NIC Inc. (EGOV) Rating Lowered to C+ at TheStreet
NIC Inc. (NASDAQ:EGOV) was downgraded by equities research analysts at TheStreet from a “b-” rating to a “c+” rating in a research report issued on Monday.
A number of other research firms have also recently weighed in on EGOV. Zacks Investment Research raised NIC from a “hold” rating to a “buy” rating and set a $23.00 price objective for the company in a research report on Thursday, May 4th. DA Davidson initiated coverage on NIC in a research note on Wednesday, June 28th. They set a “neutral” rating and a $20.00 target price for the company. BidaskClub downgraded NIC from a “sell” rating to a “strong sell” rating in a research note on Friday, June 30th. Imperial Capital raised NIC from an “in-line” rating to an “outperform” rating and set a $23.00 target price for the company in a research note on Monday, July 17th. Finally, Maxim Group cut their target price on NIC from $21.00 to $16.00 and set a “hold” rating for the company in a research note on Friday, July 21st. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $20.00.
NIC (NASDAQ EGOV) opened at 15.85 on Monday. NIC has a 52 week low of $15.75 and a 52 week high of $25.90. The stock has a 50 day moving average price of $17.47 and a 200 day moving average price of $20.04. The stock has a market capitalization of $1.05 billion, a PE ratio of 18.65 and a beta of 0.42.
NIC (NASDAQ:EGOV) last announced its earnings results on Wednesday, August 2nd. The software maker reported $0.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.18 by $0.01. The firm had revenue of $85.30 million during the quarter, compared to analysts’ expectations of $83.57 million. NIC had a return on equity of 34.45% and a net margin of 14.96%. The business’s revenue was up 5.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.20 EPS. Equities analysts forecast that NIC will post $0.74 EPS for the current year.
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In other news, COO Robert W. Knapp sold 25,000 shares of the firm’s stock in a transaction 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 sale, the chief operating officer now owns 197,531 shares in the company, valued at $4,025,681.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 4.10% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Gotham Asset Management LLC boosted its position 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 during the last quarter. Ameriprise Financial Inc. boosted its position 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 during the last quarter. Koch Industries Inc. purchased a new position in shares of NIC during the first quarter worth $349,000. Schwab Charles Investment Management Inc. boosted its position in shares of NIC by 8.1% in the first quarter. Schwab Charles Investment Management Inc. now owns 272,483 shares of the software maker’s stock worth $5,505,000 after buying an additional 20,473 shares during the last quarter. Finally, Karp Capital Management Corp purchased a new position in shares of NIC during the first quarter worth $669,000. Hedge funds and other institutional investors own 92.55% 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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