NIC Inc. (EGOV) Cut to Neutral at Sidoti
Sidoti lowered shares of NIC Inc. (NASDAQ:EGOV) from a buy rating to a neutral rating in a research report report published on Friday, MarketBeat Ratings reports. The firm currently has $19.00 price target on the software maker’s stock.
EGOV has been the topic of a number of other research reports. Zacks Investment Research downgraded NIC from a buy rating to a hold rating in a report on Monday, July 3rd. DA Davidson began coverage on NIC in a report on Wednesday, June 28th. They set a neutral rating and a $20.00 price target on the stock. BidaskClub downgraded NIC from a sell rating to a strong sell rating in a report on Friday, June 30th. Imperial Capital upgraded NIC from an in-line rating to an outperform rating and set a $23.00 price target on the stock in a report on Monday, July 17th. Finally, Maxim Group reduced their price target on NIC from $21.00 to $16.00 and set a hold rating on the stock in a report 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 stock. The company presently has a consensus rating of Hold and an average target price of $20.00.
Shares of NIC (EGOV) opened at 16.35 on Friday. The company’s 50 day moving average price is $19.42 and its 200 day moving average price is $21.17. The company has a market cap of $1.08 billion, a price-to-earnings ratio of 19.12 and a beta of 0.45. NIC has a 12 month low of $15.85 and a 12 month high of $25.90.
NIC (NASDAQ:EGOV) last announced its quarterly earnings results on Monday, May 1st. The software maker reported $0.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $81.99 million. During the same quarter in the previous year, the business earned $0.19 EPS. NIC’s revenue was up 6.3% compared to the same quarter last year. On average, equities analysts expect that NIC will post $0.73 EPS for the current fiscal year.
In other NIC news, COO Robert W. Knapp sold 25,000 shares of the company’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 transaction, the chief operating officer now owns 197,531 shares in the company, valued at approximately $4,025,681.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.10% of the stock is currently owned by corporate insiders.
Hedge funds have recently modified their holdings of the company. Copeland Capital Management LLC boosted its stake in shares of NIC by 7.1% in the second quarter. Copeland Capital Management LLC now owns 554,804 shares of the software maker’s stock worth $10,514,000 after buying an additional 36,967 shares in the last quarter. Conestoga Capital Advisors LLC boosted its stake in shares of NIC by 3.7% in the second quarter. Conestoga Capital Advisors LLC now owns 1,700,988 shares of the software maker’s stock worth $32,234,000 after buying an additional 60,970 shares in the last quarter. US Bancorp DE boosted its stake in shares of NIC by 20.5% in the second quarter. US Bancorp DE now owns 17,334 shares of the software maker’s stock worth $329,000 after buying an additional 2,943 shares in the last quarter. Legato Capital Management LLC bought a new stake in shares of NIC during the second quarter worth approximately $1,212,000. Finally, BTIM Corp. boosted its stake in shares of NIC by 20.2% in the second quarter. BTIM Corp. now owns 1,111,666 shares of the software maker’s stock worth $21,066,000 after buying an additional 187,062 shares in the last quarter. 92.20% of the stock is currently owned by hedge funds and other institutional investors.
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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