Stock Buyback Plan Initiated by N-able (NYSE:NABL)

N-able (NYSE:NABL) announced that its Board of Directors has initiated a share buyback program on Wednesday, March 12th, RTT News reports. The company plans to buyback $75.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 5.7% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.

N-able Price Performance

NABL traded up $0.02 on Wednesday, reaching $7.14. The stock had a trading volume of 1,113,330 shares, compared to its average volume of 595,663. 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 capitalization of $1.33 billion, a price-to-earnings ratio of 35.68 and a beta of 0.41. N-able has a fifty-two week low of $6.75 and a fifty-two week high of $15.49. The firm has a 50-day moving average of $9.30 and a 200-day moving average of $10.79.

Wall Street Analyst Weigh In

A number of research analysts recently commented on NABL shares. BMO Capital Markets reaffirmed a “market perform” rating and issued a $8.50 price target (down previously from $13.50) on shares of N-able in a research note on Tuesday, March 4th. Scotiabank dropped their target price on shares of N-able from $11.00 to $8.75 and set a “sector perform” rating for the company in a research report on Tuesday, March 4th. Royal Bank of Canada reduced their price target on shares of N-able from $12.00 to $10.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 4th. Finally, Needham & Company LLC lowered their price objective on shares of N-able from $16.50 to $10.00 and set a “buy” rating for the company in a research report on Monday, March 3rd.

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.