NIC Inc. (NASDAQ:EGOV) Downgraded by Sidoti
Sidoti lowered shares of NIC Inc. (NASDAQ:EGOV) from a buy rating to a neutral rating in a report published on Friday morning, Marketbeat reports. The brokerage currently has $19.00 target price on the software maker’s stock.
EGOV has been the subject of a number of other reports. Zacks Investment Research downgraded NIC from a buy rating to a hold rating in a research note on Monday, July 3rd. DA Davidson assumed coverage on NIC in a research note on Wednesday, June 28th. They set a neutral rating and a $20.00 price objective for the company. BidaskClub downgraded NIC from a sell rating to a strong sell rating in a research note on Friday, June 30th. Imperial Capital upgraded NIC from an in-line rating to an outperform rating and set a $23.00 price objective for the company in a research note on Monday, July 17th. Finally, Maxim Group cut their price objective on NIC from $21.00 to $16.00 and set a hold rating for the company in a research note on Friday. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company. NIC currently has an average rating of Hold and a consensus price target of $20.00.
Shares of NIC (NASDAQ:EGOV) opened at 16.30 on Friday. NIC has a one year low of $16.17 and a one year high of $25.90. The stock has a market capitalization of $1.08 billion, a P/E ratio of 19.06 and a beta of 0.45. The stock has a 50 day moving average of $19.18 and a 200-day moving average of $21.03.
NIC (NASDAQ:EGOV) last announced its quarterly earnings data on Monday, May 1st. The software maker reported $0.21 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.18 by $0.03. The company had revenue of $83.20 million during the quarter, compared to the consensus estimate of $81.99 million. NIC had a return on equity of 39.07% and a net margin of 17.64%. The firm’s revenue was up 6.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.19 EPS. Equities analysts forecast that NIC will post $0.73 earnings per share for the current year.
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In related news, COO Robert W. Knapp sold 25,000 shares of the business’s stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $20.38, for a total value of $509,500.00. Following the transaction, 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 SEC, which can be accessed through the SEC website. 4.10% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Copeland Capital Management LLC boosted its position in NIC by 7.1% in the second quarter. Copeland Capital Management LLC now owns 554,804 shares of the software maker’s stock worth $10,514,000 after buying an additional 36,967 shares in the last quarter. Conestoga Capital Advisors LLC boosted its position in NIC by 3.7% in the second quarter. Conestoga Capital Advisors LLC now owns 1,700,988 shares of the software maker’s stock worth $32,234,000 after buying an additional 60,970 shares in the last quarter. US Bancorp DE boosted its position in NIC by 20.5% in the second quarter. US Bancorp DE now owns 17,334 shares of the software maker’s stock worth $329,000 after buying an additional 2,943 shares in the last quarter. Legato Capital Management LLC acquired a new position in NIC during the second quarter worth approximately $1,212,000. Finally, BTIM Corp. boosted its position in NIC by 20.2% in the second quarter. BTIM Corp. now owns 1,111,666 shares of the software maker’s stock worth $21,066,000 after buying an additional 187,062 shares in the last quarter. 92.20% of the stock is currently owned by institutional investors.
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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