NIC Inc. (NASDAQ:EGOV) Upgraded by Zacks Investment Research to “Buy”
Zacks Investment Research upgraded shares of NIC Inc. (NASDAQ:EGOV) from a hold rating to a buy rating in a report issued on Tuesday. The brokerage currently has $22.00 price target on the software maker’s stock.
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. Imperial Capital upgraded 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. DA Davidson assumed coverage on NIC in a research note on Wednesday, June 28th. They set a neutral rating and a $20.00 price objective for the company. Finally, BidaskClub lowered NIC from a sell rating to a strong sell rating in a research note on Friday, June 30th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the stock. The stock has a consensus rating of Hold and a consensus price target of $22.29.
Shares of NIC (NASDAQ EGOV) traded up 1.172% during trading on Tuesday, reaching $19.425. The company had a trading volume of 24,285 shares. NIC has a 52 week low of $18.00 and a 52 week high of $25.90. The company has a market capitalization of $1.29 billion, a PE ratio of 22.719 and a beta of 0.45. The stock’s 50-day moving average price is $19.50 and its 200-day moving average price is $21.21.
NIC (NASDAQ:EGOV) last posted its quarterly earnings data on Monday, May 1st. The software maker reported $0.21 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.18 by $0.03. NIC had a return on equity of 39.07% and a net margin of 17.64%. The company had revenue of $83.20 million during the quarter, compared to analyst estimates of $81.99 million. During the same period in the previous year, the business earned $0.19 EPS. NIC’s quarterly revenue was up 6.3% on a year-over-year basis. On average, equities analysts expect that NIC will post $0.73 EPS for the current fiscal year.
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The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 20th. Shareholders of record on Tuesday, June 6th were paid a dividend of $0.08 per share. The ex-dividend date of this dividend was Friday, June 2nd. This represents a $0.32 annualized dividend and a yield of 1.67%. NIC’s dividend payout ratio (DPR) is currently 37.65%.
In other NIC news, COO Robert W. Knapp sold 25,000 shares of the business’s stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $20.38, for a total transaction of $509,500.00. Following the completion of the sale, the chief operating officer now directly owns 197,531 shares in the company, valued at approximately $4,025,681.78. The transaction was disclosed in a document filed with the SEC, which is available through this link. 4.10% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. Ameritas Investment Partners Inc. bought a new position in shares of NIC during the first quarter valued at $111,000. State of Alaska Department of Revenue boosted its position in shares of NIC by 2.1% in the first quarter. State of Alaska Department of Revenue now owns 6,850 shares of the software maker’s stock valued at $138,000 after buying an additional 140 shares in the last quarter. SG Americas Securities LLC boosted its position in shares of NIC by 7.6% in the first quarter. SG Americas Securities LLC now owns 6,821 shares of the software maker’s stock valued at $138,000 after buying an additional 482 shares in the last quarter. Advisors Asset Management Inc. boosted its position in shares of NIC by 595.1% in the first quarter. Advisors Asset Management Inc. now owns 8,932 shares of the software maker’s stock valued at $180,000 after buying an additional 7,647 shares in the last quarter. Finally, Creative Planning boosted its position in shares of NIC by 1.1% in the first quarter. Creative Planning now owns 11,564 shares of the software maker’s stock valued at $234,000 after buying an additional 127 shares in the last quarter. Institutional investors and hedge funds own 92.19% 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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