Zacks Investment Research Upgrades NIC Inc. (EGOV) to Buy
NIC Inc. (NASDAQ:EGOV) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The brokerage presently has a $19.00 target price on the software maker’s stock. Zacks Investment Research‘s target price points to a potential upside of 9.51% from the company’s previous close.
According to Zacks, “NIC Inc. provides digital government services that enable governments to use technology to provide various services to businesses. Its Outsourced Portals business enters into long-term contracts with state and local governments to design, build, and operate Internet-based, enterprise-wide portals on their behalf. These portals consist of Websites and applications that enable businesses and citizens to access government information online and complete transactions, such as applying for a permit, retrieving government records, or filing a government-mandated form or report. Its portal service offerings include motor vehicle driver history record retrieval; hunting/ fishing licenses; health professional license services; professional license renewal; business registrations and renewals; secretary of state business searches; Uniform Commercial Code searches and filings; limited criminal history searches; court services; vital records; income and property tax payments; and payment processing products and services. “
EGOV has been the subject of a number of other research reports. BidaskClub upgraded NIC from a “strong sell” rating to a “sell” rating in a report on Friday, August 25th. DA Davidson reiterated a “neutral” rating and issued a $18.00 price objective on shares of NIC in a report on Wednesday, September 20th. Imperial Capital upgraded NIC from an “in-line” rating to an “outperform” rating and set a $23.00 price objective for the company in a report on Monday, July 17th. Maxim Group dropped their price objective on NIC from $21.00 to $16.00 and set a “hold” rating for the company in a report on Friday, July 21st. Finally, Sidoti downgraded NIC from a “buy” rating to a “neutral” rating and set a $19.00 price objective for the company. in a report on Friday, July 21st. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company. NIC presently has a consensus rating of “Hold” and a consensus target price of $19.29.
Shares of NIC (NASDAQ:EGOV) opened at 17.35 on Tuesday. NIC has a 12 month low of $15.45 and a 12 month high of $25.90. The firm’s 50-day moving average price is $16.63 and its 200-day moving average price is $18.78. The firm has a market capitalization of $1.15 billion, a price-to-earnings ratio of 20.41 and a beta of 0.41.
NIC (NASDAQ:EGOV) last released its quarterly earnings data on Wednesday, August 2nd. The software maker reported $0.19 EPS for the quarter, beating analysts’ consensus estimates of $0.18 by $0.01. The business had revenue of $85.30 million during the quarter, compared to the consensus estimate of $83.57 million. NIC had a return on equity of 38.37% and a net margin of 17.31%. The firm’s revenue was up 5.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.20 earnings per share. On average, equities analysts anticipate that NIC will post $0.74 earnings per share for the current year.
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Several institutional investors have recently made changes to their positions in the business. Alps Advisors Inc. increased its holdings in shares of NIC by 0.3% in the second quarter. Alps Advisors Inc. now owns 22,966 shares of the software maker’s stock worth $435,000 after acquiring an additional 59 shares in the last quarter. Pinebridge Investments L.P. increased its holdings in shares of NIC by 1.3% in the second quarter. Pinebridge Investments L.P. now owns 8,201 shares of the software maker’s stock worth $156,000 after acquiring an additional 108 shares in the last quarter. Arizona State Retirement System increased its holdings in shares of NIC by 0.6% in the second quarter. Arizona State Retirement System now owns 32,487 shares of the software maker’s stock worth $616,000 after acquiring an additional 200 shares in the last quarter. SG Americas Securities LLC increased its holdings in shares of 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 acquiring an additional 482 shares in the last quarter. Finally, Municipal Employees Retirement System of Michigan increased its holdings in shares of NIC by 3.7% in the second quarter. Municipal Employees Retirement System of Michigan now owns 14,650 shares of the software maker’s stock worth $278,000 after acquiring an additional 520 shares in the last quarter. Institutional investors own 92.93% of the company’s stock.
NIC Company Profile
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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