NIC Inc. (NASDAQ:EGOV) Downgraded by Zacks Investment Research to Hold
NIC Inc. (NASDAQ:EGOV) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Monday.
According to Zacks, “NIC Inc. is a provider of Internet-based, electronic government services that help governments use the Internet to reduce costs and provide a higher level of service to businesses and citizens. They accomplish this currently through three different business segments: state and local portal businesses, government procurement business and eGovernment products businesses. “
A number of other equities research analysts also recently weighed in on EGOV. DA Davidson began coverage on NIC in a research note on Wednesday, June 28th. They set a “neutral” rating and a $20.00 price target for the company. BidaskClub downgraded NIC from a “sell” rating to a “strong sell” rating in a research note on Friday. Two analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $22.43.
NIC (EGOV) traded down 1.58% during mid-day trading on Monday, reaching $18.65. 278,282 shares of the company were exchanged. The stock’s 50-day moving average is $20.16 and its 200-day moving average is $21.78. The company has a market cap of $1.23 billion, a P/E ratio of 21.81 and a beta of 0.45. NIC has a 12 month low of $18.55 and a 12 month high of $25.90.
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 Zacks’ consensus estimate of $0.18 by $0.03. NIC had a return on equity of 39.07% and a net margin of 17.64%. The company had revenue of $83.20 million during the quarter, compared to the consensus estimate of $81.99 million. During the same period last year, the business earned $0.19 EPS. The business’s quarterly revenue was up 6.3% on a year-over-year basis. Equities analysts expect that NIC will post $0.73 earnings per share for the current year.
The business 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. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.72%. The ex-dividend date was Friday, June 2nd. NIC’s payout ratio is 37.65%.
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In related news, COO Robert W. Knapp sold 25,000 shares of the firm’s 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 directly owns 197,531 shares of the company’s stock, valued at approximately $4,025,681.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.10% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently modified their holdings of EGOV. Ameritas Investment Partners Inc. bought a new position in shares of NIC during the first quarter worth $111,000. State of Alaska Department of Revenue increased its position in shares of NIC by 2.1% in the first quarter. State of Alaska Department of Revenue now owns 6,850 shares of the software maker’s stock worth $138,000 after buying an additional 140 shares during the last quarter. SG Americas Securities LLC increased its position in shares of NIC by 7.6% in the first quarter. SG Americas Securities LLC now owns 6,821 shares of the software maker’s stock worth $138,000 after buying an additional 482 shares during the last quarter. Advisors Asset Management Inc. increased its position in shares of NIC by 595.1% in the first quarter. Advisors Asset Management Inc. now owns 8,932 shares of the software maker’s stock worth $180,000 after buying an additional 7,647 shares during the last quarter. Finally, Creative Planning increased its position in shares of 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. 92.93% of the stock is currently 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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