NIC Inc. (EGOV) Lowered to Hold at Zacks Investment Research
NIC Inc. (NASDAQ:EGOV) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.
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 equities research analysts have also commented on EGOV. Maxim Group reduced their price objective on NIC from $21.00 to $16.00 and set a “hold” rating for the company in a research note on Friday, July 21st. Imperial Capital upgraded NIC from an “in-line” rating to an “outperform” rating and set a $23.00 price target for the company in a research note on Monday, July 17th. TheStreet lowered NIC from a “b-” rating to a “c+” rating in a research note on Monday, August 14th. BidaskClub lowered NIC from a “sell” rating to a “strong sell” rating in a research note on Friday, June 30th. Finally, Sidoti downgraded shares of NIC from a “buy” rating to a “neutral” rating and set a $19.00 price objective for the company. in a report on Friday, July 21st. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $20.00.
NIC (NASDAQ EGOV) traded up 0.92% on Tuesday, hitting $16.40. The company’s stock had a trading volume of 384,664 shares. The stock has a market cap of $1.09 billion, a PE ratio of 19.29 and a beta of 0.42. NIC has a 12 month low of $15.45 and a 12 month high of $25.90. The firm has a 50 day moving average of $16.90 and a 200-day moving average of $19.68.
NIC (NASDAQ:EGOV) last released its quarterly earnings data on Wednesday, August 2nd. The software maker reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.01. The business had revenue of $85.30 million for the quarter, compared to analysts’ expectations of $83.57 million. NIC had a return on equity of 38.37% and a net margin of 17.31%. The firm’s quarterly revenue was up 5.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.20 EPS. On average, analysts expect that NIC will post $0.74 earnings per share for the current fiscal year.
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Several large investors have recently bought and sold shares of EGOV. Gotham Asset Management LLC increased its position in NIC by 18.0% in the first quarter. Gotham Asset Management LLC now owns 293,849 shares of the software maker’s stock worth $5,936,000 after buying an additional 44,856 shares in the last quarter. Ameriprise Financial Inc. boosted its position in NIC by 4.5% in the first quarter. Ameriprise Financial Inc. now owns 656,433 shares of the software maker’s stock worth $13,260,000 after buying an additional 28,513 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its position in NIC by 8.1% in the first quarter. Schwab Charles Investment Management Inc. now owns 272,483 shares of the software maker’s stock worth $5,505,000 after buying an additional 20,473 shares during the last quarter. Koch Industries Inc. purchased a new position in NIC during the first quarter worth $349,000. Finally, Rhumbline Advisers boosted its position in NIC by 8.9% in the fourth quarter. Rhumbline Advisers now owns 151,576 shares of the software maker’s stock worth $2,983,000 after buying an additional 12,345 shares during the last quarter. Institutional investors and hedge funds own 92.93% 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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