Scotiabank Raises Price Target for SolarWinds

SolarWinds (NYSE:SWI) has received an increase in its target price from Scotiabank, moving from $15.00 to $18.50. This adjustment comes in a research note shared with investors on Monday. Scotiabank has assigned the company a "sector perform" rating, indicating a neutral stance towards its future performance. The new price target implies a potential upside of approximately 0.84% based on the company's previous closing price.

Insights from Other Research Firms on SolarWinds

Other research firms have also evaluated SolarWinds recently. Truist Financial reaffirmed a "hold" rating while raising their price target from $13.00 to $18.50. Meanwhile, Wedbush downgraded the stock from an "outperform" rating to "neutral" and adjusted their price target from $20.00 down to $18.50.

In another report, Royal Bank of Canada increased their target price on SolarWinds from $13.00 to $16.00, also while maintaining a "sector perform" rating. Robert W. Baird likewise raised their price target from $15.00 to $18.50, reiterating a "neutral" rating for the stock.

Overall, five investment analysts have issued a "hold" rating for SolarWinds, which currently holds an average rating of "Hold" according to MarketBeat. The consensus price target for the stock stands at $18.00.

Current Performance of SolarWinds Stock

On Monday, shares of SolarWinds saw a slight rise of 0.2%, trading up by $0.04 to reach $18.35. The trading volume for the company was 338,843 shares, which is below the average volume of 758,286 shares. SolarWinds boasts a market cap of $3.13 billion, a price-to-earnings ratio of 83.39, and a beta of 0.94. The company has a quick ratio and current ratio of 0.71, reflecting its liquidity position.

The stock has witnessed a 1-year low of $10.14 and a high of $18.55. Its 50-day and 200-day simple moving averages stand at $14.47 and $13.35, respectively.

Recent Activity by Institutional Investors

Institutional investors have also been active in changing their positions in SolarWinds. Great Lakes Advisors LLC recently acquired a new position in the company, amounting to approximately $5.1 million. Additionally, Proficio Capital Partners LLC made a new investment valued at $160,000.

Atria Investments Inc increased its stake in SolarWinds by 16.4%, now owning 27,193 shares worth about $388,000. Victory Capital Management Inc also raised its holdings by 2.7% to own 108,747 shares valued at $1.55 million. Alongside this, Charles Schwab Investment Management Inc boosted its position by 3.7%, owning 471,196 shares worth approximately $6.72 million. Institutional investors and hedge funds currently own 93.96% of SolarWinds stock.

About SolarWinds Corporation

SolarWinds Corporation provides a range of information technology (IT) management software products across the United States and around the globe. Their offerings include a variety of network management software solutions that provide real-time insights into network utilization and performance, as well as tools for monitoring applications and infrastructures, which consist of servers, storage, and databases.

Final Thoughts

With the recent adjustments in target prices and ratings, investors are advised to keep an eye on SolarWinds and its stock performance amid shifting analyst perspectives.

SolarWinds, Scotiabank, Investment