NIC Inc. (NASDAQ:EGOV) Shares Gap Down After Analyst Downgrade
NIC Inc. (NASDAQ:EGOV)’s share price gapped down prior to trading on Monday after Sidoti downgraded the stock from a buy rating to a neutral rating. The stock had previously closed at $15.25, but opened at $16.35. Sidoti now has a $19.00 price target on the stock. NIC shares last traded at $16.23, with a volume of 355,319 shares changing hands.
A number of other equities analysts have also recently issued reports on EGOV. Zacks Investment Research raised shares of NIC from a “hold” rating to a “buy” rating and set a $23.00 price objective on the stock in a research note on Thursday, May 4th. 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 price objective on the stock. BidaskClub cut shares of NIC from a “sell” rating to a “strong sell” rating in a research note on Friday, June 30th. Imperial Capital upgraded shares of 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, July 17th. Finally, Maxim Group cut their target price on shares of NIC from $21.00 to $16.00 and set a “hold” rating on the stock in a report on Friday, July 21st. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company’s stock. NIC currently has an average rating of “Hold” and an average price target of $20.00.
In other NIC news, COO Robert W. Knapp sold 25,000 shares of the stock in a transaction 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 sale, the chief operating officer now directly 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 the SEC website. Company insiders own 4.10% of the company’s stock.
A number of large investors have recently bought and sold shares of the company. Russell Investments Group Ltd. purchased a new stake in NIC during the fourth quarter valued at $1,400,000. Envestnet Asset Management Inc. raised its stake 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 period. Thrivent Financial for Lutherans raised its stake 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 period. Teachers Advisors LLC raised its stake in NIC by 12.1% in the fourth quarter. Teachers Advisors LLC now owns 119,963 shares of the software maker’s stock valued at $2,867,000 after buying an additional 12,936 shares during the period. Finally, Creative Planning raised its stake in 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 during the period. Institutional investors own 92.20% of the company’s stock.
The stock has a market cap of $1.08 billion, a P/E ratio of 19.06 and a beta of 0.45. The firm has a 50 day moving average of $19.18 and a 200-day moving average of $21.03.
NIC (NASDAQ:EGOV) last announced its earnings results on Monday, May 1st. The software maker reported $0.21 earnings per share for the quarter, beating analysts’ consensus estimates of $0.18 by $0.03. The business had revenue of $83.20 million for the quarter, compared to the consensus estimate of $81.99 million. NIC had a net margin of 17.64% and a return on equity of 39.07%. NIC’s quarterly revenue was up 6.3% on a year-over-year basis. During the same period last year, the firm posted $0.19 earnings per share. Equities research analysts anticipate that NIC Inc. will post $0.73 EPS for the current 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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