N-able (NYSE:NABL) Shares Down 2.6% – Should You Sell?

N-able, Inc. (NYSE:NABL)’s share price fell 2.6% during mid-day trading on Friday . The stock traded as low as $7.22 and last traded at $7.64. 385,919 shares traded hands during mid-day trading, a decline of 36% from the average session volume of 598,753 shares. The stock had previously closed at $7.84.

Analysts Set New Price Targets

NABL has been the subject of several research reports. Royal Bank of Canada decreased their price objective 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. Needham & Company LLC reissued a “buy” rating and set a $10.00 price target on shares of N-able in a report on Friday. Scotiabank raised their target price on N-able from $8.75 to $9.00 and gave the stock a “sector perform” rating in a report on Friday. Finally, BMO Capital Markets reaffirmed a “market perform” rating and set a $8.50 target price (down from $13.50) on shares of N-able in a research note on Tuesday, March 4th.

N-able Price Performance

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 50 day simple moving average of $9.28 and a two-hundred day simple moving average of $10.77. The firm has a market cap of $1.42 billion, a PE ratio of 38.28 and a beta of 0.41.

N-able declared that its board has authorized a share 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 repurchase up to 5.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Institutional Trading of N-able

Large investors have recently added to or reduced their stakes in the stock. Applied Fundamental Research LLC lifted its holdings in N-able by 438.6% in the third quarter. Applied Fundamental Research LLC now owns 815,634 shares of the company’s stock valued at $10,652,000 after acquiring an additional 664,198 shares during the last quarter. Barclays PLC raised its stake in shares of N-able by 398.2% in the third quarter. Barclays PLC now owns 143,095 shares of the company’s stock valued at $1,869,000 after acquiring an additional 114,374 shares in the last quarter. Conestoga Capital Advisors LLC acquired a new stake in shares of N-able in the fourth quarter valued at $1,006,000. Algert Global LLC raised its stake in shares of N-able by 73.6% in the third quarter. Algert Global LLC now owns 161,100 shares of the company’s stock valued at $2,104,000 after acquiring an additional 68,320 shares in the last quarter. Finally, Edgestream Partners L.P. raised its stake in shares of N-able by 86.5% in the fourth quarter. Edgestream Partners L.P. now owns 417,004 shares of the company’s stock valued at $3,895,000 after acquiring an additional 193,387 shares in the last quarter. 96.35% of the stock is currently owned by hedge funds and other institutional investors.

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.