Amundi Reduces Position in N-able, Inc. (NYSE:NABL)

Amundi decreased its stake in shares of N-able, Inc. (NYSE:NABL) by 71.8% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 41,652 shares of the company’s stock after selling 106,235 shares during the quarter. Amundi’s holdings in N-able were worth $392,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Applied Fundamental Research LLC increased its position in N-able by 438.6% during the third quarter. Applied Fundamental Research LLC now owns 815,634 shares of the company’s stock worth $10,652,000 after buying an additional 664,198 shares in the last quarter. Barclays PLC grew its position 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 purchasing an additional 114,374 shares during the period. Conestoga Capital Advisors LLC purchased a new stake in shares of N-able in the fourth quarter valued at $1,006,000. Algert Global LLC grew its position 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 purchasing an additional 68,320 shares during the period. Finally, Bank of New York Mellon Corp grew its position in shares of N-able by 3.5% in the fourth quarter. Bank of New York Mellon Corp now owns 487,320 shares of the company’s stock valued at $4,552,000 after purchasing an additional 16,253 shares during the period. Hedge funds and other institutional investors own 96.35% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. William Blair reaffirmed an “outperform” rating on shares of N-able in a research report on Friday, March 14th. BMO Capital Markets reaffirmed a “market perform” rating and issued a $8.50 price objective (down previously from $13.50) on shares of N-able in a research report on Tuesday, March 4th. Needham & Company LLC reaffirmed a “buy” rating and issued a $10.00 price objective on shares of N-able in a research report on Friday, March 14th. Scotiabank boosted their price target 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. Finally, Royal Bank of Canada lowered their price target on N-able from $12.00 to $10.00 and set an “outperform” rating for the company in a research report 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’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $9.38.

N-able Price Performance

NABL stock opened at $7.63 on Friday. The stock has a 50-day moving average price of $9.10 and a two-hundred day moving average price of $10.59. N-able, Inc. has a 12-month low of $6.75 and a 12-month high of $15.49. The company has a current ratio of 3.01, a quick ratio of 3.01 and a debt-to-equity ratio of 0.43. The company has a market cap of $1.44 billion, a PE ratio of 38.13 and a beta of 0.41.

N-able declared that its Board of Directors has approved a share buyback program on Wednesday, March 12th that authorizes the company to buyback $75.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 5.7% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

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.