BidaskClub Lowers NIC Inc. (EGOV) to Strong Sell
NIC Inc. (NASDAQ:EGOV) was downgraded by BidaskClub from a “sell” rating to a “strong sell” rating in a research report issued to clients and investors on Friday.
A number of other research analysts have also recently commented on EGOV. DA Davidson began coverage on NIC in a research note on Wednesday. They set a “neutral” rating and a $20.00 target price on the stock. Zacks Investment Research raised NIC from a “hold” rating to a “buy” rating and set a $23.00 target price on the stock in a research note on Thursday, May 4th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $22.43.
Shares of NIC (NASDAQ EGOV) traded down 0.26% during midday trading on Friday, hitting $18.95. The stock had a trading volume of 586,748 shares. The company’s 50 day moving average is $20.16 and its 200 day moving average is $21.78. NIC has a 52-week low of $18.60 and a 52-week high of $25.90. The company has a market cap of $1.25 billion, a PE ratio of 22.16 and a beta of 0.53.
NIC (NASDAQ:EGOV) last issued its quarterly earnings data on Monday, May 1st. The software maker reported $0.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.18 by $0.03. The business had revenue of $83.20 million for the quarter, compared to the consensus estimate of $81.99 million. NIC had a return on equity of 40.16% and a net margin of 16.81%. The company’s quarterly revenue was up 6.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.19 earnings per share. On average, analysts anticipate that NIC will post $0.73 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 20th. Investors of record on Tuesday, June 6th were paid a $0.08 dividend. The ex-dividend date was Friday, June 2nd. This represents a $0.32 annualized dividend and a yield of 1.69%. NIC’s dividend payout ratio (DPR) is currently 37.65%.
In related news, COO Robert W. Knapp sold 25,000 shares of the stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $20.38, for a total value of $509,500.00. Following the transaction, the chief operating officer now owns 197,531 shares of the company’s stock, valued at $4,025,681.78. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 4.10% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in EGOV. Ameriprise Financial Inc. boosted its position in shares of NIC by 4.5% in the first quarter. Ameriprise Financial Inc. now owns 656,433 shares of the software maker’s stock valued at $13,260,000 after buying an additional 28,513 shares during the period. Koch Industries Inc. bought a new stake in shares of NIC during the first quarter valued at about $349,000. Karp Capital Management Corp bought a new stake in shares of NIC during the first quarter valued at about $669,000. Spark Investment Management LLC boosted its stake in shares of NIC by 54.5% in the first quarter. Spark Investment Management LLC now owns 102,300 shares of the software maker’s stock valued at $2,066,000 after buying an additional 36,100 shares during the period. Finally, Louisiana State Employees Retirement System boosted its stake in shares of NIC by 1.6% in the first quarter. Louisiana State Employees Retirement System now owns 25,300 shares of the software maker’s stock valued at $511,000 after buying an additional 400 shares during the period. 92.93% of the stock is currently owned by institutional investors.
NIC Company Profile
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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