NIC Inc. (EGOV) Rating Increased to Buy at Zacks Investment Research
NIC Inc. (NASDAQ:EGOV) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Monday. The firm presently has a $26.00 target price on the stock. Zacks Investment Research’s target price indicates a potential upside of 11.92% from the company’s current price.
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 increased their target price on NIC from $18.00 to $23.00 and gave the company a “hold” rating in a report on Friday, August 5th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $22.00.
NIC (NASDAQ:EGOV) opened at 23.23 on Monday. NIC has a one year low of $14.48 and a one year high of $23.82. The stock has a 50 day moving average price of $23.01 and a 200 day moving average price of $20.73. The firm has a market cap of $1.53 billion, a PE ratio of 32.72 and a beta of 0.71.
NIC (NASDAQ:EGOV) last posted its quarterly earnings data on Thursday, August 4th. The company reported $0.20 earnings per share 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 had revenue of $80.81 million for the quarter, compared to analyst estimates of $80.90 million. During the same quarter in the prior year, the company earned $0.17 earnings per share. The company’s revenue was up 6.6% on a year-over-year basis. Equities research analysts expect that NIC will post $0.71 EPS for the current year.
In other NIC news, insider Jayne Holland sold 2,000 shares of the firm’s stock in a transaction dated Thursday, August 11th. The stock was sold at an average price of $23.35, for a total transaction of $46,700.00. Following the transaction, the insider now owns 94,283 shares of the company’s stock, valued at $2,201,508.05. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 4.80% of the company’s stock.
Several institutional investors have recently modified their holdings of the company. Westwood Holdings Group Inc. purchased a new position in shares of NIC during the second quarter valued at about $144,000. PineBridge Investments L.P. raised its position in shares of 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 during the last quarter. ProShare Advisors LLC purchased a new position in shares of NIC during the second quarter valued at about $200,000. Riverhead Capital Management LLC raised its position in shares of NIC by 586.5% in the second quarter. Riverhead Capital Management LLC now owns 9,735 shares of the company’s stock valued at $270,000 after buying an additional 8,317 shares during the last quarter. Finally, Cubist Systematic Strategies LLC purchased a new position in shares of NIC during the second quarter valued at about $218,000. 88.95% of the stock is currently owned by institutional investors.
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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