Brokerages Anticipate NIC Inc. (EGOV) Will Post Quarterly Sales of $82.95 Million
Equities analysts expect that NIC Inc. (NASDAQ:EGOV) will announce sales of $82.95 million for the current fiscal quarter, Zacks reports. Three analysts have issued estimates for NIC’s earnings. The lowest sales estimate is $82.13 million and the highest is $84.07 million. NIC reported sales of $80.81 million in the same quarter last year, which indicates a positive year over year growth rate of 2.6%. The business is scheduled to issue its next earnings report on Thursday, August 3rd.
According to Zacks, analysts expect that NIC will report full year sales of $82.95 million for the current fiscal year, with estimates ranging from $326.73 million to $329.23 million. For the next financial year, analysts expect that the firm will post sales of $350.64 million per share, with estimates ranging from $349.51 million to $352.02 million. Zacks’ sales averages are a mean average based on a survey of research firms that that provide coverage for NIC.
NIC (NASDAQ:EGOV) last posted its earnings results on Monday, May 1st. The software maker reported $0.21 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.18 by $0.03. NIC had a return on equity of 40.16% and a net margin of 16.81%. The company had revenue of $83.20 million during the quarter, compared to the consensus estimate of $81.99 million. During the same quarter last year, the firm earned $0.19 earnings per share. The company’s revenue was up 6.3% on a year-over-year basis.
Several research analysts have recently weighed in on the company. Loop Capital assumed coverage on NIC in a research note on Tuesday, February 14th. They set a “hold” rating and a $22.00 price target for the company. Zacks Investment Research upgraded NIC from a “hold” rating to a “buy” rating and set a $23.00 target price for the company in a research note on Thursday, May 4th. One research 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 company has a consensus rating of “Hold” and a consensus price target of $22.83.
Shares of NIC (EGOV) opened at 20.30 on Wednesday. The stock’s 50 day moving average price is $20.85 and its 200-day moving average price is $22.37. The firm has a market cap of $1.34 billion, a P/E ratio of 23.74 and a beta of 0.61. NIC has a 12-month low of $19.50 and a 12-month high of $25.90.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 20th. Shareholders of record on Tuesday, June 6th will be paid a $0.08 dividend. The ex-dividend date is Friday, June 2nd. This represents a $0.32 annualized dividend and a yield of 1.58%.
In other NIC news, COO Robert W. Knapp sold 25,000 shares of the firm’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 completion of the transaction, the chief operating officer now owns 197,531 shares in the company, valued at approximately $4,025,681.78. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Alexander C. Kemper sold 7,000 shares of the firm’s stock in a transaction dated Wednesday, March 22nd. The stock was sold at an average price of $20.85, for a total value of $145,950.00. Following the completion of the transaction, the director now owns 32,232 shares of the company’s stock, valued at approximately $672,037.20. The disclosure for this sale can be found here. 4.80% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. increased its position in shares of NIC by 139,679.0% in the first quarter. BlackRock Inc. now owns 7,479,576 shares of the software maker’s stock valued at $151,087,000 after buying an additional 7,474,225 shares in the last quarter. Vanguard Group Inc. increased its position in shares of NIC by 7.8% in the first quarter. Vanguard Group Inc. now owns 5,903,569 shares of the software maker’s stock valued at $119,252,000 after buying an additional 427,702 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of NIC by 0.7% in the first quarter. Dimensional Fund Advisors LP now owns 2,066,804 shares of the software maker’s stock valued at $41,749,000 after buying an additional 14,342 shares in the last quarter. Columbia Wanger Asset Management LLC increased its position in shares of NIC by 20.8% in the first quarter. Columbia Wanger Asset Management LLC now owns 1,863,706 shares of the software maker’s stock valued at $37,647,000 after buying an additional 321,052 shares in the last quarter. Finally, Conestoga Capital Advisors LLC increased its position in shares of NIC by 4.8% in the first quarter. Conestoga Capital Advisors LLC now owns 1,640,018 shares of the software maker’s stock valued at $33,128,000 after buying an additional 75,228 shares in the last quarter. Institutional investors and hedge funds own 85.83% of the company’s stock.
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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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