NIC Inc. (NASDAQ:EGOV) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Friday.
According to Zacks, “NIC Inc. is a provider of Internet-based, electronic government services that help governments use the Internet to reduce costs and provide a higher level of service to businesses and citizens. They accomplish this currently through three different business segments: state and local portal businesses, government procurement business and eGovernment products businesses. “
Separately, Maxim Group boosted their price objective on NIC from $18.00 to $23.00 and gave the stock a “hold” rating in a report on Friday, August 5th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company. NIC presently has a consensus rating of “Hold” and an average target price of $22.00.
Shares of NIC (NASDAQ:EGOV) opened at 23.30 on Friday. NIC has a 52 week low of $14.48 and a 52 week high of $23.82. The firm has a market capitalization of $1.54 billion, a price-to-earnings ratio of 32.82 and a beta of 0.71. The firm has a 50-day moving average price of $23.02 and a 200-day moving average price of $20.69.
NIC (NASDAQ:EGOV) last posted its quarterly earnings results on Thursday, August 4th. The company reported $0.20 EPS for the quarter, topping analysts’ consensus estimates of $0.18 by $0.02. NIC had a return on equity of 35.87% and a net margin of 15.61%. The business earned $80.81 million during the quarter, compared to analysts’ expectations of $80.90 million. During the same quarter last year, the company posted $0.17 earnings per share. NIC’s quarterly revenue was up 6.6% on a year-over-year basis. On average, equities analysts expect that NIC will post $0.71 earnings per share for the current fiscal year.
In related news, insider Jayne Holland sold 2,000 shares of the business’s stock in a transaction that occurred on Thursday, August 11th. The stock was sold at an average price of $23.35, for a total value of $46,700.00. Following the completion of the sale, the insider now directly owns 94,283 shares in the company, valued at $2,201,508.05. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 4.80% of the company’s stock.
Several large investors have recently modified their holdings of EGOV. Renaissance Technologies LLC boosted its stake in shares of NIC by 13.5% in the first quarter. Renaissance Technologies LLC now owns 1,337,955 shares of the company’s stock valued at $24,123,000 after buying an additional 159,008 shares during the period. Goldman Sachs Group Inc. boosted its stake in shares of NIC by 103.2% in the first quarter. Goldman Sachs Group Inc. now owns 127,328 shares of the company’s stock valued at $2,296,000 after buying an additional 64,660 shares during the period. Pacific Global Investment Management CO bought a new stake in shares of NIC during the first quarter valued at about $1,630,000. Zebra Capital Management LLC increased its position in shares of NIC by 21.4% in the first quarter. Zebra Capital Management LLC now owns 19,909 shares of the company’s stock valued at $359,000 after buying an additional 3,507 shares in the last quarter. Finally, Menta Capital LLC increased its position in shares of NIC by 119.7% in the first quarter. Menta Capital LLC now owns 25,806 shares of the company’s stock valued at $465,000 after buying an additional 14,060 shares in the last quarter. Institutional investors and hedge funds own 88.95% of the company’s stock.
NIC Company Profile
NIC Inc is a provider of digital government services that help governments use technology. The Company operates through Outsourced Portals segment. The Other Software & Services category includes its subsidiaries that provide software development and services, other than outsourced portal services, to state and local governments, as well as federal agencies.
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