Why N-Able Stock Is Firing Today
- On March 28, N-Able, Inc (NYSE: NABL) disclosed that it would replace iStar Inc (NYSE: STAR) in the S&P SmallCap 600 effective before trading on Monday, April 3.
- S&P SmallCap 600 constituent Safehold Inc (NYSE: SAFE) is acquiring iStar effective before the opening of trading on March 31.
- Immediately before its acquisition by Safehold, iStar will distribute shares in Star Holdings (NASDAQ: STHOV).
- Star Holdings is not eligible for the S&P SmallCap 600 following the spin-off transaction as it does not represent the small-cap market space.
- In February, N-Able reported fourth-quarter revenue growth of 7% year-on-year to $95.8 million, beating the consensus of $93.6 million.
- Subscription revenue grew by 7% Y/Y to $93.4 million.
- The adjusted gross margin expanded by 410 bps to 27.8%.
- Adjusted EPS of $0.10 beat the consensus of $0.07.
- N-Able shares gained 17.9% YTD, beating the broader index SPDR S&P 500 (NYSE: SPY), which gained 3.9%.
- Price Action: NABL shares traded higher by 13.7% at $13.81 premarket on the last check Wednesday.
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