Prudential Financial Inc. raised its stake in NIC Inc. (NASDAQ:EGOV) by 7.6% during the second quarter, Holdings Channel reports. The fund owned 182,025 shares of the company’s stock after buying an additional 12,780 shares during the period. Prudential Financial Inc. owned approximately 0.28% of NIC worth $3,994,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. BB&T Corp acquired a new position in NIC during the second quarter valued at $260,000. Creative Planning increased its position in NIC by 10.1% in the second quarter. Creative Planning now owns 12,159 shares of the company’s stock valued at $267,000 after buying an additional 1,113 shares during the last quarter. Lucus Advisors LLC acquired a new position in NIC during the second quarter valued at $354,000. BNP Paribas Arbitrage SA increased its position in NIC by 124.2% in the second quarter. BNP Paribas Arbitrage SA now owns 19,226 shares of the company’s stock valued at $422,000 after buying an additional 10,650 shares during the last quarter. Finally, Zebra Capital Management LLC increased its position in NIC by 21.4% in the first quarter. Zebra Capital Management LLC now owns 19,909 shares of the company’s stock valued at $359,000 after buying an additional 3,507 shares during the last quarter. Hedge funds and other institutional investors own 89.02% of the company’s stock.
Shares of NIC Inc. (NASDAQ:EGOV) opened at 22.45 on Tuesday. NIC Inc. has a 1-year low of $14.48 and a 1-year high of $23.82. The company has a market cap of $1.48 billion, a price-to-earnings ratio of 31.62 and a beta of 0.74. The stock has a 50 day moving average of $23.04 and a 200 day moving average of $21.26.
NIC (NASDAQ:EGOV) last released its quarterly earnings results on Thursday, August 4th. The company reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.18 by $0.02. The business had revenue of $80.81 million for the quarter, compared to analysts’ expectations of $80.90 million. NIC had a net margin of 15.61% and a return on equity of 35.87%. The firm’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.17 earnings per share. On average, equities analysts forecast that NIC Inc. will post $0.71 EPS for the current year.
Several research firms have weighed in on EGOV. Zacks Investment Research downgraded shares of NIC from a “buy” rating to a “hold” rating in a report on Friday, September 23rd. Maxim Group upped their price objective on shares of NIC from $18.00 to $23.00 and gave the stock 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 stock. NIC has an average rating of “Hold” and an average target price of $22.00.
In related news, insider Jayne Holland sold 2,000 shares of NIC stock in a transaction on Thursday, August 11th. The shares were sold at an average price of $23.35, for a total value of $46,700.00. Following the sale, the insider now owns 94,283 shares in the company, valued at $2,201,508.05. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 4.80% of the stock is currently owned by corporate insiders.
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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