American International Group Inc. decreased its stake in NIC Inc. (NASDAQ:EGOV) by 17.2% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 38,344 shares of the software maker’s stock after selling 7,963 shares during the period. American International Group Inc. owned 0.06% of NIC worth $775,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently bought and sold shares of the company. Ameritas Investment Partners Inc. purchased a new stake in shares of NIC during the first quarter worth $111,000. SG Americas Securities LLC raised its stake in shares of NIC by 7.6% in the first 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. State of Alaska Department of Revenue raised its stake in shares of NIC by 2.1% in the first quarter. State of Alaska Department of Revenue now owns 6,850 shares of the software maker’s stock worth $138,000 after buying an additional 140 shares in the last quarter. Advisors Asset Management Inc. raised its stake in shares of NIC by 595.1% in the first quarter. Advisors Asset Management Inc. now owns 8,932 shares of the software maker’s stock worth $180,000 after buying an additional 7,647 shares in the last quarter. Finally, Envestnet Asset Management Inc. increased its position in shares of NIC by 8.5% in the fourth quarter. Envestnet Asset Management Inc. now owns 10,412 shares of the software maker’s stock valued at $249,000 after buying an additional 814 shares during the last quarter. Hedge funds and other institutional investors own 92.19% of the company’s stock.
Shares of NIC Inc. (NASDAQ EGOV) opened at 16.35 on Friday. NIC Inc. has a 12 month low of $15.85 and a 12 month high of $25.90. The company has a 50 day moving average price of $19.42 and a 200-day moving average price of $21.17. The stock has a market cap of $1.08 billion, a P/E ratio of 19.12 and a beta of 0.45.
NIC (NASDAQ:EGOV) last released its quarterly earnings results on Monday, May 1st. The software maker reported $0.21 EPS for the quarter, beating the consensus estimate 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 quarter in the prior year, the firm earned $0.19 EPS. NIC’s revenue for the quarter was up 6.3% on a year-over-year basis. On average, equities research analysts predict that NIC Inc. will post $0.73 earnings per share for the current year.
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EGOV has been the subject of a number of research analyst reports. Zacks Investment Research raised NIC from a “hold” rating to a “buy” rating and set a $23.00 target price for the company in a research report on Thursday, May 4th. Maxim Group decreased their price objective on NIC from $21.00 to $16.00 and set a “hold” rating for the company in a report on Friday. DA Davidson initiated coverage on NIC in a report 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 in a report on Friday. Finally, Imperial Capital raised NIC from an “in-line” rating to an “outperform” rating and set a $23.00 target price for the company in a report on Monday, July 17th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $21.29.
In related news, COO Robert W. Knapp sold 25,000 shares of the stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $20.38, for a total value of $509,500.00. Following the sale, the chief operating officer now directly owns 197,531 shares of the company’s stock, valued at approximately $4,025,681.78. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 4.10% 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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