N-able (NYSE:NABL) Earns "Buy" Rating from Needham & Company LLC

N-able (NYSE:NABL - Get Free Report)'s stock had its "buy" rating restated by equities research analysts at Needham & Company LLC in a research note issued on Monday,Benzinga reports. They currently have a $10.00 target price on the stock. Needham & Company LLC's price objective indicates a potential upside of 40.06% from the stock's previous close.

A number of other equities analysts have also weighed in on the stock. William Blair reissued an "outperform" rating on shares of N-able in a research note on Friday, March 14th. BMO Capital Markets reissued a "market perform" rating and set a $8.50 price target (down previously from $13.50) on shares of N-able in a research note on Tuesday, March 4th. Royal Bank of Canada dropped 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. Finally, Scotiabank upped their price objective on shares of N-able from $8.75 to $9.00 and gave the company a "sector perform" rating in a research note on Friday, March 14th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat, N-able currently has a consensus rating of "Moderate Buy" and a consensus target price of $9.38.

N-able Trading Up 1.0 %

N-able stock opened at $7.14 on Monday. The stock has a 50-day moving average price of $7.23 and a 200 day moving average price of $9.24. N-able has a 52 week low of $6.07 and a 52 week high of $15.49. The stock has a market cap of $1.35 billion, a PE ratio of 35.70 and a beta of 0.57. 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 announced that its board has initiated a share buyback plan on Wednesday, March 12th that permits the company to buyback $75.00 million in shares. This buyback authorization permits the company to reacquire up to 5.7% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's management believes its shares are undervalued.

Hedge Funds Weigh In On N-able

Large investors have recently modified their holdings of the company. Edgestream Partners L.P. grew its holdings in shares of N-able by 89.7% during the 1st quarter. Edgestream Partners L.P. now owns 790,993 shares of the company's stock worth $5,608,000 after purchasing an additional 373,989 shares during the period. Norges Bank purchased a new stake in N-able during the fourth quarter worth approximately $3,450,000. Applied Fundamental Research LLC increased its position in shares of N-able by 32.8% in the fourth quarter. Applied Fundamental Research LLC now owns 1,083,033 shares of the company's stock worth $10,116,000 after acquiring an additional 267,399 shares in the last quarter. Millennium Management LLC raised its stake in shares of N-able by 48.6% in the 4th quarter. Millennium Management LLC now owns 791,871 shares of the company's stock valued at $7,396,000 after acquiring an additional 258,979 shares during the period. Finally, Crescent Park Management L.P. raised its stake in shares of N-able by 32.0% in the 4th quarter. Crescent Park Management L.P. now owns 947,984 shares of the company's stock valued at $8,854,000 after acquiring an additional 229,943 shares during the period. 96.35% of the stock is currently owned by hedge funds and other 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.

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