Magnetar Financial LLC Has $485,000 Stock Position in N-able, Inc. (NYSE:NABL)

Magnetar Financial LLC grew its stake in N-able, Inc. (NYSE:NABL) by 131.0% during the fourth quarter, HoldingsChannel.com reports. The firm owned 51,967 shares of the company’s stock after buying an additional 29,466 shares during the period. Magnetar Financial LLC’s holdings in N-able were worth $485,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Blue Trust Inc. raised its stake in N-able by 95.5% during the 4th quarter. Blue Trust Inc. now owns 3,128 shares of the company’s stock worth $29,000 after buying an additional 1,528 shares during the period. KBC Group NV raised its stake in N-able by 104.7% during the 4th quarter. KBC Group NV now owns 5,490 shares of the company’s stock worth $51,000 after buying an additional 2,808 shares during the period. Impact Partnership Wealth LLC acquired a new stake in N-able during the 4th quarter worth $104,000. Harbor Capital Advisors Inc. raised its stake in N-able by 22.3% during the 4th quarter. Harbor Capital Advisors Inc. now owns 15,176 shares of the company’s stock worth $142,000 after buying an additional 2,764 shares during the period. Finally, Verition Fund Management LLC acquired a new stake in N-able during the 3rd quarter worth $146,000. Institutional investors and hedge funds own 96.35% of the company’s stock.

N-able Price Performance

Shares of NYSE NABL opened at $7.51 on Friday. The stock has a market capitalization of $1.42 billion, a price-to-earnings ratio of 37.53 and a beta of 0.41. The business has a 50-day moving average of $9.07 and a 200-day moving average of $10.54. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.01 and a quick ratio of 3.01. N-able, Inc. has a fifty-two week low of $6.75 and a fifty-two week high of $15.49.

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

Analysts Set New Price Targets

Several analysts have issued reports on the company. Royal Bank of Canada dropped their price target on N-able from $12.00 to $10.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 4th. Needham & Company LLC reissued a “buy” rating and issued a $10.00 price target on shares of N-able in a research note on Friday, March 14th. BMO Capital Markets reissued 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 lifted their price target on N-able from $8.75 to $9.00 and gave the company a “sector perform” rating in a research note on Friday, March 14th. Finally, William Blair restated an “outperform” rating on shares of N-able in a report on Friday, March 14th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $9.38.

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.