NIC Inc. (EGOV) Stock Rating Upgraded by Zacks Investment Research
NIC Inc. (NASDAQ:EGOV) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Friday.
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 equities analysts have also commented on EGOV. Maxim Group reaffirmed a “hold” rating and issued a $16.00 price target on shares of NIC in a report on Thursday. BidaskClub raised NIC from a “strong sell” rating to a “sell” rating in a research note on Friday, August 25th. Imperial Capital raised NIC from an “in-line” rating to an “outperform” rating and set a $23.00 price objective for the company in a research note on Monday, July 17th. Sidoti lowered NIC from a “buy” rating to a “neutral” rating and set a $19.00 price objective for the company. in a research note on Friday, July 21st. Finally, DA Davidson reissued a “neutral” rating and set a $18.00 price objective on shares of NIC in a research note on Wednesday, September 20th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $19.29.
NIC (EGOV) traded down $0.50 during trading on Friday, hitting $15.95. The stock had a trading volume of 821,271 shares, compared to its average volume of 382,729. The stock has a market capitalization of $1.10 billion, a P/E ratio of 20.43 and a beta of 0.38.
NIC (NASDAQ:EGOV) last posted its quarterly earnings results on Wednesday, November 1st. The software maker reported $0.21 EPS for the quarter, topping the Zacks’ consensus estimate of $0.18 by $0.03. NIC had a return on equity of 36.89% and a net margin of 16.42%. The firm had revenue of $84.53 million during the quarter, compared to analyst estimates of $83.55 million. During the same period last year, the company earned $0.24 earnings per share. The business’s revenue for the quarter was up 5.2% on a year-over-year basis. research analysts predict that NIC will post 0.77 EPS for the current fiscal year.
A number of large investors have recently bought and sold shares of the stock. Pacad Investment Ltd. raised its position in NIC by 350.0% during 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 in the last quarter. SG Americas Securities LLC raised its position in NIC by 7.6% during the first 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 in the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA purchased a new stake in NIC during the second quarter valued at about $153,000. Pinebridge Investments L.P. raised its position in NIC by 1.3% during the second 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 in the last quarter. Finally, First Trust Advisors LP purchased a new stake in NIC during the third quarter valued at about $188,000. 93.46% of the stock is owned by institutional investors.
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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