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

N-able (NYSE:NABL) had its target price lifted by research analysts at Scotiabank from $8.75 to $9.00 in a report released on Friday,Benzinga reports. The firm currently has a “sector perform” rating on the stock. Scotiabank’s price objective would suggest a potential upside of 18.34% from the company’s current price.

A number of other research analysts have also issued reports on the company. Needham & Company LLC reiterated a “buy” rating and set a $10.00 target price on shares of N-able in a research report on Friday. BMO Capital Markets reaffirmed a “market perform” rating and set a $8.50 price objective (down from $13.50) on shares of N-able in a report on Tuesday, March 4th. Finally, Royal Bank of Canada cut their target price on shares of N-able from $12.00 to $10.00 and set an “outperform” rating for the company in a research note on Tuesday, March 4th. 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 stock has a consensus rating of “Moderate Buy” and a consensus price target of $9.38.

N-able Stock Performance

NYSE NABL opened at $7.61 on Friday. 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 has a twelve month low of $6.75 and a twelve month high of $15.49. The stock has a 50-day moving average of $9.24 and a 200 day moving average of $10.72. The stock has a market capitalization of $1.44 billion, a price-to-earnings ratio of 38.03 and a beta of 0.41.

N-able announced that its Board of Directors has initiated a stock repurchase program on Wednesday, March 12th that allows the company to buyback $75.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 5.7% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Institutional Investors Weigh In On N-able

A number of hedge funds have recently modified their holdings of NABL. Occudo Quantitative Strategies LP boosted its position in N-able by 2.1% during the fourth quarter. Occudo Quantitative Strategies LP now owns 51,869 shares of the company’s stock worth $484,000 after acquiring an additional 1,072 shares during the last quarter. Tower Research Capital LLC TRC grew its position in shares of N-able by 67.4% in the fourth quarter. Tower Research Capital LLC TRC now owns 3,251 shares of the company’s stock valued at $30,000 after purchasing an additional 1,309 shares in the last quarter. Blue Trust Inc. lifted its position in N-able by 95.5% during the fourth quarter. Blue Trust Inc. now owns 3,128 shares of the company’s stock worth $29,000 after buying an additional 1,528 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in N-able by 3.9% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 40,660 shares of the company’s stock worth $380,000 after buying an additional 1,541 shares in the last quarter. Finally, Rhumbline Advisers boosted its stake in N-able by 0.8% during the fourth quarter. Rhumbline Advisers now owns 198,871 shares of the company’s stock worth $1,857,000 after buying an additional 1,586 shares during the last quarter. 96.35% of the stock is currently owned by institutional investors and hedge funds.

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.