Zacks Investment Research upgraded shares of NIC Inc. (NASDAQ:EGOV) from a hold rating to a buy rating in a research note issued to investors on Monday. Zacks Investment Research currently has $26.00 price target on the stock.
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 lifted their price target on NIC from $18.00 to $23.00 and gave the company a hold rating in a report on Friday, August 5th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company presently has a consensus rating of Hold and a consensus target price of $22.00.
Shares of NIC (NASDAQ:EGOV) opened at 23.30 on Monday. The firm has a market capitalization of $1.54 billion, a PE ratio of 32.82 and a beta of 0.71. The company has a 50-day moving average of $23.01 and a 200-day moving average of $20.75. NIC has a 1-year low of $14.48 and a 1-year high of $23.82.
NIC (NASDAQ:EGOV) last posted its quarterly earnings results on Thursday, August 4th. The company reported $0.20 EPS for the quarter, beating the consensus estimate of $0.18 by $0.02. The company earned $80.81 million during the quarter, compared to analysts’ expectations of $80.90 million. NIC had a return on equity of 35.87% and a net margin of 15.61%. The firm’s revenue was up 6.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.17 EPS. Equities research analysts predict that NIC will post $0.71 EPS for the current fiscal year.
In other news, insider Jayne Holland sold 2,000 shares of NIC stock in a transaction dated Thursday, August 11th. The stock was sold at an average price of $23.35, for a total value of $46,700.00. Following the transaction, the insider now directly owns 94,283 shares of the company’s stock, valued at approximately $2,201,508.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 4.80% of the stock is owned by insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Louisiana State Employees Retirement System raised its position in NIC by 0.4% in the second quarter. Louisiana State Employees Retirement System now owns 27,100 shares of the company’s stock valued at $595,000 after buying an additional 100 shares in the last quarter. PineBridge Investments L.P. raised its position in NIC by 4.2% in the second quarter. PineBridge Investments L.P. now owns 7,774 shares of the company’s stock valued at $171,000 after buying an additional 314 shares in the last quarter. NN Investment Partners Holdings N.V. raised its position in NIC by 1.0% in the second quarter. NN Investment Partners Holdings N.V. now owns 43,795 shares of the company’s stock valued at $961,000 after buying an additional 450 shares in the last quarter. Arizona State Retirement System raised its position in NIC by 1.6% in the second quarter. Arizona State Retirement System now owns 31,787 shares of the company’s stock valued at $697,000 after buying an additional 500 shares in the last quarter. Finally, Legal & General Group Plc raised its position in NIC by 4.5% in the first quarter. Legal & General Group Plc now owns 15,995 shares of the company’s stock valued at $286,000 after buying an additional 684 shares in the last quarter. 88.95% of the stock is currently owned by institutional investors and hedge funds.
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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