NIC Inc. (NASDAQ:EGOV) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The firm presently has a $19.00 price target on the software maker’s stock. Zacks Investment Research‘s price target points to a potential upside of 9.83% from the company’s current price.

According to Zacks, “NIC Inc. provides digital government services that enable governments to use technology to provide various services to businesses. Its Outsourced Portals business enters into long-term contracts with state and local governments to design, build, and operate Internet-based, enterprise-wide portals on their behalf. These portals consist of Websites and applications that enable businesses and citizens to access government information online and complete transactions, such as applying for a permit, retrieving government records, or filing a government-mandated form or report. Its portal service offerings include motor vehicle driver history record retrieval; hunting/ fishing licenses; health professional license services; professional license renewal; business registrations and renewals; secretary of state business searches; Uniform Commercial Code searches and filings; limited criminal history searches; court services; vital records; income and property tax payments; and payment processing products and services. “

A number of other brokerages have also issued reports on EGOV. BidaskClub lowered shares of 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 report on Wednesday, June 28th. They issued a “neutral” rating and a $20.00 price target for the company. 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 report on Monday, July 17th. Maxim Group reduced their price target on NIC from $21.00 to $16.00 and set a “hold” rating on the stock in a research note on Friday, July 21st. Finally, Sidoti lowered NIC from a “buy” rating to a “neutral” rating and set a $19.00 price target on the stock. in a research note on Friday, July 21st. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $19.29.

NIC (NASDAQ:EGOV) traded up 0.87% during trading on Tuesday, hitting $17.30. The stock had a trading volume of 511,059 shares. The stock’s 50-day moving average is $16.59 and its 200 day moving average is $18.79. The firm has a market cap of $1.15 billion, a price-to-earnings ratio of 20.35 and a beta of 0.41. NIC has a one year low of $15.45 and a one year high of $25.90.

NIC (NASDAQ:EGOV) last posted its quarterly earnings data on Wednesday, August 2nd. The software maker reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.18 by $0.01. The business had revenue of $85.30 million during the quarter, compared to analyst estimates 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 quarter in the previous year, the business posted $0.20 earnings per share. Equities analysts anticipate that NIC will post $0.74 earnings per share for the current year.

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Hedge funds have recently modified their holdings of the stock. Pacad Investment Ltd. raised its stake in NIC by 350.0% during the second quarter. Pacad Investment Ltd. now owns 5,400 shares of the software maker’s stock worth $102,000 after purchasing an additional 4,200 shares during the period. Ameritas Investment Partners Inc. acquired a new position in shares of NIC in the 1st quarter valued at $111,000. SG Americas Securities LLC boosted its holdings in shares of NIC by 7.6% in the 1st quarter. SG Americas Securities LLC now owns 6,821 shares of the software maker’s stock valued at $138,000 after purchasing an additional 482 shares during the last quarter. Pinebridge Investments L.P. boosted its holdings in shares of NIC by 1.3% in the 2nd quarter. Pinebridge Investments L.P. now owns 8,201 shares of the software maker’s stock valued at $156,000 after purchasing an additional 108 shares during the last quarter. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA purchased a new stake in shares of NIC during the 2nd quarter valued at $153,000. 92.93% of the stock is owned by hedge funds and other institutional investors.

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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Analyst Recommendations for NIC (NASDAQ:EGOV)

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