NIC Inc. (NASDAQ:EGOV) Price Target Lowered to $16.00 at Maxim Group
NIC Inc. (NASDAQ:EGOV) had its target price cut by equities researchers at Maxim Group from $21.00 to $16.00 in a report released on Friday. The brokerage presently has a “hold” rating on the software maker’s stock. Maxim Group’s price objective would suggest a potential downside of 2.14% from the company’s current price.
The analysts wrote, “Texas has released its Request for Offer (RFO) for Texas.gov, where EGOV is the vendor and this contract generated 20% of 2016 revenue or about $63 million.””
Several other brokerages have also commented on EGOV. Zacks Investment Research lowered NIC from a “buy” rating to a “hold” rating in a research report on Monday, July 3rd. BidaskClub lowered NIC from a “sell” rating to a “strong sell” rating in a research report on Friday, June 30th. DA Davidson started coverage on NIC in a research report on Wednesday, June 28th. They set a “neutral” rating and a $20.00 target price on the stock. Finally, Imperial Capital upgraded NIC from an “in-line” rating to an “outperform” rating and set a $23.00 target price on the stock in a research report on Monday, July 17th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $21.29.
Shares of NIC (NASDAQ EGOV) traded down 9.42% during trading on Friday, reaching $16.35. The company’s stock had a trading volume of 2,175,791 shares. The company’s 50 day moving average price is $19.42 and its 200 day moving average price is $21.17. NIC has a 12 month low of $15.85 and a 12 month high of $25.90. The firm has a market cap of $1.08 billion, a PE ratio of 19.12 and a beta of 0.45.
NIC (NASDAQ:EGOV) last released its quarterly earnings results on Monday, May 1st. The software maker reported $0.21 EPS for the quarter, beating analysts’ consensus estimates of $0.18 by $0.03. NIC had a return on equity of 39.07% and a net margin of 17.64%. The firm had revenue of $83.20 million for the quarter, compared to analyst estimates of $81.99 million. During the same quarter in the previous year, the company posted $0.19 EPS. The business’s revenue was up 6.3% on a year-over-year basis. On average, equities analysts predict that NIC will post $0.73 earnings per share for the current year.
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In related news, COO Robert W. Knapp sold 25,000 shares of the company’s stock in a transaction dated Monday, May 22nd. The stock was sold at an average price of $20.38, for a total transaction of $509,500.00. Following the sale, the chief operating officer now owns 197,531 shares in the company, valued at approximately $4,025,681.78. The sale was disclosed in a 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 the company. BlackRock Inc. raised its position 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. raised its position 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 raised its position 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 raised its position 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 raised its position in shares of NIC by 3.7% in the second quarter. Conestoga Capital Advisors LLC now owns 1,700,988 shares of the software maker’s stock valued at $32,234,000 after buying an additional 60,970 shares during the last quarter. Institutional investors and hedge funds 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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