NIC Inc. (NASDAQ:EGOV) shares hit a new 52-week low on Friday after Sidoti downgraded the stock from a buy rating to a neutral rating. The company traded as low as $16.30 and last traded at $16.33, with a volume of 1,139,268 shares trading hands. The stock had previously closed at $18.05.

EGOV has been the topic of a number of other reports. Zacks Investment Research lowered shares of NIC from a “buy” rating to a “hold” rating in a research note on Monday, July 3rd. Imperial Capital raised shares of NIC from an “in-line” rating to an “outperform” rating and set a $23.00 price target on the stock in a research note on Monday. BidaskClub lowered shares of NIC from a “sell” rating to a “strong sell” rating in a research note on Friday, June 30th. DA Davidson started coverage on shares of NIC in a research note on Wednesday, June 28th. They issued a “neutral” rating and a $20.00 target price on the stock. Finally, Maxim Group decreased their target price on shares of NIC from $21.00 to $16.00 and set a “hold” rating on the stock in a research note on Friday. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company’s stock. NIC presently has an average rating of “Hold” and a consensus target price of $21.29.

In other news, COO Robert W. Knapp sold 25,000 shares of the firm’s stock in a transaction that occurred on Monday, May 22nd. The shares were 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 owns 197,531 shares in the company, valued at approximately $4,025,681.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 4.10% of the stock is owned by company insiders.

Several hedge funds have recently made changes to their positions in EGOV. BlackRock Inc. increased its stake in NIC by 139,679.0% in the first quarter. BlackRock Inc. now owns 7,479,576 shares of the software maker’s stock valued at $151,087,000 after buying an additional 7,474,225 shares during the period. Norges Bank bought a new stake in NIC during the fourth quarter valued at $37,781,000. Copeland Capital Management LLC bought a new stake in NIC during the first quarter valued at $10,900,000. FMR LLC increased its stake in NIC by 136.8% in the first quarter. FMR LLC now owns 743,200 shares of the software maker’s stock valued at $15,013,000 after buying an additional 429,400 shares during the period. Finally, Vanguard Group Inc. increased its stake in NIC by 7.8% in the first quarter. Vanguard Group Inc. now owns 5,903,569 shares of the software maker’s stock valued at $119,252,000 after buying an additional 427,702 shares during the period. Institutional investors and hedge funds own 92.19% of the company’s stock.

The company has a market capitalization of $1.08 billion, a PE ratio of 19.12 and a beta of 0.45. The firm’s 50 day moving average is $19.42 and its 200-day moving average is $21.17.

NIC (NASDAQ:EGOV) last issued its quarterly earnings results on Monday, May 1st. The software maker reported $0.21 EPS for the quarter, topping the consensus estimate of $0.18 by $0.03. NIC had a net margin of 17.64% and a return on equity of 39.07%. The firm had revenue of $83.20 million during the quarter, compared to analyst estimates of $81.99 million. During the same quarter in the prior year, the business posted $0.19 earnings per share. NIC’s revenue for the quarter was up 6.3% compared to the same quarter last year. Analysts expect that NIC Inc. will post $0.73 earnings per share for the current fiscal year.

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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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