NIC Inc. (NASDAQ:EGOV) Upgraded at Zacks Investment Research
NIC Inc. (NASDAQ:EGOV) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The brokerage presently has a $22.00 price target on the software maker’s stock. Zacks Investment Research‘s target price indicates a potential upside of 14.58% from the stock’s current price.
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. “
Several other research firms have 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 target price for the company. BidaskClub cut NIC from a “sell” rating to a “strong sell” rating in a research note on Friday, June 30th. Finally, Imperial Capital upgraded NIC from an “in-line” rating to an “outperform” rating and set a $23.00 target price for the company in a research note on Monday. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $22.29.
NIC (EGOV) remained flat at $19.20 during mid-day trading on Tuesday. The stock had a trading volume of 652,753 shares. 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 capitalization of $1.27 billion, a PE ratio of 22.46 and a beta of 0.45. NIC has a one year low of $18.00 and a one year high of $25.90.
NIC (NASDAQ:EGOV) last announced its quarterly earnings data 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. The business had revenue of $83.20 million during the quarter, compared to analysts’ expectations of $81.99 million. NIC had a return on equity of 39.07% and a net margin of 17.64%. The business’s quarterly revenue was up 6.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.19 EPS. Equities analysts anticipate that NIC will post $0.73 EPS for the current fiscal year.
In related news, COO Robert W. Knapp sold 25,000 shares of the business’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 transaction of $509,500.00. Following the completion of the sale, the chief operating officer now 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. 4.10% of the stock is owned by insiders.
Large investors have recently bought and sold shares of the company. State of Alaska Department of Revenue raised its position in 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 valued at $138,000 after buying an additional 140 shares during the period. Nisa Investment Advisors LLC raised its position in NIC by 19.6% in the first quarter. Nisa Investment Advisors LLC now owns 48,130 shares of the software maker’s stock valued at $972,000 after buying an additional 7,880 shares during the period. Conestoga Capital Advisors LLC raised its position 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 period. Louisiana State Employees Retirement System raised its position in 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. Finally, Capstone Asset Management Co. raised its position in NIC by 3.3% in the first quarter. Capstone Asset Management Co. now owns 18,505 shares of the software maker’s stock valued at $374,000 after buying an additional 585 shares during the period. Hedge funds and other institutional investors own 92.19% 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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