NIC Inc. (NASDAQ:EGOV) had its target price cut by Maxim Group from $21.00 to $16.00 in a research note issued on Friday. The firm currently has a “hold” rating on the software maker’s stock. Maxim Group’s price objective would suggest a potential downside of 11.36% from the company’s previous close.

The analysts wrote, “Texas has released its Request for Offer (RFO) for Texas.gov, where EGOV is the vendor and this contract generated 20% of 2016 revenue or about $63 million.””

Several other equities research analysts have also recently commented on the company. Zacks Investment Research raised NIC from a “hold” rating to a “buy” rating and set a $22.00 target price on the stock in a report on Tuesday. Imperial Capital raised NIC from an “in-line” rating to an “outperform” rating and set a $23.00 target price on the stock in a report on Monday. BidaskClub cut NIC from a “sell” rating to a “strong sell” rating in a report on Friday, June 30th. Finally, DA Davidson began coverage on NIC in a report on Wednesday, June 28th. They set a “neutral” rating and a $20.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $21.29.

Shares of NIC (EGOV) opened at 18.05 on Friday. The company has a 50 day moving average price of $19.42 and a 200-day moving average price of $21.17. The firm has a market cap of $1.20 billion, a PE ratio of 21.11 and a beta of 0.45. NIC has a 12-month low of $18.00 and a 12-month high of $25.90.

NIC (NASDAQ:EGOV) last announced its earnings results 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 firm had revenue of $83.20 million for the quarter, compared to analysts’ expectations of $81.99 million. During the same quarter in the previous year, the company earned $0.19 earnings per share. The firm’s quarterly revenue was up 6.3% compared to the same quarter last year. Analysts expect that NIC will post $0.73 EPS for the current year.

TRADEMARK VIOLATION WARNING: “NIC Inc. (NASDAQ:EGOV) Price Target Cut to $16.00” was posted by Daily Political and is the property of of Daily Political. If you are viewing this article on another website, it was stolen and republished in violation of US & international copyright and trademark laws. The original version of this article can be read at https://www.dailypolitical.com/2017/07/21/nic-inc-nasdaqegov-price-target-cut-to-16-00.html.

In other NIC news, COO Robert W. Knapp sold 25,000 shares of NIC stock in a transaction that occurred on Monday, May 22nd. The shares were sold at an average price of $20.38, for a total value of $509,500.00. Following the transaction, the chief operating officer now owns 197,531 shares in the company, valued at $4,025,681.78. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders own 4.10% of the company’s stock.

A number of institutional investors have recently bought and sold shares of EGOV. Russell Investments Group Ltd. purchased a new position in NIC during the fourth quarter valued at $1,400,000. State Street Corp boosted its position in NIC by 6.1% in the fourth quarter. State Street Corp now owns 1,443,519 shares of the software maker’s stock valued at $34,504,000 after buying an additional 82,935 shares during the last quarter. Envestnet Asset Management Inc. boosted its position in NIC by 8.5% in the fourth quarter. Envestnet Asset Management Inc. now owns 10,412 shares of the software maker’s stock valued at $249,000 after buying an additional 814 shares during the last quarter. Thrivent Financial for Lutherans boosted its position in NIC by 6.7% in the fourth quarter. Thrivent Financial for Lutherans now owns 33,760 shares of the software maker’s stock valued at $807,000 after buying an additional 2,120 shares during the last quarter. Finally, Norges Bank purchased a new position in NIC during the fourth quarter valued at $37,781,000. Hedge funds and other institutional investors own 92.19% of the company’s stock.

About NIC

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.

Analyst Recommendations for NIC (NASDAQ:EGOV)

Receive News & Ratings for NIC Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NIC Inc. and related companies with MarketBeat.com's FREE daily email newsletter.