Connor Clark & Lunn Investment Management Ltd. Purchases 98,429 Shares of N-able, Inc. (NYSE:NABL)

Connor Clark & Lunn Investment Management Ltd. grew its position in N-able, Inc. (NYSE:NABL) by 44.9% in the fourth quarter, HoldingsChannel.com reports. The fund owned 317,860 shares of the company’s stock after buying an additional 98,429 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in N-able were worth $2,969,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of NABL. Applied Fundamental Research LLC grew its holdings 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 purchasing an additional 664,198 shares during the period. Scalar Gauge Management LLC lifted its position in shares of N-able by 40.0% in the third quarter. Scalar Gauge Management LLC now owns 978,663 shares of the company’s stock valued at $12,781,000 after buying an additional 279,387 shares during the last quarter. Edgestream Partners L.P. boosted its stake in shares of N-able by 86.5% during the 4th quarter. Edgestream Partners L.P. now owns 417,004 shares of the company’s stock worth $3,895,000 after acquiring an additional 193,387 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of N-able by 110.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 275,906 shares of the company’s stock worth $3,603,000 after acquiring an additional 145,053 shares during the last quarter. Finally, Barclays PLC raised its stake in N-able by 398.2% in the 3rd quarter. Barclays PLC now owns 143,095 shares of the company’s stock valued at $1,869,000 after acquiring an additional 114,374 shares during the period. 96.35% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

NABL has been the topic of several research reports. Needham & Company LLC reiterated a “buy” rating and issued a $10.00 price objective on shares of N-able in a report on Friday. Scotiabank increased their price target on shares of N-able from $8.75 to $9.00 and gave the company a “sector perform” rating in a report on Friday. BMO Capital Markets restated a “market perform” rating and set a $8.50 price objective (down previously from $13.50) on shares of N-able in a report on Tuesday, March 4th. William Blair reiterated an “outperform” rating on shares of N-able in a research note on Friday. Finally, Royal Bank of Canada reduced their price target on N-able from $12.00 to $10.00 and set an “outperform” rating for the company in a research note on Tuesday, March 4th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $9.38.

N-able Stock Up 0.7 %

NYSE NABL opened at $7.69 on Tuesday. The company has a market cap of $1.45 billion, a price-to-earnings ratio of 38.44 and a beta of 0.41. N-able, Inc. has a 1-year low of $6.75 and a 1-year 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 50 day moving average of $9.20 and a 200-day moving average of $10.67.

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

N-able Profile

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.