Zacks Investment Research Lowers NIC Inc. (EGOV) to Sell
NIC Inc. (NASDAQ:EGOV) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Tuesday.
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. “
Several other equities research analysts have also recently issued reports on the stock. BidaskClub raised shares of NIC from a “strong sell” rating to a “sell” rating in a research report on Friday, August 25th. DA Davidson reissued a “neutral” rating and issued a $18.00 price target on shares of NIC in a research report on Wednesday, September 20th. Imperial Capital raised shares of NIC from an “in-line” rating to an “outperform” rating and set a $23.00 price target for the company in a research report on Monday, July 17th. Maxim Group reduced their price target on shares of NIC from $21.00 to $16.00 and set a “hold” rating for the company in a research report on Friday, July 21st. Finally, Sidoti cut shares of NIC from a “buy” rating to a “neutral” rating and set a $19.00 price target for the company. in a research report on Friday, July 21st. Three research analysts have rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $19.29.
NIC (NASDAQ:EGOV) traded down 2.60% during mid-day trading on Tuesday, reaching $16.85. The company’s stock had a trading volume of 489,084 shares. NIC has a 52 week low of $15.45 and a 52 week high of $25.90. The firm has a market capitalization of $1.12 billion, a price-to-earnings ratio of 19.82 and a beta of 0.41. The company’s 50-day moving average price is $17.11 and its 200 day moving average price is $18.48.
NIC (NASDAQ:EGOV) last issued its quarterly earnings results on Wednesday, August 2nd. The software maker reported $0.19 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.18 by $0.01. NIC had a net margin of 17.31% and a return on equity of 38.37%. The company had revenue of $85.30 million during the quarter, compared to analysts’ expectations of $83.57 million. During the same quarter last year, the company posted $0.20 EPS. The firm’s revenue was up 5.6% compared to the same quarter last year. On average, equities analysts forecast that NIC will post $0.74 earnings per share for the current fiscal year.
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A number of hedge funds and other institutional investors have recently bought and sold shares of EGOV. Pacad Investment Ltd. increased its stake in NIC by 350.0% in the second quarter. Pacad Investment Ltd. now owns 5,400 shares of the software maker’s stock valued at $102,000 after purchasing an additional 4,200 shares during the period. Ameritas Investment Partners Inc. acquired a new position in shares of NIC during the first quarter worth about $111,000. SG Americas Securities LLC increased its stake in shares of NIC by 7.6% during the first quarter. SG Americas Securities LLC now owns 6,821 shares of the software maker’s stock worth $138,000 after acquiring an additional 482 shares during the period. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA acquired a new position in shares of NIC during the second quarter worth about $153,000. Finally, Pinebridge Investments L.P. increased its stake in shares of NIC by 1.3% during the second quarter. Pinebridge Investments L.P. now owns 8,201 shares of the software maker’s stock worth $156,000 after acquiring an additional 108 shares during the period. Institutional investors own 92.90% 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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