NIC Inc. (EGOV) Shares Gap Down on Analyst Downgrade
NIC Inc. (NASDAQ:EGOV)’s share price gapped down before the market opened on Monday after Sidoti downgraded the stock from a buy rating to a neutral rating. The stock had previously closed at $15.25, but opened at $16.35. Sidoti now has a $19.00 price target on the stock. NIC shares last traded at $16.23, with a volume of 355,319 shares trading hands.
Other equities research analysts have also issued research reports about the company. 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 research report on Thursday, May 4th. BidaskClub lowered NIC from a “sell” rating to a “strong sell” rating in a research report on Friday, June 30th. DA Davidson assumed coverage on NIC in a research report on Wednesday, June 28th. They issued a “neutral” rating and a $20.00 target price on the stock. 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 research report on Monday, July 17th. Finally, Maxim Group dropped their target price on NIC from $21.00 to $16.00 and set a “hold” rating on the stock in a research report on Friday. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $20.00.
In related news, COO Robert W. Knapp sold 25,000 shares of the business’s stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $20.38, for a total transaction 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.10% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of EGOV. Copeland Capital Management LLC raised its position in NIC by 7.1% in the second quarter. Copeland Capital Management LLC now owns 554,804 shares of the software maker’s stock worth $10,514,000 after buying an additional 36,967 shares during the last quarter. Conestoga Capital Advisors LLC raised its position in NIC by 3.7% in the second quarter. Conestoga Capital Advisors LLC now owns 1,700,988 shares of the software maker’s stock worth $32,234,000 after buying an additional 60,970 shares during the last quarter. US Bancorp DE raised its position in NIC by 20.5% in the second quarter. US Bancorp DE now owns 17,334 shares of the software maker’s stock worth $329,000 after buying an additional 2,943 shares during the last quarter. Legato Capital Management LLC acquired a new position in NIC during the second quarter worth $1,212,000. Finally, BTIM Corp. raised its position in NIC by 20.2% in the second quarter. BTIM Corp. now owns 1,111,666 shares of the software maker’s stock worth $21,066,000 after buying an additional 187,062 shares during the last quarter. 92.20% 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 19.06 and a beta of 0.45. The firm has a 50-day moving average price of $19.18 and a 200-day moving average price of $21.03.
NIC (NASDAQ:EGOV) last issued its quarterly earnings results on Monday, May 1st. The software maker reported $0.21 EPS for the quarter, beating the Zacks’ consensus estimate of $0.18 by $0.03. The company had revenue of $83.20 million during the quarter, compared to the consensus estimate of $81.99 million. NIC had a return on equity of 39.07% and a net margin of 17.64%. NIC’s revenue was up 6.3% on a year-over-year basis. During the same period last year, the business posted $0.19 earnings per share. On average, equities research analysts anticipate that NIC Inc. will post $0.73 earnings per share for the current fiscal year.
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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