NIC Inc. (EGOV) Given Consensus Recommendation of “Hold” by Brokerages
NIC Inc. (NASDAQ:EGOV) has earned an average rating of “Hold” from the seven research firms that are currently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation and two have assigned a buy recommendation to the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $22.83.
Separately, Zacks Investment Research raised shares of NIC from a “hold” rating to a “buy” rating and set a $23.00 price target on the stock in a research note on Thursday, May 4th.
NIC (NASDAQ:EGOV) traded down 0.0177% during mid-day trading on Tuesday, hitting $19.7965. 16,804 shares of the stock were exchanged. NIC has a 52-week low of $19.50 and a 52-week high of $25.90. The stock’s 50 day moving average is $20.53 and its 200 day moving average is $22.06. The stock has a market cap of $1.31 billion, a PE ratio of 23.1538 and a beta of 0.53.
NIC (NASDAQ:EGOV) last posted its quarterly earnings results on Monday, May 1st. The software maker reported $0.21 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.18 by $0.03. The firm had revenue of $83.20 million for the quarter, compared to the consensus estimate of $81.99 million. NIC had a net margin of 17.64% and a return on equity of 39.07%. The company’s revenue for the quarter was up 6.3% on a year-over-year basis. During the same period last year, the firm posted $0.19 earnings per share. Analysts forecast that NIC will post $0.73 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 20th. Investors of record on Tuesday, June 6th will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 1.62%. The ex-dividend date is Friday, June 2nd. NIC’s payout ratio is currently 37.65%.
In related news, COO Robert W. Knapp sold 25,000 shares of the firm’s stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $20.38, for a total transaction of $509,500.00. Following the completion of the sale, the chief operating officer now directly owns 197,531 shares in the company, valued at $4,025,681.78. The transaction was disclosed in a document filed with the SEC, which is available 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 transaction of $145,950.00. Following the sale, the director now owns 32,232 shares of the company’s stock, valued at $672,037.20. The disclosure for this sale can be found here. 4.10% of the stock is currently owned by company insiders.
Large investors have recently added to or reduced their stakes in the company. BlackRock Inc. boosted its stake in 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 during the last quarter. Vanguard Group Inc. boosted its stake in 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 during the last quarter. Dimensional Fund Advisors LP boosted its stake in 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 during the last quarter. Columbia Wanger Asset Management LLC boosted its stake in 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 during the last quarter. Finally, Conestoga Capital Advisors LLC boosted its stake in 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 during the last quarter. Hedge funds and other institutional investors own 92.93% 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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