NIC Inc. (NASDAQ:EGOV) Rating Lowered to Neutral at Sidoti
Sidoti lowered shares of NIC Inc. (NASDAQ:EGOV) from a buy rating to a neutral rating in a research note released on Friday morning, Marketbeat Ratings reports. They currently have $19.00 target price on the software maker’s stock.
Several other brokerages have also issued reports on EGOV. Zacks Investment Research raised shares of NIC from a hold rating to a buy rating and set a $23.00 price objective on the stock in a report on Thursday, May 4th. BidaskClub lowered shares of NIC from a sell rating to a strong sell rating in a report on Friday, June 30th. DA Davidson began coverage on shares of NIC in a report on Wednesday, June 28th. They set a neutral rating and a $20.00 price objective on the stock. Imperial Capital raised shares of NIC from an in-line rating to an outperform rating and set a $23.00 price objective on the stock in a report on Monday, July 17th. Finally, Maxim Group cut their price objective on shares of NIC from $21.00 to $16.00 and set a hold rating on the stock in a report on Friday. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the stock. The company currently has a consensus rating of Hold and an average price target of $20.00.
Shares of NIC (EGOV) opened at 16.35 on Friday. The stock has a 50 day moving average price of $19.42 and a 200-day moving average price of $21.17. The company has a market capitalization of $1.08 billion, a PE ratio of 19.12 and a beta of 0.45. NIC 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 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.18 by $0.03. The company had revenue of $83.20 million for the quarter, compared to analyst estimates of $81.99 million. NIC had a net margin of 17.64% and a return on equity of 39.07%. NIC’s revenue was up 6.3% compared to the same quarter last year. During the same period last year, the company posted $0.19 earnings per share. Analysts forecast that NIC will post $0.73 EPS for the current year.
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In other NIC 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 $4,025,681.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 4.10% of the stock is currently owned by insiders.
Several large investors have recently bought and sold shares of EGOV. BlackRock Inc. increased its stake in NIC by 139,679.0% in the first quarter. BlackRock Inc. now owns 7,479,576 shares of the software maker’s stock valued at $151,087,000 after buying an additional 7,474,225 shares during the last quarter. Norges Bank bought a new stake in NIC during the fourth quarter valued at approximately $37,781,000. Copeland Capital Management LLC bought a new stake in NIC during the first quarter valued at approximately $10,900,000. FMR LLC increased its stake in NIC by 136.8% in the first quarter. FMR LLC now owns 743,200 shares of the software maker’s stock valued at $15,013,000 after buying an additional 429,400 shares during the last quarter. Finally, Vanguard Group Inc. increased its stake in NIC by 7.8% in the first quarter. Vanguard Group Inc. now owns 5,903,569 shares of the software maker’s stock valued at $119,252,000 after buying an additional 427,702 shares during the last quarter. Institutional investors and hedge funds own 92.20% 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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