Scotiabank Issues Positive Forecast for N-able (NYSE:NABL) Stock Price

N-able (NYSE:NABL) had its price objective upped by Scotiabank from $8.75 to $9.00 in a research report sent to investors on Friday morning,Benzinga reports. The firm currently has a sector perform rating on the stock.

Several other research firms have also recently issued reports on NABL. Needham & Company LLC restated a “buy” rating and set a $10.00 target price on shares of N-able in a research note on Friday. BMO Capital Markets restated a “market perform” rating and set a $8.50 target price (down previously from $13.50) on shares of N-able in a research note on Tuesday, March 4th. Finally, Royal Bank of Canada lowered their price objective on shares of N-able from $12.00 to $10.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 4th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, N-able presently has a consensus rating of “Moderate Buy” and an average target price of $9.38.

N-able Price Performance

NABL opened at $7.61 on Friday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 3.01 and a current ratio of 3.01. The stock has a market capitalization of $1.41 billion, a P/E ratio of 38.03 and a beta of 0.41. The company’s 50-day simple moving average is $9.24 and its two-hundred day simple moving average is $10.74. N-able has a 52-week low of $6.75 and a 52-week high of $15.49.

N-able declared that its Board of Directors has authorized a stock buyback program on Wednesday, March 12th that allows the company to repurchase $75.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 5.7% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On N-able

Several institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake in shares of N-able by 1.8% in the 4th quarter. Vanguard Group Inc. now owns 9,330,440 shares of the company’s stock worth $87,146,000 after purchasing an additional 161,725 shares during the period. Dimensional Fund Advisors LP increased its holdings in N-able by 5.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,529,875 shares of the company’s stock worth $32,969,000 after acquiring an additional 179,305 shares in the last quarter. State Street Corp increased its holdings in N-able by 2.4% in the 3rd quarter. State Street Corp now owns 3,164,709 shares of the company’s stock worth $41,331,000 after acquiring an additional 75,003 shares in the last quarter. Geode Capital Management LLC increased its holdings in N-able by 1.0% in the 3rd quarter. Geode Capital Management LLC now owns 1,597,651 shares of the company’s stock worth $20,870,000 after acquiring an additional 15,145 shares in the last quarter. Finally, Applied Fundamental Research LLC increased its holdings in N-able by 32.8% in the 4th 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. Institutional investors own 96.35% of the company’s stock.

About N-able

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.