Goldman Sachs Group Inc. Has $7.30 Million Position in NIC Inc. (EGOV)
Goldman Sachs Group Inc. increased its stake in shares of NIC Inc. (NASDAQ:EGOV) by 19.3% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 361,488 shares of the software maker’s stock after buying an additional 58,468 shares during the period. Goldman Sachs Group Inc. owned 0.55% of NIC worth $7,302,000 at the end of the most recent reporting period.
Several other hedge funds also recently made changes to their positions in the stock. Russell Investments Group Ltd. bought a new stake in shares of NIC during the fourth quarter valued at about $1,400,000. State Street Corp boosted its stake in shares of NIC by 6.1% in the fourth quarter. State Street Corp now owns 1,443,519 shares of the software maker’s stock valued at $34,504,000 after buying an additional 82,935 shares during the last quarter. Envestnet Asset Management Inc. boosted its stake in shares of NIC by 8.5% in the fourth quarter. Envestnet Asset Management Inc. now owns 10,412 shares of the software maker’s stock valued at $249,000 after buying an additional 814 shares during the last quarter. Thrivent Financial for Lutherans boosted its stake in shares of NIC by 6.7% in the fourth quarter. Thrivent Financial for Lutherans now owns 33,760 shares of the software maker’s stock valued at $807,000 after buying an additional 2,120 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of NIC during the fourth quarter valued at about $37,781,000. Institutional investors and hedge funds own 92.19% of the company’s stock.
NIC Inc. (NASDAQ:EGOV) opened at 16.35 on Friday. The stock has a market cap of $1.08 billion, a price-to-earnings ratio of 19.12 and a beta of 0.45. The company has a 50-day moving average price of $19.42 and a 200 day moving average price of $21.17. NIC Inc. has a 12-month low of $15.85 and a 12-month high of $25.90.
NIC (NASDAQ:EGOV) last issued its quarterly earnings data on Monday, May 1st. The software maker reported $0.21 EPS for the quarter, topping analysts’ consensus estimates of $0.18 by $0.03. NIC had a net margin of 17.64% and a return on equity of 39.07%. The firm had revenue of $83.20 million for the quarter, compared to analyst estimates of $81.99 million. During the same quarter in the previous year, the business posted $0.19 EPS. The firm’s revenue was up 6.3% compared to the same quarter last year. On average, equities research analysts predict that NIC Inc. will post $0.73 EPS for the current year.
EGOV has been the topic of several recent analyst reports. Zacks Investment Research raised NIC from a “hold” rating to a “buy” rating and set a $23.00 target price on the stock in a report on Thursday, May 4th. Maxim Group dropped their target price on NIC from $21.00 to $16.00 and set a “hold” rating on the stock in a report on Friday. Imperial Capital raised NIC from an “in-line” rating to an “outperform” rating and set a $23.00 target price on the stock in a report on Monday, July 17th. BidaskClub lowered NIC from a “sell” rating to a “strong sell” rating in a report on Friday, June 30th. Finally, Sidoti lowered NIC from a “buy” rating to a “neutral” rating in a report on Friday. Two 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. The company presently has a consensus rating of “Hold” and an average target price of $21.29.
In other news, COO Robert W. Knapp sold 25,000 shares of the business’s stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $20.38, for a total value of $509,500.00. Following the completion of the sale, the chief operating officer now owns 197,531 shares of the company’s stock, valued at approximately $4,025,681.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 4.10% of the company’s stock.
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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