Zacks Investment Research lowered shares of NIC Inc. (NASDAQ:EGOV) from a buy rating to a hold rating in a research report sent to investors on Monday morning.
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. “
Several other analysts have also issued reports on EGOV. BidaskClub raised shares of NIC from a strong sell rating to a sell rating in a research report on Friday, August 25th. Maxim Group set a $16.00 price target on shares of NIC and gave the company a hold rating in a research report on Thursday, August 3rd. Imperial Capital raised shares of NIC from an in-line rating to an outperform rating and set a $23.00 price target on the stock in a research report on Monday, July 17th. 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. Finally, DA Davidson reaffirmed a neutral rating and set a $18.00 target price on shares of NIC in a report on Wednesday, September 20th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company. The stock presently has an average rating of Hold and a consensus target price of $19.29.
Shares of NIC (NASDAQ:EGOV) traded up 1.003% on Monday, hitting $17.625. 31,815 shares of the stock traded hands. The stock has a market cap of $1.17 billion, a price-to-earnings ratio of 20.735 and a beta of 0.41. The stock has a 50 day moving average price of $16.88 and a 200-day moving average price of $18.64. NIC has a 52 week low of $15.45 and a 52 week high of $25.90.
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, beating the consensus estimate of $0.18 by $0.01. NIC had a net margin of 17.31% and a return on equity of 38.37%. The company had revenue of $85.30 million for the quarter, compared to analyst estimates of $83.57 million. During the same quarter in the previous year, the firm posted $0.20 earnings per share. The company’s quarterly revenue was up 5.6% compared to the same quarter last year. On average, equities research analysts forecast that NIC will post $0.74 EPS for the current year.
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The business also recently declared a quarterly dividend, which was paid on Wednesday, September 20th. Shareholders of record on Wednesday, September 6th were paid a $0.08 dividend. The ex-dividend date of this dividend was Friday, September 1st. This represents a $0.32 dividend on an annualized basis and a yield of 1.83%. NIC’s dividend payout ratio is presently 38.10%.
A number of hedge funds have recently added to or reduced their stakes in EGOV. Pacad Investment Ltd. grew its stake in NIC by 350.0% in the 2nd quarter. Pacad Investment Ltd. now owns 5,400 shares of the software maker’s stock worth $102,000 after buying an additional 4,200 shares in the last quarter. Ameritas Investment Partners Inc. purchased a new position in NIC in the 1st quarter worth approximately $111,000. SG Americas Securities LLC grew its stake in NIC by 7.6% in the 1st quarter. SG Americas Securities LLC now owns 6,821 shares of the software maker’s stock worth $138,000 after buying an additional 482 shares in the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA purchased a new position in NIC in the 2nd quarter worth approximately $153,000. Finally, Pinebridge Investments L.P. grew its stake in NIC by 1.3% in the 2nd quarter. Pinebridge Investments L.P. now owns 8,201 shares of the software maker’s stock worth $156,000 after buying an additional 108 shares in the last quarter. 92.93% of the stock is owned by institutional investors and hedge funds.
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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