DA Davidson Initiates Coverage on NIC Inc. (EGOV)
Investment analysts at DA Davidson assumed coverage on shares of NIC Inc. (NASDAQ:EGOV) in a research report issued to clients and investors on Wednesday, MarketBeat.com reports. The firm set a “neutral” rating and a $20.00 price target on the software maker’s stock. DA Davidson’s price target points to a potential upside of 5.54% from the company’s current price.
Separately, Zacks Investment Research raised shares of NIC from a “sell” rating to a “hold” rating in a research report on Tuesday, February 28th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company. NIC presently has a consensus rating of “Hold” and a consensus price target of $22.43.
NIC (EGOV) traded down 0.26% during midday trading on Wednesday, reaching $18.95. 586,748 shares of the company’s stock were exchanged. The firm has a 50-day moving average price of $20.16 and a 200 day moving average price of $21.78. The company has a market cap of $1.25 billion, a price-to-earnings ratio of 22.16 and a beta of 0.53. NIC has a 52 week low of $18.60 and a 52 week high of $25.90.
NIC (NASDAQ:EGOV) last issued its quarterly earnings results on Monday, May 1st. The software maker reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.03. NIC had a net margin of 17.64% and a return on equity of 39.07%. The firm had revenue of $83.20 million for the quarter, compared to analyst estimates of $81.99 million. During the same period in the previous year, the business earned $0.19 EPS. The company’s revenue was up 6.3% compared to the same quarter last year. Analysts anticipate that NIC will post $0.73 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 20th. Stockholders of record on Tuesday, June 6th were given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.69%. The ex-dividend date of this dividend was Friday, June 2nd. NIC’s dividend payout ratio (DPR) is presently 37.65%.
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In related news, COO Robert W. Knapp sold 25,000 shares of NIC 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 owns 197,531 shares of the company’s stock, valued at approximately $4,025,681.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 4.10% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. BlackRock Inc. increased its stake 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 during the last quarter. Vanguard Group Inc. increased its stake 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 during the last quarter. Dimensional Fund Advisors LP increased its stake 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 during the last quarter. Columbia Wanger Asset Management LLC increased its stake 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 during the last quarter. Finally, Conestoga Capital Advisors LLC increased its stake 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 during the last quarter. 92.93% of the stock is owned by institutional investors and hedge funds.
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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