Scotiabank Forecasts Strong Price Appreciation for N-able (NYSE:NABL) Stock

Key Points

• Scotiabank raised its N-able price target to $5.45 from $3.65 but maintained a “sector perform” rating, implying 11.89% upside from the previous close.
• Analyst sentiment is mixed: N-able has a consensus “Hold” rating and an average price target of $6.04. Needham raised its target to $6 and rated the stock “Buy,” while other firms maintained or lowered their ratings and targets.
• N-able reported quarterly EPS of $0.12, topping the $0.10 estimate, and revenue of $137.45 million, up 4.4% year over year. The board also authorized a $50 million share repurchase program, covering up to 6.7% of shares.

N-able (NYSE:NABL - Get Free Report) had its price objective boosted by research analysts at Scotiabank from $3.65 to $5.45 in a research note issued on Friday, Benzinga reports. The brokerage presently has a "sector perform" rating on the stock. Scotiabank's target price would indicate a potential upside of 11.89% from the stock's previous close.

Other analysts also recently issued research reports about the company. Zacks Research raised N-able from a "strong sell" rating to a "hold" rating in a research note on Friday, August 14th. Needham & Company LLC upped their price objective on N-able from $4.00 to $6.00 and gave the stock a "buy" rating in a research report on Thursday. Royal Bank Of Canada cut N-able from an "outperform" rating to a "sector perform" rating and reduced their price objective for the stock from $6.00 to $4.00 in a research report on Tuesday, August 11th. BMO Capital Markets decreased their price objective on N-able from $6.00 to $3.75 and set a "market perform" rating for the company in a report on Tuesday, August 11th. Finally, Wall Street Zen raised N-able from a "hold" rating to a "buy" rating in a research report on Saturday, October 10th. Two research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, N-able currently has a consensus rating of "Hold" and an average price target of $6.04.

N-able Stock Down 1.0%

Shares of NYSE:NABL traded down $0.05 during midday trading on Friday, reaching $4.87. 920,889 shares of the company were exchanged, compared to its average volume of 1,922,051. N-able has a fifty-two week low of $2.92 and a fifty-two week high of $8.54. The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 0.48. The stock has a fifty day simple moving average of $4.39 and a two-hundred day simple moving average of $4.48. The firm has a market cap of $920.16 million, a PE ratio of -243.55 and a beta of 0.39.

N-able (NYSE:NABL - Get Free Report) last posted its quarterly earnings data on Thursday, November 5th. The company reported $0.12 EPS for the quarter, beating the consensus estimate of $0.10 by $0.02. The business had revenue of $137.45 million for 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 firm's revenue was up 4.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.13 EPS. As a group, sell-side analysts forecast 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 program on Friday, August 28th that allows the company to repurchase $50 million in outstanding shares. This buyback authorization allows the company to repurchase up to 6.7% of its shares through open market purchases. Stock buyback programs are often an indication that the company's leadership believes its shares are undervalued.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. Signaturefd LLC lifted its position in N-able by 165.3% during the 3rd quarter. Signaturefd LLC now owns 9,332 shares of the company's stock worth $38,000 after buying an additional 5,815 shares in the last quarter. Counterpoint Mutual Funds LLC acquired a new position in shares of N-able during the 3rd quarter worth about $605,000. AXQ Capital LP acquired a new position in shares of N-able during the 2nd quarter worth about $190,000. Lexington Partners L.P. acquired a new position in shares of N-able during the 2nd quarter worth about $4,550,312. Finally, Bank of America Corp DE grew its holdings in shares of N-able by 17.3% in the 1st quarter. Bank of America Corp DE now owns 713,869 shares of the company's stock valued at $3,334,000 after acquiring an additional 105,518 shares in the last quarter. Institutional investors 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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