Short Interest in N-able, Inc. (NYSE:NABL) Rises By 26.6%

N-able, Inc. (NYSE:NABL) saw a significant growth in short interest in March. As of March 31st, there was short interest totalling 2,000,000 shares, a growth of 26.6% from the March 15th total of 1,580,000 shares. Based on an average daily trading volume, of 1,100,000 shares, the short-interest ratio is currently 1.8 days. Currently, 3.0% of the shares of the company are short sold.

N-able Price Performance

Shares of N-able stock traded down $0.21 on Monday, hitting $6.14. 449,663 shares of the company were exchanged, compared to its average volume of 700,423. The company has a quick ratio of 3.01, a current ratio of 3.01 and a debt-to-equity ratio of 0.43. The company has a 50-day moving average price of $7.87 and a 200 day moving average price of $9.64. The stock has a market capitalization of $1.16 billion, a price-to-earnings ratio of 30.70 and a beta of 0.57. N-able has a 1-year low of $6.04 and a 1-year high of $15.49.

N-able announced that its board has initiated a stock buyback program on Wednesday, March 12th that permits the company to buyback $75.00 million in shares. This buyback authorization permits the company to purchase up to 5.7% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Scotiabank raised their target price on N-able from $8.75 to $9.00 and gave the company a “sector perform” rating in a research report on Friday, March 14th. Royal Bank of Canada decreased their target price on N-able from $12.00 to $10.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 4th. William Blair reaffirmed an “outperform” rating on shares of N-able in a report 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 note on Friday, March 14th. Finally, BMO Capital Markets reaffirmed a “market perform” rating and issued a $8.50 price target (down from $13.50) on shares of N-able in a research note on Tuesday, March 4th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $9.38.

Institutional Trading of N-able

Several hedge funds have recently made changes to their positions in NABL. HighTower Advisors LLC lifted its holdings in N-able by 116.2% in the third quarter. HighTower Advisors LLC now owns 30,644 shares of the company’s stock valued at $406,000 after acquiring an additional 16,468 shares during the last quarter. State Street Corp lifted its position in N-able by 2.4% in the third quarter. State Street Corp now owns 3,164,709 shares of the company’s stock valued at $41,331,000 after buying an additional 75,003 shares during the last quarter. Barclays PLC boosted its stake in N-able by 398.2% during the third quarter. Barclays PLC now owns 143,095 shares of the company’s stock worth $1,869,000 after buying an additional 114,374 shares during the period. Geode Capital Management LLC increased its position in shares of N-able by 1.0% during the third quarter. Geode Capital Management LLC now owns 1,597,651 shares of the company’s stock valued at $20,870,000 after acquiring an additional 15,145 shares during the last quarter. Finally, 272 Capital LP raised its stake in shares of N-able by 13.0% in the 3rd quarter. 272 Capital LP now owns 221,663 shares of the company’s stock valued at $2,895,000 after acquiring an additional 25,454 shares during the period. Hedge funds and other institutional investors own 96.35% of the company’s stock.

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.