In a report released today, Mike Cikos from Needham maintained a Buy rating on N-able, with a price target of $10.00.
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Mike Cikos has given his Buy rating due to a combination of factors, including N-able’s strong financial performance and strategic initiatives. The company reported a notable revenue outperformance, which was partly driven by favorable foreign exchange conditions and robust performance from its Cove and Adlumin products. These products have shown significant growth, with Cove achieving record bookings and Adlumin experiencing substantial adoption.
Additionally, N-able’s management has demonstrated a commitment to expanding its market presence, particularly in the mid-market segment, as evidenced by the recent acquisition of Adlumin. This acquisition has resulted in a nearly doubled reseller pipeline, indicating potential for future growth. Furthermore, the company’s stable net retention rate and gross retention rate reflect strong customer loyalty and satisfaction, supporting the positive outlook for N-able’s continued success.
According to TipRanks, Cikos is a 5-star analyst with an average return of 11.1% and a 51.96% success rate. Cikos covers the Technology sector, focusing on stocks such as Zscaler, Cellebrite DI, and Cognyte Software.