NIC Inc. (NASDAQ:EGOV) had its price objective dropped by stock analysts at Maxim Group from $21.00 to $16.00 in a report released on Friday. The firm presently has a “hold” rating on the software maker’s stock. Maxim Group’s price objective suggests a potential downside of 2.14% from the stock’s previous close.
The analysts wrote, “Texas has released its Request for Offer (RFO) for Texas.gov, where EGOV is the vendor and this contract generated 20% of 2016 revenue or about $63 million.””
Several other equities research analysts have also recently issued reports on the stock. Zacks Investment Research cut shares of NIC from a “buy” rating to a “hold” rating in a report on Monday, July 3rd. BidaskClub cut shares of NIC from a “sell” rating to a “strong sell” rating in a report on Friday, June 30th. DA Davidson initiated coverage on shares of NIC in a report on Wednesday, June 28th. They issued a “neutral” rating and a $20.00 target price on the stock. Finally, Imperial Capital upgraded shares of NIC from an “in-line” rating to an “outperform” rating and set a $23.00 target price on the stock in a report on Monday, July 17th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $20.00.
NIC (NASDAQ EGOV) opened at 16.35 on Friday. The firm has a market capitalization of $1.08 billion, a PE ratio of 19.12 and a beta of 0.45. NIC has a 52-week low of $15.85 and a 52-week high of $25.90. The stock’s 50 day moving average price is $19.42 and its 200 day moving average price is $21.17.
NIC (NASDAQ:EGOV) last issued its earnings results on Monday, May 1st. The software maker reported $0.21 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.18 by $0.03. NIC had a net margin of 17.64% and a return on equity of 39.07%. The company had revenue of $83.20 million for the quarter, compared to analysts’ expectations of $81.99 million. During the same quarter last year, the company posted $0.19 earnings per share. The firm’s quarterly revenue was up 6.3% on a year-over-year basis. On average, analysts predict that NIC will post $0.73 EPS for the current fiscal year.
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In other news, COO Robert W. Knapp sold 25,000 shares of NIC stock in a transaction on Monday, May 22nd. The shares were sold at an average price of $20.38, for a total transaction of $509,500.00. Following the transaction, the chief operating officer now owns 197,531 shares in the company, valued at approximately $4,025,681.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 4.10% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of EGOV. BlackRock Inc. boosted its position in shares of NIC by 139,679.0% in the first quarter. BlackRock Inc. now owns 7,479,576 shares of the software maker’s stock valued at $151,087,000 after buying an additional 7,474,225 shares in the last quarter. Norges Bank acquired a new position in shares of NIC during the fourth quarter valued at $37,781,000. Copeland Capital Management LLC acquired a new position in shares of NIC during the first quarter valued at $10,900,000. FMR LLC boosted its position in shares of NIC by 136.8% in the first quarter. FMR LLC now owns 743,200 shares of the software maker’s stock valued at $15,013,000 after buying an additional 429,400 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of NIC by 7.8% in the first quarter. Vanguard Group Inc. now owns 5,903,569 shares of the software maker’s stock valued at $119,252,000 after buying an additional 427,702 shares in the last quarter. Institutional investors and hedge funds own 92.19% of the company’s stock.
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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