NIC Inc. (NASDAQ:EGOV) Upgraded at Imperial Capital
Imperial Capital upgraded shares of NIC Inc. (NASDAQ:EGOV) from an in-line rating to an outperform rating in a report published on Monday, MarketBeat Ratings reports. They currently have $23.00 target price on the software maker’s stock.
EGOV has been the subject of a number of other reports. Zacks Investment Research downgraded shares of NIC from a buy rating to a hold rating in a report on Monday, July 3rd. BidaskClub downgraded shares of NIC from a sell rating to a strong sell rating in a report on Friday, June 30th. Finally, DA Davidson started coverage on shares of NIC in a report on Wednesday, June 28th. They issued a neutral rating and a $20.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the stock. NIC currently has an average rating of Hold and an average target price of $22.29.
Shares of NIC (EGOV) opened at 18.05 on Monday. NIC has a 1-year low of $18.00 and a 1-year high of $25.90. The company’s 50-day moving average is $19.42 and its 200 day moving average is $21.17. The stock has a market cap of $1.20 billion, a P/E ratio of 21.11 and a beta of 0.45.
NIC (NASDAQ:EGOV) last issued its quarterly earnings results on Monday, May 1st. The software maker reported $0.21 earnings per share for the quarter, beating analysts’ consensus estimates of $0.18 by $0.03. NIC had a net margin of 17.64% and a return on equity of 39.07%. The firm had revenue of $83.20 million during the quarter, compared to the consensus estimate of $81.99 million. During the same period in the prior year, the firm earned $0.19 EPS. The business’s revenue was up 6.3% on a year-over-year basis. Equities research analysts anticipate that NIC will post $0.73 EPS for the current year.
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In other news, COO Robert W. Knapp sold 25,000 shares of the stock in a transaction 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 approximately $4,025,681.78. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 4.10% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. US Bancorp DE boosted its position in shares of 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 shares of NIC during the second quarter worth about $1,212,000. BTIM Corp. boosted its position in shares of 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. Rockefeller Financial Services Inc. boosted its position in shares of NIC by 3.2% in the second quarter. Rockefeller Financial Services Inc. now owns 613,973 shares of the software maker’s stock worth $11,635,000 after buying an additional 18,850 shares in the last quarter. Finally, State of Alaska Department of Revenue boosted its position in shares of NIC by 79.4% in the second quarter. State of Alaska Department of Revenue now owns 12,292 shares of the software maker’s stock worth $232,000 after buying an additional 5,442 shares in the last quarter. Institutional investors own 92.19% of the company’s stock.
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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