NIC Inc. (EGOV) Receives Average Recommendation of “Hold” from Analysts
Shares of NIC Inc. (NASDAQ:EGOV) have been given an average recommendation of “Hold” by the seven research firms that are covering the company. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $22.83.
EGOV has been the topic of several research reports. Avondale Partners lowered NIC from a “market perform” rating to an “underperform” rating and set a $18.00 target price on the stock. in a research note on Thursday, February 2nd. They noted that the move was a valuation call. Sidoti raised NIC from a “neutral” rating to a “buy” rating and set a $28.00 target price on the stock in a research note on Friday, February 3rd. Zacks Investment Research lowered NIC from a “strong-buy” rating to a “hold” rating in a research note on Friday, February 3rd. Finally, Loop Capital initiated coverage on NIC in a research note on Tuesday, February 14th. They set a “hold” rating and a $22.00 target price on the stock.
Shares of NIC (NASDAQ:EGOV) traded up 0.24% during mid-day trading on Friday, hitting $20.80. 27,450 shares of the stock were exchanged. The stock’s 50 day moving average is $20.85 and its 200 day moving average is $22.59. NIC has a 12 month low of $19.21 and a 12 month high of $25.90. The firm has a market cap of $1.38 billion, a P/E ratio of 24.33 and a beta of 0.61.
NIC (NASDAQ:EGOV) last announced its quarterly earnings results on Monday, May 1st. The software maker reported $0.21 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.18 by $0.03. NIC had a return on equity of 39.21% and a net margin of 17.56%. The business had revenue of $83.20 million for the quarter, compared to analyst estimates of $81.99 million. During the same quarter in the prior year, the company posted $0.19 EPS. The company’s quarterly revenue was up 6.3% on a year-over-year basis. Analysts expect that NIC will post $0.73 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 20th. Shareholders of record on Tuesday, June 6th will be issued a dividend of $0.08 per share. The ex-dividend date is Friday, June 2nd. This represents a $0.32 annualized dividend and a yield of 1.54%.
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In other NIC news, Director Alexander C. Kemper sold 7,000 shares of the company’s stock in a transaction dated Wednesday, March 22nd. The stock was sold at an average price of $20.85, for a total transaction of $145,950.00. Following the sale, the director now owns 32,232 shares in the company, valued at approximately $672,037.20. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Robert W. Knapp sold 25,000 shares of the company’s stock in a transaction dated Monday, May 22nd. The stock was sold at an average price of $20.38, for a total value of $509,500.00. Following the sale, the chief operating officer now owns 197,531 shares in the company, valued at approximately $4,025,681.78. The disclosure for this sale can be found here. 4.80% of the stock is owned by corporate insiders.
A number of large investors have recently modified their holdings of EGOV. Norges Bank bought a new stake in shares of NIC during the fourth quarter valued at $37,781,000. Creative Planning increased its position in NIC by 1.1% in the first quarter. Creative Planning now owns 11,564 shares of the software maker’s stock worth $234,000 after buying an additional 127 shares during the last quarter. Dimensional Fund Advisors LP increased its position in NIC by 0.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,052,462 shares of the software maker’s stock worth $49,054,000 after buying an additional 7,373 shares during the last quarter. State Street Corp increased its position in NIC by 6.1% in the fourth quarter. State Street Corp now owns 1,443,519 shares of the software maker’s stock worth $34,504,000 after buying an additional 82,935 shares during the last quarter. Finally, Comerica Bank increased its position in NIC by 6.0% in the fourth quarter. Comerica Bank now owns 66,026 shares of the software maker’s stock worth $1,657,000 after buying an additional 3,713 shares during the last quarter. Institutional investors own 85.83% 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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