a new 52-week low on Friday . The company traded as low as $6.66 and last traded at $6.71, with a volume of 1717338 shares changing hands. The stock had previously closed at $7.10.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on NABL. Scotiabank lifted their target price on N-able from $8.75 to $9.00 and gave the stock a “sector perform” rating in a research report on Friday, March 14th. William Blair reaffirmed an “outperform” rating on shares of N-able in a research report on Friday, March 14th. Royal Bank of Canada reduced their target price on N-able from $12.00 to $10.00 and set an “outperform” rating for the company 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, March 14th. Finally, BMO Capital Markets reiterated a “market perform” rating and set a $8.50 price objective (down from $13.50) on shares of N-able in a research note on Tuesday, March 4th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $9.38.

N-able Trading Down 4.2 %

The company has a market cap of $1.29 billion, a price-to-earnings ratio of 34.03 and a beta of 0.41. The firm has a 50-day moving average price of $8.70 and a 200 day moving average price of $10.23. The company has a current ratio of 3.01, a quick ratio of 3.01 and a debt-to-equity ratio of 0.43.

N-able declared that its Board of Directors has initiated a share buyback program on Wednesday, March 12th that allows the company to repurchase $75.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 5.7% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

Hedge Funds Weigh In On N-able

Institutional investors have recently made changes to their positions in the stock. Occudo Quantitative Strategies LP lifted its holdings in shares of N-able by 2.1% in the 4th quarter. Occudo Quantitative Strategies LP now owns 51,869 shares of the company’s stock worth $484,000 after purchasing an additional 1,072 shares during the last quarter. Tower Research Capital LLC TRC boosted its holdings in shares of 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 acquiring an additional 1,309 shares during the period. Blue Trust Inc. grew its position in shares of N-able by 95.5% during the fourth quarter. Blue Trust Inc. now owns 3,128 shares of the company’s stock worth $29,000 after acquiring an additional 1,528 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of N-able by 3.9% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 40,660 shares of the company’s stock worth $380,000 after acquiring an additional 1,541 shares during the period. Finally, Rhumbline Advisers lifted its position in N-able by 0.8% in the 4th quarter. Rhumbline Advisers now owns 198,871 shares of the company’s stock valued at $1,857,000 after purchasing an additional 1,586 shares during the last quarter. 96.35% of the stock is owned by 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.