NIC Inc. (EGOV) Downgraded by Zacks Investment Research

Zacks Investment Research downgraded shares of NIC Inc. (NASDAQ:EGOV) from a buy rating to a hold rating in a research note released on Friday morning.

According to Zacks, “NIC Inc. is a provider of Internet-based, electronic government services that help governments use the Internet to reduce costs and provide a higher level of service to businesses and citizens. They accomplish this currently through three different business segments: state and local portal businesses, government procurement business and eGovernment products businesses. “

Separately, Maxim Group raised their price target on NIC from $18.00 to $23.00 and gave the stock a hold rating in a research note on Friday, August 5th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company has a consensus rating of Hold and an average target price of $22.00.

Shares of NIC (NASDAQ:EGOV) opened at 23.23 on Friday. The company’s 50 day moving average price is $23.01 and its 200 day moving average price is $20.73. NIC has a 52-week low of $14.48 and a 52-week high of $23.82. The firm has a market capitalization of $1.53 billion, a price-to-earnings ratio of 32.72 and a beta of 0.71.

NIC (NASDAQ:EGOV) last posted its quarterly earnings results on Thursday, August 4th. The company reported $0.20 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.18 by $0.02. NIC had a return on equity of 35.87% and a net margin of 15.61%. The company earned $80.81 million during the quarter, compared to the consensus estimate of $80.90 million. During the same period last year, the business earned $0.17 EPS. The business’s quarterly revenue was up 6.6% on a year-over-year basis. Analysts forecast that NIC will post $0.71 earnings per share for the current year.

In related news, insider Jayne Holland sold 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 11th. The stock was sold at an average price of $23.35, for a total value of $46,700.00. Following the transaction, the insider now directly owns 94,283 shares of the company’s stock, valued at approximately $2,201,508.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.80% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Westwood Holdings Group Inc. bought a new position in shares of NIC during the second quarter worth $144,000. PineBridge Investments L.P. increased its position in shares of NIC by 4.2% in the second quarter. PineBridge Investments L.P. now owns 7,774 shares of the company’s stock worth $171,000 after buying an additional 314 shares during the last quarter. Squarepoint Ops LLC bought a new position in shares of NIC during the first quarter worth $184,000. ProShare Advisors LLC bought a new position in shares of NIC during the second quarter worth $200,000. Finally, Cubist Systematic Strategies LLC bought a new position in shares of NIC during the second quarter worth $218,000. 88.95% of the stock is currently owned by institutional investors and hedge funds.

About NIC

NIC Inc is a provider of digital government services that help governments use technology. The Company operates through Outsourced Portals segment. The Other Software & Services category includes its subsidiaries that provide software development and services, other than outsourced portal services, to state and local governments, as well as federal agencies.

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