NIC Inc. (NASDAQ:EGOV) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Monday.
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 target on shares of NIC from $18.00 to $23.00 and gave the company a “hold” rating in a research note on Friday, August 5th. Four investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $22.00.
Shares of NIC (NASDAQ:EGOV) traded up 0.74% during midday trading on Monday, reaching $23.17. 63,846 shares of the company’s stock traded hands. The stock has a market capitalization of $1.53 billion, a P/E ratio of 32.63 and a beta of 0.74. NIC has a 1-year low of $14.48 and a 1-year high of $23.82. The firm’s 50-day moving average price is $23.09 and its 200 day moving average price is $21.11.
NIC (NASDAQ:EGOV) last released its quarterly earnings results on Thursday, August 4th. The company reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.18 by $0.02. The business had revenue of $80.81 million for the quarter, compared to the consensus estimate of $80.90 million. NIC had a net margin of 15.61% and a return on equity of 35.87%. The business’s revenue was up 6.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.17 EPS. On average, equities analysts predict 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 company’s stock in a transaction that occurred on Thursday, August 11th. The shares were sold at an average price of $23.35, for a total transaction of $46,700.00. Following the sale, the insider now directly owns 94,283 shares of the company’s stock, valued at approximately $2,201,508.05. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 4.80% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of EGOV. Creative Planning boosted its position in NIC by 10.1% in the second quarter. Creative Planning now owns 12,159 shares of the company’s stock valued at $267,000 after buying an additional 1,113 shares during the period. BNP Paribas Arbitrage SA boosted its position in NIC by 124.2% in the second quarter. BNP Paribas Arbitrage SA now owns 19,226 shares of the company’s stock valued at $422,000 after buying an additional 10,650 shares during the period. Royal Bank of Canada boosted its position in NIC by 3.2% in the first quarter. Royal Bank of Canada now owns 761,673 shares of the company’s stock valued at $13,733,000 after buying an additional 23,863 shares during the period. Renaissance Technologies LLC boosted its position in 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. Finally, Goldman Sachs Group Inc. boosted its position in 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. Institutional investors 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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