Zacks Investment Research upgraded shares of NIC Inc. (NASDAQ:EGOV) from a hold rating to a buy rating in a research note released on Monday morning. Zacks Investment Research currently has $26.00 price objective on the stock.
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 boosted their price target on NIC from $18.00 to $23.00 and gave the stock a hold rating in a research report on Friday, August 5th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. NIC presently has an average rating of Hold and an average target price of $22.00.
Shares of NIC (NASDAQ:EGOV) opened at 23.30 on Monday. The company has a market cap of $1.54 billion, a P/E ratio of 32.82 and a beta of 0.71. NIC has a one year low of $14.48 and a one year high of $23.82. The company has a 50 day moving average price of $23.02 and a 200 day moving average price of $20.69.
NIC (NASDAQ:EGOV) last announced its quarterly earnings results on Thursday, August 4th. The company reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $80.90 million. During the same quarter in the previous year, the firm earned $0.17 earnings per share. The business’s quarterly revenue was up 6.6% compared to the same quarter last year. Equities research analysts expect 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 business’s stock in a transaction dated Thursday, August 11th. The stock was 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 4.80% of the company’s stock.
Several institutional investors have recently bought and sold shares of EGOV. Columbia Wanger Asset Management LLC raised its position 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. Neuberger Berman Group LLC purchased a new position in shares of NIC during the second quarter valued at about $11,536,000. Champlain Investment Partners LLC raised its position in shares of NIC by 11.9% in the first quarter. Champlain Investment Partners LLC now owns 1,722,320 shares of the company’s stock valued at $31,053,000 after buying an additional 182,760 shares in the last quarter. Vanguard Group Inc. raised its position 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. Finally, Renaissance Technologies LLC raised its position in shares of NIC by 13.5% in the first quarter. Renaissance Technologies LLC now owns 1,337,955 shares of the company’s stock valued at $24,123,000 after buying an additional 159,008 shares in the last quarter. 88.95% of the stock is owned by institutional investors and hedge funds.
NIC Company Profile
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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