Arrowstreet Capital Limited Partnership Has $1.55 Million Position in NIC Inc. (EGOV)
Arrowstreet Capital Limited Partnership increased its position in NIC Inc. (NASDAQ:EGOV) by 36.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 81,646 shares of the software maker’s stock after buying an additional 21,612 shares during the quarter. Arrowstreet Capital Limited Partnership owned 0.12% of NIC worth $1,547,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Pacad Investment Ltd. increased its stake in shares of 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. purchased a new position in shares of NIC in the first quarter worth $111,000. SG Americas Securities LLC increased its stake in shares of 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. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA purchased a new position in NIC during the 2nd quarter valued at $153,000. Finally, Pinebridge Investments L.P. increased its position in NIC by 1.3% during the 2nd quarter. Pinebridge Investments L.P. now owns 8,201 shares of the software maker’s stock valued at $156,000 after purchasing an additional 108 shares during the period. 92.93% of the stock is currently owned by institutional investors.
EGOV has been the topic of a number of research analyst reports. Zacks Investment Research raised shares of NIC from a “hold” rating to a “buy” rating and set a $19.00 price objective on the stock in a research report on Tuesday, October 3rd. TheStreet downgraded shares of NIC from a “b-” rating to a “c+” rating in a research report on Monday, August 14th. Maxim Group reduced their price objective on shares of NIC from $21.00 to $16.00 and set a “hold” rating on the stock in a research report on Friday, July 21st. DA Davidson reissued a “neutral” rating and set a $18.00 price objective on shares of NIC in a research report on Wednesday, September 20th. Finally, Sidoti downgraded 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. Two analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the stock. NIC currently has a consensus rating of “Hold” and an average target price of $19.29.
NIC Inc. (EGOV) opened at 17.80 on Friday. The firm’s 50-day moving average is $17.08 and its 200-day moving average is $18.53. NIC Inc. has a 12 month low of $15.45 and a 12 month high of $25.90. The stock has a market capitalization of $1.18 billion, a P/E ratio of 20.94 and a beta of 0.41.
NIC (NASDAQ:EGOV) last released its earnings results on Wednesday, August 2nd. The software maker reported $0.19 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.01. NIC had a return on equity of 38.37% and a net margin of 17.31%. The business had revenue of $85.30 million during the quarter, compared to the consensus estimate of $83.57 million. During the same period last year, the company earned $0.20 earnings per share. The business’s revenue for the quarter was up 5.6% compared to the same quarter last year. On average, equities analysts expect that NIC Inc. will post $0.74 earnings per share for the current fiscal year.
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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