Swiss National Bank Sells 3,000 Shares of NIC Inc. (EGOV)
Swiss National Bank reduced its stake in NIC Inc. (NASDAQ:EGOV) by 2.9% during the third quarter, Holdings Channel reports. The firm owned 99,200 shares of the company’s stock after selling 3,000 shares during the period. Swiss National Bank owned approximately 0.15% of NIC worth $2,331,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently bought and sold shares of EGOV. 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 period. Louisiana State Employees Retirement System increased its position in NIC by 0.4% in the second quarter. Louisiana State Employees Retirement System now owns 27,100 shares of the company’s stock valued at $595,000 after buying an additional 100 shares during the period. Lucus Advisors LLC bought a new position in NIC during the second quarter valued at approximately $354,000. Palisade Capital Management LLC NJ increased its position in NIC by 2.2% in the second quarter. Palisade Capital Management LLC NJ now owns 722,879 shares of the company’s stock valued at $15,860,000 after buying an additional 15,891 shares during the period. Finally, Emerald Acquisition Ltd. bought a new position in NIC during the second quarter valued at approximately $905,000. 87.16% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NIC Inc. (NASDAQ:EGOV) traded up 0.20% during mid-day trading on Friday, reaching $24.95. The company had a trading volume of 237,858 shares. The company has a market capitalization of $1.65 billion, a price-to-earnings ratio of 32.83 and a beta of 0.55. NIC Inc. has a 52 week low of $14.48 and a 52 week high of $25.90. The stock has a 50 day moving average of $24.76 and a 200-day moving average of $23.36.
NIC (NASDAQ:EGOV) last posted its quarterly earnings results on Thursday, November 3rd. The company reported $0.24 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.18 by $0.06. The business had revenue of $80.37 million for the quarter, compared to the consensus estimate of $80.04 million. NIC had a return on equity of 37.12% and a net margin of 16.47%. The company’s quarterly revenue was up 7.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.19 EPS. On average, analysts expect that NIC Inc. will post $0.78 earnings per share for the current fiscal year.
Several research analysts have recently commented on EGOV shares. Zacks Investment Research downgraded NIC from a “buy” rating to a “hold” rating in a research note on Friday, September 23rd. Imperial Capital lifted their target price on NIC from $21.00 to $23.00 and gave the company an “in-line” rating in a research note on Friday, November 18th. Sidoti downgraded NIC from a “buy” rating to a “neutral” rating in a research note on Monday, December 19th. Finally, Barrington Research downgraded NIC from an “outperform” rating to a “market perform” rating in a research note on Tuesday, January 3rd. Five analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. NIC presently has a consensus rating of “Hold” and a consensus target price of $22.50.
In other NIC news, Director Ross C. Hartley sold 95,026 shares of the business’s stock in a transaction dated Wednesday, January 4th. The stock was sold at an average price of $24.13, for a total transaction of $2,292,977.38. Following the sale, the director now owns 71,506 shares in the company, valued at approximately $1,725,439.78. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Ross C. Hartley sold 85,174 shares of the business’s stock in a transaction dated Thursday, January 5th. The shares were sold at an average price of $24.41, for a total value of $2,079,097.34. Following the sale, the director now owns 71,506 shares in the company, valued at approximately $1,745,461.46. The disclosure for this sale can be found here. Company insiders own 4.80% of the company’s stock.
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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