Zacks Investment Research upgraded shares of NIC Inc. (NASDAQ:EGOV) from a hold rating to a buy rating in a research report report published on Tuesday morning. They currently have $22.00 target price on the software maker’s 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. “

EGOV has been the subject of several other reports. Imperial Capital upgraded shares of NIC from an in-line rating to an outperform rating and set a $23.00 price objective for the company in a research report on Monday, July 17th. BidaskClub cut shares of NIC from a sell rating to a strong sell rating in a research report on Friday, June 30th. Finally, DA Davidson started coverage on shares of NIC in a research report on Wednesday, June 28th. They set a neutral rating and a $20.00 price objective for the company. 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 presently has an average rating of Hold and an average target price of $21.29.

NIC (EGOV) traded down 9.42% during mid-day trading on Tuesday, hitting $16.35. 2,175,791 shares of the stock were exchanged. The stock has a market cap of $1.08 billion, a PE ratio of 19.12 and a beta of 0.45. The stock’s 50 day moving average is $19.42 and its 200 day moving average is $21.17. NIC has a 52-week low of $15.85 and a 52-week high of $25.90.

NIC (NASDAQ:EGOV) last posted its quarterly earnings results on Monday, May 1st. The software maker reported $0.21 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.18 by $0.03. The firm had revenue of $83.20 million for the quarter, compared to the consensus estimate of $81.99 million. NIC had a net margin of 17.64% and a return on equity of 39.07%. The company’s revenue for the quarter was up 6.3% on a year-over-year basis. During the same period last year, the firm posted $0.19 earnings per share. Analysts forecast that NIC will post $0.73 EPS for the current fiscal year.

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In related news, COO Robert W. Knapp sold 25,000 shares of NIC stock in a transaction that occurred on Monday, May 22nd. The shares were sold at an average price of $20.38, for a total value of $509,500.00. Following the completion of the transaction, the chief operating officer now owns 197,531 shares in the company, valued at $4,025,681.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 4.10% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. Russell Investments Group Ltd. purchased a new position in shares of NIC during the fourth quarter worth about $1,400,000. State Street Corp increased its position in shares of NIC by 6.1% in the fourth quarter. State Street Corp now owns 1,443,519 shares of the software maker’s stock worth $34,504,000 after buying an additional 82,935 shares in the last quarter. Envestnet Asset Management Inc. increased its position in shares of NIC by 8.5% in the fourth quarter. Envestnet Asset Management Inc. now owns 10,412 shares of the software maker’s stock worth $249,000 after buying an additional 814 shares in the last quarter. Thrivent Financial for Lutherans increased its position in shares of NIC by 6.7% in the fourth quarter. Thrivent Financial for Lutherans now owns 33,760 shares of the software maker’s stock worth $807,000 after buying an additional 2,120 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of NIC during the fourth quarter valued at $37,781,000. Institutional investors own 92.19% of the company’s stock.

About NIC

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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Analyst Recommendations for NIC (NASDAQ:EGOV)

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