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

Key Points

• Royal Bank of Canada raised its N-able price target from $4 to $5 but kept a “sector perform” rating; the new target implies 2.65% upside from the prior close.
• Analyst views remain mixed: MarketBeat reports a consensus “Hold” rating and $6.04 price target, with two Buy, four Hold, and two Sell ratings.
• N-able beat quarterly earnings and revenue estimates, reporting EPS of $0.12 and revenue of $137.45 million; revenue grew 4.4% year over year. The company also authorized a $50 million share repurchase program.

N-able (NYSE:NABL - Get Free Report) had its price target increased by equities researchers at Royal Bank Of Canada from $4.00 to $5.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has a "sector perform" rating on the stock. Royal Bank Of Canada's price objective indicates a potential upside of 2.65% from the stock's previous close.

A number of other analysts have also recently commented on NABL. Weiss Ratings reiterated a "sell (d)" rating on shares of N-able in a research report on Thursday, October 15th. Wall Street Zen raised N-able from a "hold" rating to a "buy" rating in a research report on Saturday, October 10th. Scotiabank raised their price target on N-able from $3.65 to $5.45 and gave the stock a "sector perform" rating in a research note on Friday. BMO Capital Markets dropped their price target on N-able from $6.00 to $3.75 and set a "market perform" rating on the stock in a research note on Tuesday, August 11th. Finally, Needham & Company LLC lifted their price target on N-able from $4.00 to $6.00 and gave the stock a "buy" rating in a research report on Thursday. Two 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's stock. According to data from MarketBeat.com, N-able has a consensus rating of "Hold" and a consensus price target of $6.04.

N-able Stock Down 1.0%

Shares of NYSE NABL traded down $0.05 during mid-day trading on Friday, reaching $4.87. The company had a trading volume of 920,889 shares, compared to its average volume of 1,922,051. The firm has a 50 day simple moving average of $4.39 and a two-hundred day simple moving average of $4.48. N-able has a 52-week low of $2.92 and a 52-week high of $8.54. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 0.48. The stock has a market cap of $920.16 million, a P/E ratio of -243.70 and a beta of 0.39.

N-able (NYSE:NABL - Get Free Report) last announced its quarterly earnings results on Thursday, November 5th. The company reported $0.12 earnings per share 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 firm had revenue of $137.45 million during the quarter, compared to analysts' expectations of $135.03 million. During the same period in the previous year, the company earned $0.13 earnings per share. N-able's quarterly revenue was up 4.4% compared to the same quarter last year. Sell-side analysts predict that N-able will post 0.23 earnings per share for the current year.

N-able announced that its Board of Directors has authorized a share buyback program on Friday, August 28th that allows the company to repurchase $50 million in outstanding shares. This buyback authorization allows the company to reacquire up to 6.7% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of NABL. Renaissance Technologies LLC raised its stake in N-able by 68.4% during the 1st quarter. Renaissance Technologies LLC now owns 880,500 shares of the company's stock valued at $4,112,000 after acquiring an additional 357,500 shares during the last quarter. Lexington Partners L.P. acquired a new stake in N-able during the 2nd quarter worth approximately $4,550,312. Dimensional Fund Advisors LP grew its stake in shares of N-able by 11.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,770,126 shares of the company's stock valued at $22,277,000 after purchasing an additional 474,028 shares during the last quarter. Arrowstreet Capital Limited Partnership purchased a new position in shares of N-able in the 1st quarter valued at approximately $2,642,000. Finally, Counterpoint Mutual Funds LLC purchased a new position in shares of N-able in the 3rd quarter valued at approximately $605,000. 96.35% of the stock is owned by hedge funds and other institutional investors.

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.

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