NIC Inc. (EGOV) Downgraded by Zacks Investment Research
Zacks Investment Research downgraded shares of NIC Inc. (NASDAQ:EGOV) from a buy rating to a hold rating in a report published on Tuesday morning.
According to Zacks, “NIC Inc. is a provider of Internet-based, electronic government services that help governments use the Internet to reduce costs and provide a higher level of service to businesses and citizens. They accomplish this currently through three different business segments: state and local portal businesses, government procurement business and eGovernment products businesses. “
EGOV has been the topic of a number of other research reports. 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 research note on Monday, July 17th. Maxim Group dropped their price objective on shares of NIC from $21.00 to $16.00 and set a hold rating on the stock in a research note on Friday, July 21st. BidaskClub raised shares of NIC from a strong sell rating to a sell rating in a research note on Friday, August 25th. Sidoti cut shares of NIC from a buy rating to a neutral rating and set a $19.00 price objective on the stock. in a research note on Friday, July 21st. Finally, TheStreet cut shares of NIC from a b- rating to a c+ rating in a research note on Monday, August 14th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company. The company presently has a consensus rating of Hold and a consensus price target of $20.00.
NIC (EGOV) opened at 16.35 on Tuesday. The company has a market capitalization of $1.08 billion, a price-to-earnings ratio of 19.24 and a beta of 0.42. NIC has a 52-week low of $15.45 and a 52-week high of $25.90. The firm has a 50 day moving average of $16.63 and a 200-day moving average of $19.54.
NIC (NASDAQ:EGOV) last issued its quarterly earnings data on Wednesday, August 2nd. The software maker reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.18 by $0.01. The business had revenue of $85.30 million for the quarter, compared to analysts’ expectations of $83.57 million. NIC had a net margin of 17.31% and a return on equity of 38.37%. The business’s revenue was up 5.6% on a year-over-year basis. During the same quarter last year, the company earned $0.20 EPS. Equities analysts expect that NIC will post $0.74 EPS for the current year.
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The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 20th. Investors of record on Wednesday, September 6th will be paid a $0.08 dividend. The ex-dividend date is Friday, September 1st. This represents a $0.32 dividend on an annualized basis and a yield of 1.96%. NIC’s dividend payout ratio is currently 38.10%.
A number of large investors have recently added to or reduced their stakes in the stock. Pacad Investment Ltd. boosted its stake in NIC by 350.0% in the second quarter. Pacad Investment Ltd. now owns 5,400 shares of the software maker’s stock worth $102,000 after buying an additional 4,200 shares in the last quarter. Ameritas Investment Partners Inc. bought a new stake in NIC during the first quarter worth about $111,000. State of Alaska Department of Revenue boosted its stake in NIC by 2.1% in the first quarter. State of Alaska Department of Revenue now owns 6,850 shares of the software maker’s stock worth $138,000 after buying an additional 140 shares in the last quarter. SG Americas Securities LLC boosted its stake in NIC by 7.6% in the first quarter. SG Americas Securities LLC now owns 6,821 shares of the software maker’s stock worth $138,000 after buying an additional 482 shares in the last quarter. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA bought a new stake in NIC during the second quarter worth about $153,000. 92.93% of the stock is currently owned by hedge funds and other institutional investors.
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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