N-able (NYSE:NABL) Sees Unusually-High Trading Volume – Time to Buy?

N-able, Inc. (NYSE:NABL) saw unusually-strong trading volume on Wednesday . Approximately 3,260,511 shares were traded during trading, an increase of 399% from the previous session’s volume of 653,761 shares.The stock last traded at $7.33 and had previously closed at $7.19.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on NABL shares. BMO Capital Markets reissued a “market perform” rating and issued a $8.50 target price (down from $13.50) on shares of N-able in a research note on Tuesday, March 4th. Needham & Company LLC reissued a “buy” rating and set a $10.00 price objective on shares of N-able in a research report on Friday, March 14th. Royal Bank of Canada decreased their target price on shares of N-able from $12.00 to $10.00 and set an “outperform” rating for the company in a report on Tuesday, March 4th. William Blair reissued an “outperform” rating on shares of N-able in a research report on Friday, March 14th. Finally, Scotiabank upped their price objective on N-able from $8.75 to $9.00 and gave the company a “sector perform” rating in a research report on Friday, March 14th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $9.38.

N-able Stock Up 3.5 %

The company’s 50 day simple moving average is $8.80 and its 200-day simple moving average is $10.27. The company has a current ratio of 3.01, a quick ratio of 3.01 and a debt-to-equity ratio of 0.43. The firm has a market cap of $1.41 billion, a P/E ratio of 37.23 and a beta of 0.41.

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

Institutional Investors Weigh In On N-able

A number of large investors have recently added to or reduced their stakes in the stock. Norges Bank purchased a new position in shares of N-able in the 4th quarter worth $3,450,000. Applied Fundamental Research LLC lifted its holdings in N-able by 32.8% in the fourth quarter. Applied Fundamental Research LLC now owns 1,083,033 shares of the company’s stock valued at $10,116,000 after acquiring an additional 267,399 shares during the period. Millennium Management LLC boosted its position in N-able by 48.6% in the fourth quarter. Millennium Management LLC now owns 791,871 shares of the company’s stock worth $7,396,000 after purchasing an additional 258,979 shares during the last quarter. Crescent Park Management L.P. grew its stake in shares of N-able by 32.0% during the 4th quarter. Crescent Park Management L.P. now owns 947,984 shares of the company’s stock valued at $8,854,000 after purchasing an additional 229,943 shares during the period. Finally, Edgestream Partners L.P. increased its position in shares of N-able by 86.5% during the 4th quarter. Edgestream Partners L.P. now owns 417,004 shares of the company’s stock valued at $3,895,000 after purchasing an additional 193,387 shares during 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.