N-able (NYSE:NABL) Stock Price Expected to Rise, Royal Bank Of Canada Analyst Says

N-able (NYSE:NABL) had its price objective hoisted by Royal Bank Of Canada from $4.00 to $5.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm currently has a “sector perform” rating on the stock. Royal Bank Of Canada‘s price target points to a potential upside of 2.65% from the company’s previous close.

Several other research firms have also recently issued reports on NABL. Zacks Research raised shares of N-able from a “strong sell” rating to a “hold” rating in a report on Friday, August 14th. BMO Capital Markets lowered their price objective on N-able from $6.00 to $3.75 and set a “market perform” rating on the stock in a report on Tuesday, August 11th. Wall Street Zen upgraded N-able from a “hold” rating to a “buy” rating in a research report on Saturday, October 10th. Needham & Company LLC boosted their target price on N-able from $4.00 to $6.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, Scotiabank increased their target price on N-able from $3.65 to $5.45 and gave the stock a “sector perform” rating in a research note on Friday. Two research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $6.04.

N-able Stock Performance

N-able stock traded down $0.05 during trading hours on Friday, reaching $4.87. 920,889 shares of the stock were exchanged, compared to its average volume of 1,922,051. The stock has a market cap of $920.16 million, a P/E ratio of -243.70 and a beta of 0.39. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.30 and a current ratio of 1.30. N-able has a 52-week low of $2.92 and a 52-week high of $8.54. The firm’s 50 day moving average is $4.39 and its 200 day moving average is $4.48.

N-able (NYSE:NABL) last released its earnings results on Thursday, November 5th. The company reported $0.12 EPS for the quarter, topping the consensus estimate of $0.10 by $0.02. The company had revenue of $137.45 million during the quarter, compared to analysts’ expectations of $135.03 million. N-able had a negative net margin of 0.88% and a positive return on equity of 3.55%. The business’s revenue was up 4.4% on a year-over-year basis. During the same quarter last year, the business earned $0.13 EPS. Analysts predict that N-able will post 0.23 EPS for the current fiscal year.

N-able declared that its Board of Directors has initiated a share buyback plan on Friday, August 28th that authorizes the company to repurchase $50 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 6.7% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Institutional Trading of N-able

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP boosted its holdings in N-able by 11.0% during the first quarter. Dimensional Fund Advisors LP now owns 4,770,126 shares of the company’s stock worth $22,277,000 after buying an additional 474,028 shares in the last quarter. Lexington Partners L.P. acquired a new position in N-able during the second quarter worth about $4,550,312. Renaissance Technologies LLC increased its holdings in N-able by 68.4% in the first quarter. Renaissance Technologies LLC now owns 880,500 shares of the company’s stock valued at $4,112,000 after buying an additional 357,500 shares in the last quarter. Bank of America Corp DE increased its holdings in N-able by 17.3% in the first quarter. Bank of America Corp DE now owns 713,869 shares of the company’s stock valued at $3,334,000 after buying an additional 105,518 shares in the last quarter. Finally, Principal Financial Group Inc. increased its holdings in N-able by 12.6% in the first quarter. Principal Financial Group Inc. now owns 612,729 shares of the company’s stock valued at $2,861,000 after buying an additional 68,742 shares in the last quarter. Institutional investors and hedge funds own 96.35% of the company’s stock.

About N-able

N-able, Inc is a software company that provides technology solutions to managed service providers (MSPs). Its platform helps MSPs monitor, manage, secure and support the information technology environments of small and midsize businesses through cloud-based tools and services.

The company’s offerings include remote monitoring and management software, endpoint security, backup and disaster recovery, email security, password management, and other cybersecurity and data protection solutions.