NIC Inc. (NASDAQ:EGOV) hit a new 52-week low on Friday after Sidoti downgraded the stock from a buy rating to a neutral rating. The company traded as low as $16.30 and last traded at $16.33, with a volume of 1,139,268 shares. The stock had previously closed at $18.05.
A number of other equities research analysts have also weighed in on EGOV. Zacks Investment Research upgraded shares of NIC from a “hold” rating to a “buy” rating and set a $23.00 price objective for the company in a report on Thursday, May 4th. DA Davidson began coverage on shares of NIC in a research note on Wednesday, June 28th. They issued a “neutral” rating and a $20.00 target price on the stock. BidaskClub downgraded shares of NIC from a “sell” rating to a “strong sell” rating in a research note on Friday, June 30th. Imperial Capital raised shares of NIC from an “in-line” rating to an “outperform” rating and set a $23.00 target price on the stock in a research note on Monday, July 17th. Finally, Maxim Group decreased their target price on shares of NIC from $21.00 to $16.00 and set a “hold” rating on the stock in a research note on Friday. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company. NIC currently has an average rating of “Hold” and an average price target of $21.29.
In other news, COO Robert W. Knapp sold 25,000 shares of the company’s stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $20.38, for a total value of $509,500.00. Following the sale, the chief operating officer now directly owns 197,531 shares of the company’s stock, valued at approximately $4,025,681.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 4.10% of the stock is currently owned by insiders.
Hedge funds have recently added to or reduced their stakes in the company. Ameritas Investment Partners Inc. acquired a new stake in NIC during the first quarter worth $111,000. State of Alaska Department of Revenue increased its stake in NIC by 2.1% in the first quarter. State of Alaska Department of Revenue now owns 6,850 shares of the software maker’s stock worth $138,000 after buying an additional 140 shares in the last quarter. SG Americas Securities LLC increased its stake in NIC by 7.6% in the first quarter. SG Americas Securities LLC now owns 6,821 shares of the software maker’s stock worth $138,000 after buying an additional 482 shares in the last quarter. Advisors Asset Management Inc. increased its stake in NIC by 595.1% in the first quarter. Advisors Asset Management Inc. now owns 8,932 shares of the software maker’s stock worth $180,000 after buying an additional 7,647 shares in the last quarter. Finally, Creative Planning increased its stake in NIC by 1.1% in the first quarter. Creative Planning now owns 11,564 shares of the software maker’s stock worth $234,000 after buying an additional 127 shares in the last quarter. 92.19% of the stock is currently owned by hedge funds and other institutional investors.
The firm has a market cap of $1.08 billion, a PE ratio of 19.12 and a beta of 0.45. The firm has a 50 day moving average price of $19.42 and a 200-day moving average price of $21.17.
NIC (NASDAQ:EGOV) last announced its quarterly earnings results on Monday, May 1st. The software maker reported $0.21 EPS for the quarter, beating the consensus estimate of $0.18 by $0.03. The firm had revenue of $83.20 million for the quarter, compared to analyst estimates of $81.99 million. NIC had a return on equity of 39.07% and a net margin of 17.64%. The business’s revenue for the quarter was up 6.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.19 earnings per share. On average, analysts anticipate that NIC Inc. will post $0.73 earnings per share for the current fiscal year.
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NIC Company Profile
NIC Inc is a provider of digital government services that help governments use technology to provide services to businesses and citizens. The Company operates through Outsourced Portals segment. The Company offers its services through two channels: primary outsourced portal businesses, and software and services businesses.
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