NIC Inc. (EGOV) Position Held by New York State Teachers Retirement System
New York State Teachers Retirement System continued to hold its stake in NIC Inc. (NASDAQ:EGOV) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 36,200 shares of the software maker’s stock at the end of the first quarter. New York State Teachers Retirement System owned about 0.05% of NIC worth $731,000 at the end of the most recent reporting period.
A number of other large investors also recently added to or reduced their stakes in EGOV. Citadel Advisors LLC bought a new stake in NIC during the first quarter valued at about $2,461,000. Morgan Stanley boosted its stake in NIC by 7.8% in the first quarter. Morgan Stanley now owns 491,743 shares of the software maker’s stock valued at $9,935,000 after buying an additional 35,381 shares during the period. Dimensional Fund Advisors LP boosted its stake in NIC by 0.7% in the first quarter. Dimensional Fund Advisors LP now owns 2,066,804 shares of the software maker’s stock valued at $41,749,000 after buying an additional 14,342 shares during the period. Vanguard Group Inc. boosted 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. Finally, Menta Capital LLC boosted its stake in NIC by 27.7% in the first quarter. Menta Capital LLC now owns 113,071 shares of the software maker’s stock valued at $2,284,000 after buying an additional 24,521 shares during the period. 92.20% of the stock is owned by institutional investors.
Shares of NIC Inc. (NASDAQ:EGOV) opened at 16.30 on Tuesday. The stock has a 50 day moving average of $19.18 and a 200 day moving average of $21.03. NIC Inc. has a 12-month low of $16.17 and a 12-month high of $25.90. The company has a market cap of $1.08 billion, a price-to-earnings ratio of 19.06 and a beta of 0.45.
NIC (NASDAQ:EGOV) last issued its earnings results on Monday, May 1st. The software maker reported $0.21 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.18 by $0.03. The firm had revenue of $83.20 million for the quarter, compared to analysts’ expectations of $81.99 million. NIC had a net margin of 17.64% and a return on equity of 39.07%. The firm’s revenue was up 6.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.19 earnings per share. Analysts forecast that NIC Inc. will post $0.73 earnings per share for the current year.
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Several equities research analysts have issued reports on the stock. Sidoti cut shares of NIC from a “buy” rating to a “neutral” rating and set a $19.00 price objective for the company. in a research report on Friday. Maxim Group reduced their price target on shares of NIC from $21.00 to $16.00 and set a “hold” rating for the company in a report on Friday. Zacks Investment Research upgraded shares of NIC from a “hold” rating to a “buy” rating and set a $22.00 price target for the company in a report on Tuesday, July 18th. Imperial Capital upgraded shares of NIC from an “in-line” rating to an “outperform” rating and set a $23.00 price target for the company in a report on Monday, July 17th. Finally, BidaskClub lowered shares of NIC from a “sell” rating to a “strong sell” rating in a report on Friday, June 30th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $20.00.
In other NIC 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 sale, the chief operating officer now owns 197,531 shares of the company’s stock, valued at $4,025,681.78. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 4.10% of the stock is currently owned by company insiders.
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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