Bank of New York Mellon Corp Boosts Stake in N-able, Inc. (NYSE:NABL)

Bank of New York Mellon Corp raised its holdings in N-able, Inc. (NYSE:NABL) by 3.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 487,320 shares of the company’s stock after acquiring an additional 16,253 shares during the period. Bank of New York Mellon Corp’s holdings in N-able were worth $4,552,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of NABL. Applied Fundamental Research LLC grew its stake in shares of N-able by 438.6% in the 3rd quarter. Applied Fundamental Research LLC now owns 815,634 shares of the company’s stock valued at $10,652,000 after buying an additional 664,198 shares during the period. Barclays PLC lifted its stake in shares of N-able by 398.2% in the 3rd quarter. Barclays PLC now owns 143,095 shares of the company’s stock valued at $1,869,000 after purchasing an additional 114,374 shares during the last quarter. Conestoga Capital Advisors LLC purchased a new position in shares of N-able during the 4th quarter worth $1,006,000. Algert Global LLC increased its position in shares of N-able by 73.6% during the 3rd quarter. Algert Global LLC now owns 161,100 shares of the company’s stock worth $2,104,000 after purchasing an additional 68,320 shares during the last quarter. Finally, Atom Investors LP raised its holdings in N-able by 59.2% in the 3rd quarter. Atom Investors LP now owns 156,126 shares of the company’s stock valued at $2,039,000 after buying an additional 58,087 shares during the period. 96.35% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on NABL. Scotiabank lifted their price target on shares of N-able from $8.75 to $9.00 and gave the company a “sector perform” rating in a research report on Friday. BMO Capital Markets restated a “market perform” rating and set a $8.50 price target (down from $13.50) on shares of N-able in a research report on Tuesday, March 4th. Needham & Company LLC reiterated a “buy” rating and issued a $10.00 price objective on shares of N-able in a report on Friday. William Blair restated an “outperform” rating on shares of N-able in a report on Friday. Finally, Royal Bank of Canada cut their price target 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 equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, N-able has an average rating of “Moderate Buy” and a consensus price target of $9.38.

N-able Stock Up 0.7 %

NABL stock opened at $7.69 on Tuesday. N-able, Inc. has a fifty-two week low of $6.75 and a fifty-two week high of $15.49. The company’s 50 day moving average price is $9.20 and its 200 day moving average price is $10.67. 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 firm has a market capitalization of $1.45 billion, a price-to-earnings ratio of 38.44 and a beta of 0.41.

N-able announced that its Board of Directors has initiated a share buyback program on Wednesday, March 12th that allows the company to buyback $75.00 million in shares. This buyback authorization allows the company to purchase up to 5.7% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

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.