Convergence Investment Partners LLC acquired a new stake in shares of NIC Inc. (NASDAQ:EGOV) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 98,166 shares of the software maker’s stock, valued at approximately $1,684,000. Convergence Investment Partners LLC owned approximately 0.15% of NIC as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of EGOV. BlackRock Inc. grew its stake in NIC by 8.9% during the 2nd quarter. BlackRock Inc. now owns 8,145,068 shares of the software maker’s stock valued at $154,348,000 after purchasing an additional 665,492 shares in the last quarter. Bank of New York Mellon Corp grew its stake in NIC by 53.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,351,186 shares of the software maker’s stock valued at $25,604,000 after purchasing an additional 470,181 shares in the last quarter. FMR LLC grew its stake in NIC by 43.0% during the 2nd quarter. FMR LLC now owns 1,062,500 shares of the software maker’s stock valued at $20,134,000 after purchasing an additional 319,300 shares in the last quarter. Conestoga Capital Advisors LLC grew its stake in NIC by 18.5% during the 3rd quarter. Conestoga Capital Advisors LLC now owns 2,015,893 shares of the software maker’s stock valued at $34,573,000 after purchasing an additional 314,905 shares in the last quarter. Finally, Marshall Wace North America L.P. grew its stake in NIC by 489.1% during the 2nd quarter. Marshall Wace North America L.P. now owns 360,572 shares of the software maker’s stock valued at $6,851,000 after purchasing an additional 299,364 shares in the last quarter. Hedge funds and other institutional investors own 93.33% of the company’s stock.

A number of equities research analysts have weighed in on EGOV shares. Zacks Investment Research upgraded NIC from a “hold” rating to a “buy” rating and set a $19.00 target price for the company in a research report on Tuesday, October 3rd. TheStreet lowered NIC from a “b-” rating to a “c+” rating in a research report on Monday, August 14th. Maxim Group reiterated a “hold” rating and issued a $16.00 target price on shares of NIC in a research report on Thursday, November 2nd. DA Davidson reiterated a “neutral” rating and issued a $18.00 target price on shares of NIC in a research report on Wednesday, September 20th. Finally, BidaskClub upgraded NIC from a “strong sell” rating to a “sell” rating in a research report on Friday, August 25th. 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’s stock. The company presently has an average rating of “Hold” and a consensus target price of $19.29.

NIC Inc. (EGOV) opened at $16.20 on Wednesday. The company has a market capitalization of $1,096.76, a P/E ratio of 20.43, a PEG ratio of 2.13 and a beta of 0.38. NIC Inc. has a 12-month low of $15.45 and a 12-month high of $25.90.

NIC (NASDAQ:EGOV) last issued its earnings results on Wednesday, November 1st. The software maker reported $0.21 EPS for the quarter, topping the consensus estimate of $0.18 by $0.03. The company had revenue of $84.53 million during the quarter, compared to analyst estimates of $83.55 million. NIC had a return on equity of 36.89% and a net margin of 16.42%. The business’s revenue was up 5.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.24 EPS. research analysts expect that NIC Inc. will post 0.78 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 19th. Stockholders of record on Tuesday, December 5th will be given a $0.08 dividend. The ex-dividend date is Monday, December 4th. This represents a $0.32 annualized dividend and a dividend yield of 1.98%. NIC’s payout ratio is 39.51%.

ILLEGAL ACTIVITY NOTICE: “Convergence Investment Partners LLC Acquires New Position in NIC Inc. (EGOV)” was first published by The Cerbat Gem and is owned by of The Cerbat Gem. If you are accessing this piece of content on another domain, it was stolen and republished in violation of U.S. and international copyright and trademark law. The correct version of this piece of content can be viewed at https://www.thecerbatgem.com/2017/12/06/convergence-investment-partners-llc-acquires-new-position-in-nic-inc-egov.html.

About NIC

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.

Want to see what other hedge funds are holding EGOV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for NIC Inc. (NASDAQ:EGOV).

Institutional Ownership by Quarter for NIC (NASDAQ:EGOV)

Receive News & Stock Ratings for NIC Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NIC Inc. and related stocks with our FREE daily email newsletter.