NIC Inc. (EGOV) Stock Rating Lowered by Zacks Investment Research
NIC Inc. (NASDAQ:EGOV) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Monday.
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. “
Separately, Maxim Group boosted their target price on NIC from $18.00 to $23.00 and gave the stock a “hold” rating in a report on Friday, August 5th. Four investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. NIC currently has an average rating of “Hold” and an average target price of $22.00.
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Shares of NIC (NASDAQ:EGOV) traded up 0.74% during midday trading on Monday, hitting $23.17. The stock had a trading volume of 63,846 shares. The firm’s 50 day moving average price is $23.09 and its 200 day moving average price is $21.11. NIC has a 52-week low of $14.48 and a 52-week high of $23.82. The firm has a market cap of $1.53 billion, a price-to-earnings ratio of 32.63 and a beta of 0.74.
NIC (NASDAQ:EGOV) last posted its quarterly earnings data on Thursday, August 4th. The company reported $0.20 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.18 by $0.02. NIC had a return on equity of 35.87% and a net margin of 15.61%. The company had revenue of $80.81 million for the quarter, compared to analysts’ expectations of $80.90 million. During the same period in the previous year, the firm posted $0.17 EPS. NIC’s revenue was up 6.6% compared to the same quarter last year. On average, equities research analysts expect that NIC will post $0.71 earnings per share for the current year.
In other news, insider Jayne Holland sold 2,000 shares of NIC stock in a transaction that occurred on Thursday, August 11th. The shares were sold at an average price of $23.35, for a total transaction of $46,700.00. Following the sale, the insider now owns 94,283 shares of the company’s stock, valued at approximately $2,201,508.05. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 4.80% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in EGOV. Goldman Sachs Group Inc. raised its stake in NIC by 103.2% in the first quarter. Goldman Sachs Group Inc. now owns 127,328 shares of the company’s stock valued at $2,296,000 after buying an additional 64,660 shares during the last quarter. SECOR Capital Advisors LP raised its stake in NIC by 18.6% in the second quarter. SECOR Capital Advisors LP now owns 119,138 shares of the company’s stock valued at $2,614,000 after buying an additional 18,709 shares during the last quarter. Edmonds Duncan Registered Investment Advisors LLC raised its stake in NIC by 66.2% in the second quarter. Edmonds Duncan Registered Investment Advisors LLC now owns 260,373 shares of the company’s stock valued at $5,999,000 after buying an additional 103,708 shares during the last quarter. Menta Capital LLC raised its stake in NIC by 119.7% in the first quarter. Menta Capital LLC now owns 25,806 shares of the company’s stock valued at $465,000 after buying an additional 14,060 shares during the last quarter. Finally, Renaissance Technologies LLC raised its stake in NIC by 13.5% in the first quarter. Renaissance Technologies LLC now owns 1,337,955 shares of the company’s stock valued at $24,123,000 after buying an additional 159,008 shares during the last quarter. 88.95% 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. The Company operates through Outsourced Portals segment. The Other Software & Services category includes its subsidiaries that provide software development and services, other than outsourced portal services, to state and local governments, as well as federal agencies.
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