NIC (NASDAQ:EGOV) announced that its Board of Directors has initiated a stock repurchase plan, which allows the company to buyback $25.00 million in outstanding shares on Thursday, March 8th, EventVestor reports. This buyback authorization allows the software maker to reacquire shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.
NIC (NASDAQ EGOV) opened at $14.15 on Wednesday. The firm has a market capitalization of $937.84, a P/E ratio of 18.14, a price-to-earnings-growth ratio of 1.65 and a beta of 0.56. NIC has a 1-year low of $12.65 and a 1-year high of $22.40.
NIC (NASDAQ:EGOV) last released its quarterly earnings results on Wednesday, January 31st. The software maker reported $0.16 earnings per share for the quarter, meeting the consensus estimate of $0.16. The business had revenue of $83.47 million during the quarter, compared to analysts’ expectations of $81.01 million. NIC had a return on equity of 33.25% and a net margin of 15.34%. The firm’s revenue for the quarter was up 6.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.20 EPS. analysts forecast that NIC will post 0.82 earnings per share for the current year.
Several analysts recently issued reports on the company. Zacks Investment Research downgraded NIC from a “hold” rating to a “sell” rating in a research note on Tuesday. BidaskClub raised NIC from a “sell” rating to a “hold” rating in a research note on Tuesday, March 6th. TheStreet downgraded NIC from a “b-” rating to a “c” rating in a research note on Thursday, March 8th. Barrington Research reissued a “hold” rating on shares of NIC in a research note on Friday, March 9th. Finally, Loop Capital decreased their target price on NIC to $14.00 and set a “hold” rating on the stock in a research note on Friday, February 2nd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $18.33.
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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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