NIC Inc. (EGOV) Reaches New 52-Week Low on Analyst Downgrade
NIC Inc. (NASDAQ:EGOV) shares hit a new 52-week low on Friday after Sidoti downgraded the stock from a buy rating to a neutral rating. Sidoti now has a $19.00 price target on the stock. NIC traded as low as $16.30 and last traded at $16.33, with a volume of 1,139,268 shares changing hands. The stock had previously closed at $18.05.
A number of other brokerages have also weighed in on EGOV. Zacks Investment Research raised shares of NIC from a “hold” rating to a “buy” rating and set a $23.00 price target on the stock in a research note on Thursday, May 4th. 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 on the stock. Imperial Capital raised shares of NIC from an “in-line” rating to an “outperform” rating and set a $23.00 price target on the stock in a research note on Monday, July 17th. Finally, Maxim Group cut their price target on shares of NIC from $21.00 to $16.00 and set a “hold” rating on the stock in a research note on Friday. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $20.00.
In other news, COO Robert W. Knapp sold 25,000 shares of the business’s 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 sale, the chief operating officer now owns 197,531 shares of the company’s stock, valued at $4,025,681.78. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 4.10% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Gotham Asset Management LLC raised its stake in shares of NIC by 18.0% in the first quarter. Gotham Asset Management LLC now owns 293,849 shares of the software maker’s stock worth $5,936,000 after buying an additional 44,856 shares in the last quarter. Ameriprise Financial Inc. raised its stake in shares of NIC by 4.5% in the first quarter. Ameriprise Financial Inc. now owns 656,433 shares of the software maker’s stock worth $13,260,000 after buying an additional 28,513 shares in the last quarter. Koch Industries Inc. acquired a new stake in shares of NIC during the first quarter worth approximately $349,000. Karp Capital Management Corp acquired a new stake in shares of NIC during the first quarter worth approximately $669,000. Finally, Spark Investment Management LLC raised its stake in shares of NIC by 54.5% in the first quarter. Spark Investment Management LLC now owns 102,300 shares of the software maker’s stock worth $2,066,000 after buying an additional 36,100 shares in the last quarter. 92.19% of the stock is currently owned by institutional investors and hedge funds.
The firm 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 (NASDAQ:EGOV) last issued its earnings results on Monday, May 1st. The software maker reported $0.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.18 by $0.03. NIC had a return on equity of 39.07% and a net margin of 17.64%. The company had revenue of $83.20 million for the quarter, compared to analysts’ expectations of $81.99 million. During the same period last year, the business earned $0.19 EPS. NIC’s quarterly revenue was up 6.3% compared to the same quarter last year. On average, equities research analysts forecast that NIC Inc. will post $0.73 EPS for the current year.
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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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