NIC Inc. (EGOV) Downgraded to C+ at TheStreet
NIC Inc. (NASDAQ:EGOV) was downgraded by stock analysts at TheStreet from a “b-” rating to a “c+” rating in a research report issued to clients and investors on Monday.
Other equities research analysts have also recently issued reports about the company. Zacks Investment Research upgraded NIC from a “hold” rating to a “buy” rating and set a $23.00 price target on the stock in a research report on Thursday, May 4th. BidaskClub cut shares of NIC from a “sell” rating to a “strong sell” rating in a research report on Friday, June 30th. DA Davidson began coverage on shares of NIC in a research report on Wednesday, June 28th. They issued a “neutral” rating and a $20.00 price objective on the stock. Sidoti cut shares of NIC from a “buy” rating to a “neutral” rating and set a $19.00 price objective on the stock. in a research report on Friday, July 21st. Finally, Maxim Group set a $16.00 price objective on shares of NIC and gave the stock a “hold” rating in a research report on Thursday, August 3rd. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $20.00.
NIC (NASDAQ:EGOV) opened at 15.85 on Monday. The company has a market capitalization of $1.05 billion, a price-to-earnings ratio of 18.65 and a beta of 0.42. The firm has a 50-day moving average of $17.47 and a 200 day moving average of $20.04. NIC has a 12-month low of $15.75 and a 12-month high of $25.90.
NIC (NASDAQ:EGOV) last announced its quarterly earnings results on Wednesday, August 2nd. The software maker reported $0.19 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.18 by $0.01. NIC had a return on equity of 34.45% and a net margin of 14.96%. The firm had revenue of $85.30 million for the quarter, compared to analysts’ expectations of $83.57 million. During the same period in the prior year, the business posted $0.20 earnings per share. The company’s revenue was up 5.6% on a year-over-year basis. Analysts expect that NIC will post $0.74 EPS for the current fiscal year.
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In other news, COO Robert W. Knapp sold 25,000 shares of the 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 completion of 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 legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 4.10% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in EGOV. Pacad Investment Ltd. raised its stake in NIC by 350.0% in the second quarter. Pacad Investment Ltd. now owns 5,400 shares of the software maker’s stock worth $102,000 after buying an additional 4,200 shares during the period. Ameritas Investment Partners Inc. bought a new stake in NIC during the first quarter worth $111,000. State of Alaska Department of Revenue raised its stake in NIC by 2.1% in the first quarter. State of Alaska Department of Revenue now owns 6,850 shares of the software maker’s stock worth $138,000 after buying an additional 140 shares during the period. SG Americas Securities LLC raised its stake in NIC by 7.6% in the first quarter. SG Americas Securities LLC now owns 6,821 shares of the software maker’s stock worth $138,000 after buying an additional 482 shares during the period. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA bought a new stake in NIC during the second quarter worth $153,000. 92.55% of the stock is owned by hedge funds and other institutional investors.
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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