NIC Inc. (NASDAQ:EGOV) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.

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. “

Several other analysts have also issued reports on the stock. BidaskClub lowered shares of NIC from a “sell” rating to a “strong sell” rating in a research report on Friday, June 30th. DA Davidson initiated coverage on shares of NIC in a research report on Wednesday, June 28th. They issued a “neutral” rating and a $20.00 price target on the stock. TheStreet lowered shares of NIC from a “b-” rating to a “c+” rating in a research report on Monday, August 14th. Maxim Group decreased their price target on shares of NIC from $21.00 to $16.00 and set a “hold” rating on the stock in a research report on Friday, July 21st. Finally, Sidoti lowered shares of NIC from a “buy” rating to a “neutral” rating and set a $19.00 price target on the stock. in a research report on Friday, July 21st. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $20.00.

NIC (EGOV) opened at 16.30 on Tuesday. NIC has a 12-month low of $15.45 and a 12-month high of $25.90. The company has a 50-day moving average price of $16.90 and a 200-day moving average price of $19.68. The stock has a market capitalization of $1.08 billion, a price-to-earnings ratio of 19.18 and a beta of 0.42.

NIC (NASDAQ:EGOV) last posted its quarterly earnings results on Wednesday, August 2nd. The software maker reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.01. The company had revenue of $85.30 million for the quarter, compared to analyst estimates of $83.57 million. NIC had a net margin of 17.31% and a return on equity of 38.37%. The business’s quarterly revenue was up 5.6% on a year-over-year basis. During the same period last year, the business posted $0.20 EPS. On average, equities research analysts forecast that NIC will post $0.74 earnings per share for the current year.

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Hedge funds have recently modified their holdings of the stock. BlackRock Inc. raised its stake 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 during the period. Copeland Capital Management LLC acquired a new stake in shares of NIC during the first quarter valued at $10,900,000. Bank of New York Mellon Corp raised its stake in shares of NIC by 53.4% in the second quarter. Bank of New York Mellon Corp now owns 1,351,186 shares of the software maker’s stock valued at $25,604,000 after buying an additional 470,181 shares during the period. FMR LLC raised its stake 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 during the period. Finally, Vanguard Group Inc. raised its stake 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 during the period. Institutional investors and hedge funds own 92.93% 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.

Analyst Recommendations for NIC (NASDAQ:EGOV)

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