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.
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 brokerages have also commented on EGOV. DA Davidson restated a “neutral” rating and set a $18.00 target price on shares of NIC in a research report on Wednesday, September 20th. Maxim Group decreased their target price 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. Imperial Capital upgraded shares of NIC from an “in-line” rating to an “outperform” rating and set a $23.00 target price on the stock in a research report on Monday, July 17th. TheStreet lowered shares of NIC from a “b-” rating to a “c+” rating in a research report on Monday, August 14th. Finally, BidaskClub lowered shares of NIC from a “sell” rating to a “strong sell” rating in a research report on Friday, June 30th. Two 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 has an average rating of “Hold” and a consensus price target of $19.29.
NIC (NASDAQ EGOV) opened at 17.65 on Monday. The stock has a market capitalization of $1.17 billion, a P/E ratio of 20.76 and a beta of 0.41. NIC has a 12-month low of $15.45 and a 12-month high of $25.90. The firm’s 50-day moving average is $16.81 and its 200 day moving average is $18.66.
NIC (NASDAQ:EGOV) last issued its earnings results on Wednesday, August 2nd. The software maker reported $0.19 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 revenue was up 5.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.20 EPS. Equities analysts expect that NIC will post $0.74 EPS for the current year.
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Several institutional investors have recently added to or reduced their stakes in the stock. U S Global Investors Inc. purchased a new stake in shares of NIC in the 2nd quarter worth about $472,000. Piedmont Investment Advisors LLC purchased a new stake in shares of NIC in the 2nd quarter worth about $255,000. Arrowstreet Capital Limited Partnership boosted its position in shares of NIC by 36.0% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 81,646 shares of the software maker’s stock worth $1,547,000 after buying an additional 21,612 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new stake in shares of NIC in the 2nd quarter worth about $259,000. Finally, State Street Corp boosted its position in shares of NIC by 5.9% in the 2nd quarter. State Street Corp now owns 1,587,370 shares of the software maker’s stock worth $30,083,000 after buying an additional 88,954 shares in the last quarter. Institutional investors and hedge funds own 92.93% of the company’s stock.
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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