NIC Inc. (EGOV) Downgraded by Zacks Investment Research

NIC Inc. (NASDAQ:EGOV) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Monday, October 9th.

According to Zacks, “NIC Inc. provides digital government services that enable governments to use technology to provide various services to businesses. Its Outsourced Portals business enters into long-term contracts with state and local governments to design, build, and operate Internet-based, enterprise-wide portals on their behalf. These portals consist of Websites and applications that enable businesses and citizens to access government information online and complete transactions, such as applying for a permit, retrieving government records, or filing a government-mandated form or report. Its portal service offerings include motor vehicle driver history record retrieval; hunting/ fishing licenses; health professional license services; professional license renewal; business registrations and renewals; secretary of state business searches; Uniform Commercial Code searches and filings; limited criminal history searches; court services; vital records; income and property tax payments; and payment processing products and services. “

Other equities analysts have also issued research reports about the company. TheStreet lowered NIC from a “b-” rating to a “c+” rating in a research note on Monday, August 14th. Maxim Group reduced 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, July 21st. DA Davidson initiated 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. Sidoti lowered NIC from a “buy” rating to a “neutral” rating and set a $19.00 price objective for the company. in a research note on Friday, July 21st. Finally, 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. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $19.29.

NIC (EGOV) traded up 2.59% during trading on Monday, hitting $17.80. The company’s stock had a trading volume of 546,280 shares. The firm has a 50 day moving average of $17.08 and a 200 day moving average of $18.53. The firm has a market cap of $1.18 billion, a P/E ratio of 20.94 and a beta of 0.41. NIC has a 12 month low of $15.45 and a 12 month high of $25.90.

NIC (NASDAQ:EGOV) last issued its quarterly earnings results on Wednesday, August 2nd. The software maker reported $0.19 EPS for the quarter, topping the Zacks’ consensus estimate of $0.18 by $0.01. NIC had a return on equity of 38.37% and a net margin of 17.31%. The company had revenue of $85.30 million during the quarter, compared to analysts’ expectations of $83.57 million. During the same quarter in the previous year, the firm posted $0.20 EPS. The firm’s revenue was up 5.6% compared to the same quarter last year. Equities research analysts predict that NIC will post $0.74 earnings per share for the current year.

ILLEGAL ACTIVITY NOTICE: “NIC Inc. (EGOV) Downgraded by Zacks Investment Research” was first posted by BBNS and is the sole property of of BBNS. If you are accessing this report on another website, it was stolen and reposted in violation of US & international copyright laws. The legal version of this report can be viewed at https://baseballnewssource.com/markets/nic-inc-egov-downgraded-by-zacks-investment-research/1704592.html.

Several institutional investors have recently made changes to their positions in EGOV. BlackRock Inc. increased its stake in shares of NIC by 139,679.0% in the 1st quarter. BlackRock Inc. now owns 7,479,576 shares of the software maker’s stock valued at $151,087,000 after purchasing an additional 7,474,225 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in NIC by 53.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,351,186 shares of the software maker’s stock worth $25,604,000 after buying an additional 470,181 shares during the last quarter. FMR LLC boosted its holdings in NIC by 136.8% in the 1st quarter. FMR LLC now owns 743,200 shares of the software maker’s stock worth $15,013,000 after buying an additional 429,400 shares during the last quarter. Vanguard Group Inc. boosted its holdings in NIC by 7.8% in the 1st quarter. Vanguard Group Inc. now owns 5,903,569 shares of the software maker’s stock worth $119,252,000 after buying an additional 427,702 shares during the last quarter. Finally, Strs Ohio acquired a new stake in NIC in the 2nd quarter worth about $5,827,000. Hedge funds and other institutional investors 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.

Get a free copy of the Zacks research report on NIC (EGOV)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for NIC (NASDAQ:EGOV)

Receive News & Ratings for NIC Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NIC Inc. and related companies with our FREE daily email newsletter.

 


Latest News

Houston’s Dallas Keuchel Could Make Relief Appearance in Game 7
Houston’s Dallas Keuchel Could Make Relief Appearance in Game 7
Houston Astros Relying on Justin Verlander to Save Their Season
Houston Astros Relying on Justin Verlander to Save Their Season
Clayton Kershaw Gets Chance to Pitch LA into Fall Classic
Clayton Kershaw Gets Chance to Pitch LA into Fall Classic
Aaron Judge and Gary Sanchez Have Break Out Games
Aaron Judge and Gary Sanchez Have Break Out Games
Justin Turner Joining Postseason Legends
Justin Turner Joining Postseason Legends
PED Use Cost Alex Rodriguez Millions and His Reputation
PED Use Cost Alex Rodriguez Millions and His Reputation


Leave a Reply

 
© 2006-2017 BBNS.