$83.01 Million in Sales Expected for NIC Inc. (EGOV) This Quarter
Wall Street analysts expect that NIC Inc. (NASDAQ:EGOV) will announce $83.01 million in sales for the current fiscal quarter, Zacks reports. Four analysts have provided estimates for NIC’s earnings, with estimates ranging from $81.49 million to $84.00 million. NIC reported sales of $80.37 million during the same quarter last year, which would suggest a positive year over year growth rate of 3.3%. The firm is scheduled to announce its next quarterly earnings report on Thursday, November 2nd.
According to Zacks, analysts expect that NIC will report full year sales of $83.01 million for the current financial year, with estimates ranging from $329.93 million to $336.70 million. For the next year, analysts anticipate that the company will report sales of $355.87 million per share, with estimates ranging from $352.51 million to $357.97 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that follow NIC.
NIC (NASDAQ:EGOV) last announced its quarterly earnings data on Wednesday, August 2nd. The software maker reported $0.19 EPS for the quarter, beating the consensus estimate of $0.18 by $0.01. The business had revenue of $85.30 million during the quarter, compared to the consensus estimate of $83.57 million. NIC had a net margin of 17.31% and a return on equity of 38.37%. The company’s revenue was up 5.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.20 earnings per share.
EGOV has been the subject of a number of research analyst reports. Zacks Investment Research raised shares of NIC from a “hold” rating to a “buy” rating and set a $23.00 price objective for the company in a report on Thursday, May 4th. DA Davidson initiated coverage on shares of NIC in a report on Wednesday, June 28th. They set a “neutral” rating and a $20.00 price objective for the company. BidaskClub downgraded shares of NIC from a “sell” rating to a “strong sell” rating in a report on Friday, June 30th. Imperial Capital raised shares of NIC from an “in-line” rating to an “outperform” rating and set a $23.00 price objective for the company in a report on Monday, July 17th. Finally, Maxim Group dropped their price objective on shares of NIC from $21.00 to $16.00 and set a “hold” rating for the company in a report on Friday, July 21st. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company’s stock. NIC has a consensus rating of “Hold” and an average price target of $20.00.
Shares of NIC (EGOV) traded down 1.087% on Tuesday, hitting $15.925. 187,202 shares of the stock traded hands. The stock has a 50-day moving average price of $17.57 and a 200 day moving average price of $20.11. NIC has a 52 week low of $15.75 and a 52 week high of $25.90. The firm has a market cap of $1.06 billion, a P/E ratio of 18.735 and a beta of 0.42.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 20th. Investors of record on Wednesday, September 6th will be given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 1.99%. The ex-dividend date of this dividend is Friday, September 1st. NIC’s payout ratio is presently 38.10%.
In related news, COO Robert W. Knapp sold 25,000 shares of NIC stock in a transaction on Monday, May 22nd. The shares were 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 in the company, valued at approximately $4,025,681.78. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 4.10% of the stock is owned by company insiders.
A number of institutional investors have recently modified their holdings of the company. Arrowstreet Capital Limited Partnership boosted its position in shares of NIC by 36.0% in the second quarter. Arrowstreet Capital Limited Partnership now owns 81,646 shares of the software maker’s stock worth $1,547,000 after buying an additional 21,612 shares during the last quarter. Cubist Systematic Strategies LLC purchased a new position in NIC during the second quarter worth about $259,000. State Street Corp boosted its position in NIC by 5.9% in the second quarter. State Street Corp now owns 1,587,370 shares of the software maker’s stock worth $30,083,000 after buying an additional 88,954 shares during the last quarter. Gotham Asset Management LLC boosted its position in NIC by 1.8% in the second quarter. Gotham Asset Management LLC now owns 299,205 shares of the software maker’s stock worth $5,670,000 after buying an additional 5,356 shares during the last quarter. Finally, Fred Alger Management Inc. boosted its position in NIC by 0.6% in the second quarter. Fred Alger Management Inc. now owns 477,570 shares of the software maker’s stock worth $9,050,000 after buying an additional 2,812 shares during the last quarter. Institutional investors own 92.55% of the company’s stock.
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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