N-able, Inc. (NYSE:NABL) Short Interest Up 32.4% in February

N-able, Inc. (NYSE:NABL) was the recipient of a large growth in short interest in the month of February. As of February 28th, there was short interest totalling 1,390,000 shares, a growth of 32.4% from the February 13th total of 1,050,000 shares. Based on an average daily trading volume, of 824,600 shares, the days-to-cover ratio is presently 1.7 days. Approximately 2.1% of the company’s shares are sold short.

N-able Stock Performance

NABL stock opened at $7.77 on Wednesday. The stock’s 50 day simple moving average is $9.17 and its 200 day simple moving average is $10.63. N-able has a 12-month low of $6.75 and a 12-month high of $15.49. The firm has a market cap of $1.47 billion, a P/E ratio of 38.83 and a beta of 0.41. 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 declared that its board has initiated a stock buyback plan on Wednesday, March 12th that authorizes the company to repurchase $75.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 5.7% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Hedge Funds Weigh In On N-able

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of N-able by 13.2% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 170,357 shares of the company’s stock worth $1,591,000 after acquiring an additional 19,861 shares during the last quarter. Woodline Partners LP acquired a new position in shares of N-able during the fourth quarter valued at about $443,000. Squarepoint Ops LLC lifted its position in shares of N-able by 567.0% in the 4th quarter. Squarepoint Ops LLC now owns 86,207 shares of the company’s stock worth $805,000 after acquiring an additional 73,282 shares during the period. Two Sigma Advisers LP lifted its position in N-able by 340.6% in the fourth quarter. Two Sigma Advisers LP now owns 74,900 shares of the company’s stock worth $700,000 after purchasing an additional 57,900 shares during the period. Finally, Two Sigma Investments LP raised its holdings in shares of N-able by 46.9% in the 4th quarter. Two Sigma Investments LP now owns 159,612 shares of the company’s stock worth $1,491,000 after buying an additional 50,926 shares in the last quarter. Institutional investors and hedge funds own 96.35% of the company’s stock.

Analyst Upgrades and Downgrades

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

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.