Needham & Company LLC Forecasts Strong Price Appreciation for N-able (NYSE:NABL) Stock

N-able (NYSE:NABL) had its price objective lifted by research analysts at Needham & Company LLC from $4.00 to $6.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC‘s target price would indicate a potential upside of 18.69% from the stock’s current price.

NABL has been the topic of a number of other reports. Royal Bank Of Canada cut N-able from an “outperform” rating to a “sector perform” rating and cut their price target for the company from $6.00 to $4.00 in a research note on Tuesday, August 11th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of N-able in a report on Thursday, October 15th. Scotiabank lowered their price objective on N-able from $5.75 to $3.65 and set a “sector perform” rating for the company in a research report on Tuesday, August 11th. BMO Capital Markets dropped their price objective on N-able from $6.00 to $3.75 and set a “market perform” rating on the stock in a report on Tuesday, August 11th. Finally, Zacks Research upgraded N-able from a “strong sell” rating to a “hold” rating in a report on Friday, August 14th. Two investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, N-able presently has a consensus rating of “Hold” and a consensus target price of $5.48.

N-able Stock Down 0.3%

Shares of NABL traded down $0.01 during midday trading on Thursday, reaching $5.05. The stock had a trading volume of 890,033 shares, compared to its average volume of 1,918,327. N-able has a 1-year low of $2.92 and a 1-year high of $8.73. The company’s fifty day simple moving average is $4.37 and its two-hundred day simple moving average is $4.48. The company has a market cap of $954.94 million, a price-to-earnings ratio of -252.20 and a beta of 0.39. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.30 and a quick ratio of 1.30.

N-able (NYSE:NABL) last released its quarterly earnings data on Thursday, November 5th. The company reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.02. The business had revenue of $137.45 million during the quarter, compared to analysts’ expectations of $135.03 million. N-able had a negative net margin of 0.88% and a positive return on equity of 3.55%. The company’s revenue for the quarter was up 4.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.13 EPS. Equities research analysts expect that N-able will post 0.23 earnings per share for the current year.

N-able declared that its board has initiated a stock repurchase plan on Friday, August 28th that authorizes the company to repurchase $50 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 6.7% of its shares through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Institutional Trading of N-able

Hedge funds and other institutional investors have recently made changes to their positions in the company. Signaturefd LLC lifted its holdings in shares of N-able by 165.3% in the 3rd quarter. Signaturefd LLC now owns 9,332 shares of the company’s stock valued at $38,000 after purchasing an additional 5,815 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in shares of N-able by 251.7% in the 1st quarter. PNC Financial Services Group Inc. now owns 13,983 shares of the company’s stock valued at $65,000 after purchasing an additional 10,007 shares during the period. Sequoia Financial Advisors LLC purchased a new position in N-able during the 1st quarter worth approximately $48,000. Public Employees Retirement System of Ohio grew its stake in N-able by 26.4% during the 1st quarter. Public Employees Retirement System of Ohio now owns 66,465 shares of the company’s stock worth $310,000 after buying an additional 13,900 shares during the last quarter. Finally, Fifth Third Bancorp grew its stake in N-able by 988.2% during the 1st quarter. Fifth Third Bancorp now owns 19,414 shares of the company’s stock worth $91,000 after buying an additional 17,630 shares during the last quarter. Institutional investors and hedge funds own 96.35% of the company’s stock.

About N-able

N-able, Inc is a software company that provides technology solutions to managed service providers (MSPs). Its platform helps MSPs monitor, manage, secure and support the information technology environments of small and midsize businesses through cloud-based tools and services.

The company’s offerings include remote monitoring and management software, endpoint security, backup and disaster recovery, email security, password management, and other cybersecurity and data protection solutions.