Rice Hall James & Associates LLC Has $13,895,000 Position in NIC Inc. (EGOV)
Rice Hall James & Associates LLC cut its stake in shares of NIC Inc. (NASDAQ:EGOV) by 1.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 633,321 shares of the company’s stock after selling 6,135 shares during the period. Rice Hall James & Associates LLC owned approximately 0.96% of NIC worth $13,895,000 at the end of the most recent quarter.
A number of other hedge funds also recently modified their holdings of the stock. 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 worth $267,000 after buying an additional 1,113 shares in the last quarter. Lucus Advisors LLC acquired a new position in NIC during the second quarter worth $354,000. Zebra Capital Management LLC boosted its position in NIC by 21.4% in the first quarter. Zebra Capital Management LLC now owns 19,909 shares of the company’s stock worth $359,000 after buying an additional 3,507 shares in the last quarter. 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 worth $422,000 after buying an additional 10,650 shares in the last quarter. Finally, Virginia Retirement System acquired a new position in NIC during the first quarter worth $436,000. Institutional investors own 88.95% of the company’s stock.
NIC Inc. (NASDAQ:EGOV) traded up 0.26% during trading on Tuesday, reaching $23.47. The company had a trading volume of 140,272 shares. The company has a market capitalization of $1.55 billion, a P/E ratio of 33.06 and a beta of 0.74. The firm’s 50 day moving average is $23.02 and its 200-day moving average is $20.90. NIC Inc. has a 12 month low of $14.48 and a 12 month high of $23.82.
NIC (NASDAQ:EGOV) last released its quarterly earnings results on Thursday, August 4th. The company reported $0.20 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.18 by $0.02. NIC had a return on equity of 35.87% and a net margin of 15.61%. The company earned $80.81 million during the quarter, compared to analysts’ expectations of $80.90 million. During the same period in the previous year, the firm posted $0.17 earnings per share. The business’s revenue for the quarter was up 6.6% compared to the same quarter last year. On average, equities analysts expect that NIC Inc. will post $0.71 earnings per share for the current year.
EGOV has been the subject of a number of research analyst reports. Zacks Investment Research cut NIC from a “buy” rating to a “hold” rating in a report on Tuesday, July 5th. Maxim Group increased their target price on NIC from $18.00 to $23.00 and gave the stock a “hold” rating in a research note on Friday, August 5th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. NIC has a consensus rating of “Hold” and an average target price of $22.00.
In other news, insider Jayne Holland sold 2,000 shares of the business’s stock in a transaction 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 transaction, the insider now directly owns 94,283 shares of the company’s stock, valued at $2,201,508.05. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 4.80% of the stock is owned by insiders.
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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