N-able (NYSE:NABL) Stock Gets Price Target Bump from Needham & Company LLC

Key Points

• Needham raised its price target on N-able from $4 to $6 and maintained a Buy rating, implying 18.69% upside from the share price at the time. Overall, analysts’ consensus rating was Hold, with an average target of $5.48.
• N-able reported quarterly EPS of $0.12, beating the $0.10 consensus, and revenue of $137.45 million, above expectations and up 4.4% year over year.
• The board approved a $50 million share repurchase plan, authorizing buybacks of up to 6.7% of the company’s outstanding shares.

N-able (NYSE:NABL - Get Free Report) had its target price upped by Needham & Company LLC from $4.00 to $6.00 in a research report issued on Thursday, Benzinga reports. The brokerage currently has a "buy" rating on the stock. Needham & Company LLC's price objective suggests a potential upside of 18.69% from the company's current price.

A number of other research firms have also recently weighed in on NABL. Scotiabank lowered their price objective on shares of N-able from $5.75 to $3.65 and set a "sector perform" rating for the company in a research report on Tuesday, August 11th. Royal Bank Of Canada downgraded shares of N-able from an "outperform" rating to a "sector perform" rating and dropped their target price for the company from $6.00 to $4.00 in a report on Tuesday, August 11th. Weiss Ratings reissued a "sell (d)" rating on shares of N-able in a research report on Thursday, October 15th. Zacks Research upgraded N-able from a "strong sell" rating to a "hold" rating in a research note on Friday, August 14th. Finally, Wall Street Zen upgraded N-able from a "hold" rating to a "buy" rating in a research report on Saturday, October 10th. Two equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $5.48.

N-able Trading Down 0.3%

NABL traded down $0.01 on Thursday, hitting $5.05. The company had a trading volume of 890,033 shares, compared to its average volume of 1,918,327. The firm has a market cap of $954.94 million, a P/E ratio of -252.20 and a beta of 0.39. N-able has a 1 year low of $2.92 and a 1 year high of $8.73. The company's fifty day moving average price is $4.37 and its 200 day moving average price is $4.48. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 0.48.

N-able (NYSE:NABL - Get Free Report) last posted its earnings results on Thursday, November 5th. The company reported $0.12 EPS for the quarter, beating analysts' consensus estimates of $0.10 by $0.02. N-able had a negative net margin of 0.88% and a positive return on equity of 3.55%. The company had revenue of $137.45 million for the quarter, compared to analysts' expectations of $135.03 million. During the same quarter in the prior year, the company posted $0.13 earnings per share. N-able's revenue for the quarter was up 4.4% compared to the same quarter last year. As a group, equities analysts expect that N-able will post 0.23 earnings per share for the current year.

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

Hedge Funds Weigh In On N-able

Institutional investors have recently modified their holdings of the business. Renaissance Technologies LLC raised its position in N-able by 68.4% in the 1st quarter. Renaissance Technologies LLC now owns 880,500 shares of the company's stock valued at $4,112,000 after purchasing an additional 357,500 shares in the last quarter. Lexington Partners L.P. purchased a new position in shares of N-able in the 2nd quarter valued at about $4,550,312. Dimensional Fund Advisors LP grew its position in shares of 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. Arrowstreet Capital Limited Partnership acquired a new position in shares of N-able during the first quarter worth about $2,642,000. Finally, Counterpoint Mutual Funds LLC acquired a new position in shares of N-able during the third quarter worth about $605,000. Institutional investors and hedge funds own 96.35% of the company's stock.

N-able Company Profile

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.

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