NIC Inc. (NASDAQ:EGOV) Cut to “Hold” at Zacks Investment Research
Zacks Investment Research cut shares of NIC Inc. (NASDAQ:EGOV) from a buy rating to a hold rating in a research note published on Monday, July 3rd.
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. “
Other research analysts have also issued research reports about the stock. BidaskClub lowered shares of NIC from a sell rating to a strong sell rating in a research note on Friday, June 30th. DA Davidson began coverage on shares of NIC in a research note on Wednesday, June 28th. They issued a neutral rating and a $20.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company’s stock. The stock has an average rating of Hold and an average price target of $22.43.
NIC (EGOV) traded up 2.40% during midday trading on Monday, reaching $19.20. 680,113 shares of the company’s stock traded hands. The firm’s 50-day moving average is $20.16 and its 200-day moving average is $21.78. The company has a market capitalization of $1.27 billion, a price-to-earnings ratio of 22.46 and a beta of 0.45. NIC has a 1-year low of $18.00 and a 1-year high of $25.90.
NIC (NASDAQ:EGOV) last posted its quarterly earnings data on Monday, May 1st. The software maker reported $0.21 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.18 by $0.03. NIC had a net margin of 17.64% and a return on equity of 39.07%. The business had revenue of $83.20 million during the quarter, compared to analyst estimates of $81.99 million. During the same quarter last year, the firm posted $0.19 earnings per share. The business’s revenue for the quarter was up 6.3% compared to the same quarter last year. Analysts forecast that NIC will post $0.73 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 20th. Shareholders of record on Tuesday, June 6th were issued a dividend of $0.08 per share. The ex-dividend date of this dividend was Friday, June 2nd. This represents a $0.32 dividend on an annualized basis and a yield of 1.67%. NIC’s payout ratio is currently 37.65%.
In other news, COO Robert W. Knapp sold 25,000 shares of NIC stock in a transaction on Monday, May 22nd. The shares were sold at an average price of $20.38, for a total value of $509,500.00. Following the transaction, the chief operating officer now directly owns 197,531 shares of the company’s stock, valued at approximately $4,025,681.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 4.10% of the stock is currently owned by company insiders.
Several institutional investors have recently made changes to their positions in EGOV. Ameritas Investment Partners Inc. acquired a new position in shares of NIC during the first quarter worth approximately $111,000. State of Alaska Department of Revenue boosted its position in shares of NIC by 2.1% in the first quarter. State of Alaska Department of Revenue now owns 6,850 shares of the software maker’s stock worth $138,000 after buying an additional 140 shares during the last quarter. SG Americas Securities LLC boosted its position in shares of NIC by 7.6% in the first quarter. SG Americas Securities LLC now owns 6,821 shares of the software maker’s stock worth $138,000 after buying an additional 482 shares during the last quarter. Advisors Asset Management Inc. boosted its position in shares of NIC by 595.1% in the first quarter. Advisors Asset Management Inc. now owns 8,932 shares of the software maker’s stock worth $180,000 after buying an additional 7,647 shares during the last quarter. Finally, Creative Planning boosted its position in shares of NIC by 1.1% in the first quarter. Creative Planning now owns 11,564 shares of the software maker’s stock worth $234,000 after buying an additional 127 shares during the last quarter. 92.19% of the stock is currently owned by institutional investors and hedge funds.
NIC Inc is a provider of digital government services that help governments use technology to provide services to businesses and citizens. The Company operates through Outsourced Portals segment. The Company offers its services through two channels: primary outsourced portal businesses, and software and services businesses.
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