NIC (NASDAQ:EGOV) was downgraded by equities research analysts at ValuEngine from a “hold” rating to a “sell” rating in a research note issued on Thursday.

EGOV has been the subject of a number of other reports. BidaskClub lowered shares of NIC from a “buy” rating to a “hold” rating in a research note on Friday, June 8th. TheStreet raised shares of NIC from a “c+” rating to a “b-” rating in a research note on Wednesday, August 22nd. Zacks Investment Research raised shares of NIC from a “sell” rating to a “hold” rating in a research note on Wednesday, May 9th. Stephens reaffirmed a “hold” rating and issued a $18.00 target price on shares of NIC in a research note on Thursday, August 2nd. Finally, Loop Capital upped their target price on shares of NIC to $17.00 and gave the stock a “hold” rating in a research note on Thursday, August 2nd. One analyst has rated the stock with a sell rating and seven have assigned a hold rating to the stock. The company presently has an average rating of “Hold” and an average target price of $17.80.

Shares of NASDAQ EGOV opened at $16.30 on Thursday. The firm has a market capitalization of $1.08 billion, a P/E ratio of 21.14, a P/E/G ratio of 2.06 and a beta of 0.68. NIC has a 1-year low of $12.65 and a 1-year high of $18.90.

NIC (NASDAQ:EGOV) last announced its earnings results on Wednesday, August 1st. The software maker reported $0.25 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.22 by $0.03. The firm had revenue of $92.50 million during the quarter, compared to analyst estimates of $90.36 million. NIC had a net margin of 16.52% and a return on equity of 33.16%. The company’s revenue for the quarter was up 8.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.19 EPS. analysts predict that NIC will post 0.79 earnings per share for the current year.

A number of large investors have recently modified their holdings of the business. Public Employees Retirement System of Ohio lifted its position in NIC by 15.6% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 48,312 shares of the software maker’s stock worth $751,000 after buying an additional 6,521 shares in the last quarter. HighPoint Advisor Group LLC lifted its position in NIC by 35.2% during the 2nd quarter. HighPoint Advisor Group LLC now owns 55,234 shares of the software maker’s stock worth $933,000 after buying an additional 14,375 shares in the last quarter. Verition Fund Management LLC bought a new stake in NIC during the 2nd quarter worth about $192,000. California Public Employees Retirement System lifted its position in NIC by 46.7% during the 2nd quarter. California Public Employees Retirement System now owns 153,168 shares of the software maker’s stock worth $2,382,000 after buying an additional 48,735 shares in the last quarter. Finally, Bridges Investment Management Inc. lifted its position in NIC by 2.0% during the 2nd quarter. Bridges Investment Management Inc. now owns 243,224 shares of the software maker’s stock worth $3,782,000 after buying an additional 4,683 shares in the last quarter. 94.22% of the stock is currently owned by hedge funds and other institutional investors.

NIC Company Profile

NIC Inc, together with its subsidiaries, provides digital government services that enable governments to use technology to provide various services to businesses and citizens in the United States. The company's outsourced portal business enters into long-term contracts with state and local governments to design, build, and operate Internet-based and enterprise-wide portals on their behalf.

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Analyst Recommendations for NIC (NASDAQ:EGOV)

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