NIC Inc. (NASDAQ:EGOV) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Monday.
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 increased their price objective on shares of NIC from $18.00 to $23.00 and gave the company a “hold” rating in a report on Friday, August 5th. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $22.00.
Shares of NIC (NASDAQ:EGOV) opened at 22.70 on Monday. The stock’s 50 day moving average is $23.09 and its 200 day moving average is $21.12. NIC has a 1-year low of $14.48 and a 1-year high of $23.82. The company has a market cap of $1.50 billion, a P/E ratio of 31.97 and a beta of 0.74.
NIC (NASDAQ:EGOV) last released its quarterly earnings results on Thursday, August 4th. The company reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.02. NIC had a net margin of 15.61% and a return on equity of 35.87%. The firm earned $80.81 million during the quarter, compared to the consensus estimate of $80.90 million. During the same quarter in the prior year, the firm earned $0.17 EPS. The company’s revenue for the quarter was up 6.6% on a year-over-year basis. On average, analysts predict 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 stock in a transaction that occurred on Thursday, August 11th. The shares were sold at an average price of $23.35, for a total transaction of $46,700.00. Following the completion of the transaction, the insider now owns 94,283 shares of the company’s stock, valued at approximately $2,201,508.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 4.80% of the stock is currently owned by insiders.
Institutional investors have recently modified their holdings of the stock. Brown Capital Management LLC boosted its position in shares of NIC by 0.4% in the second quarter. Brown Capital Management LLC now owns 8,739,624 shares of the company’s stock valued at $191,747,000 after buying an additional 30,800 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of NIC by 3.5% in the second quarter. Vanguard Group Inc. now owns 5,170,990 shares of the company’s stock valued at $113,450,000 after buying an additional 175,297 shares in the last quarter. BlackRock Fund Advisors raised its stake in shares of NIC by 1.3% in the second quarter. BlackRock Fund Advisors now owns 3,932,397 shares of the company’s stock valued at $86,277,000 after buying an additional 49,829 shares in the last quarter. Columbia Wanger Asset Management LLC raised its stake in shares of NIC by 222.2% in the second quarter. Columbia Wanger Asset Management LLC now owns 2,334,626 shares of the company’s stock valued at $51,222,000 after buying an additional 1,609,971 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of NIC by 1.0% in the second quarter. Dimensional Fund Advisors LP now owns 2,003,594 shares of the company’s stock valued at $43,957,000 after buying an additional 19,200 shares in the last quarter. 88.95% of the stock is owned by institutional investors.
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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