NIC Inc. (EGOV) Downgraded to Hold at Zacks Investment Research
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 raised their target price 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 research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average price target of $22.00.
NIC (NASDAQ:EGOV) traded down 1.77% during midday trading on Monday, hitting $22.76. 15,150 shares of the stock traded hands. NIC has a 12-month low of $14.48 and a 12-month high of $23.82. The firm’s 50 day moving average is $23.09 and its 200-day moving average is $21.11. The stock has a market capitalization of $1.50 billion, a PE ratio of 32.06 and a beta of 0.74.
NIC (NASDAQ:EGOV) last released its earnings results on Thursday, August 4th. The company reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.18 by $0.02. NIC had a net margin of 15.61% and a return on equity of 35.87%. The business earned $80.81 million during the quarter, compared to analysts’ expectations of $80.90 million. During the same period last year, the business earned $0.17 earnings per share. The firm’s revenue was up 6.6% on a year-over-year basis. On average, analysts anticipate that NIC will post $0.71 EPS for the current fiscal year.
In related news, insider Jayne Holland sold 2,000 shares of the firm’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 transaction, the insider now owns 94,283 shares in the company, valued at $2,201,508.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.80% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Louisiana State Employees Retirement System boosted its position in shares of NIC by 0.4% in the second quarter. Louisiana State Employees Retirement System now owns 27,100 shares of the company’s stock worth $595,000 after buying an additional 100 shares during the last quarter. PineBridge Investments L.P. boosted 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 worth $171,000 after buying an additional 314 shares in the last quarter. NN Investment Partners Holdings N.V. boosted 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 worth $961,000 after buying an additional 450 shares in the last quarter. Arizona State Retirement System boosted 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 worth $697,000 after buying an additional 500 shares in the last quarter. Finally, Aperio Group LLC boosted its position in NIC by 2.5% in the first quarter. Aperio Group LLC now owns 29,642 shares of the company’s stock worth $534,000 after buying an additional 717 shares in the last quarter. 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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