Stone Ridge Asset Management LLC grew its position in NIC Inc. (NASDAQ:EGOV) by 9.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 50,276 shares of the software maker’s stock after purchasing an additional 4,362 shares during the quarter. Stone Ridge Asset Management LLC owned about 0.08% of NIC worth $744,000 as of its most recent SEC filing.
Other institutional investors have also recently bought and sold shares of the company. Rhumbline Advisers grew its position in shares of NIC by 2.5% in the second quarter. Rhumbline Advisers now owns 160,935 shares of the software maker’s stock valued at $2,503,000 after purchasing an additional 3,880 shares during the last quarter. BlackRock Inc. grew its position in shares of NIC by 4.2% in the second quarter. BlackRock Inc. now owns 9,754,378 shares of the software maker’s stock valued at $151,681,000 after purchasing an additional 396,537 shares during the last quarter. Bridges Investment Management Inc. grew its position in shares of NIC by 2.0% in the second quarter. Bridges Investment Management Inc. now owns 243,224 shares of the software maker’s stock valued at $3,782,000 after purchasing an additional 4,683 shares during the last quarter. Aperio Group LLC grew its position in shares of NIC by 15.3% in the second quarter. Aperio Group LLC now owns 35,609 shares of the software maker’s stock valued at $554,000 after purchasing an additional 4,719 shares during the last quarter. Finally, Vident Investment Advisory LLC grew its position in shares of NIC by 21.9% in the second quarter. Vident Investment Advisory LLC now owns 57,997 shares of the software maker’s stock valued at $902,000 after purchasing an additional 10,424 shares during the last quarter. 88.42% of the stock is currently owned by institutional investors.
A number of brokerages recently issued reports on EGOV. ValuEngine raised NIC from a “sell” rating to a “hold” rating in a research report on Thursday, August 2nd. BidaskClub raised NIC from a “hold” rating to a “buy” rating in a research report on Friday, August 3rd. Stephens reissued a “hold” rating and set a $18.00 price target on shares of NIC in a research report on Thursday, August 2nd. Loop Capital increased their price target on NIC to $17.00 and gave the stock a “hold” rating in a research report on Thursday, August 2nd. Finally, TheStreet downgraded NIC from a “b-” rating to a “c+” rating in a research report on Monday, October 1st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $16.00.
Shares of NASDAQ:EGOV opened at $13.32 on Monday. The company has a market cap of $886.70 million, a P/E ratio of 17.30, a P/E/G ratio of 1.57 and a beta of 0.71. NIC Inc. has a 1 year low of $12.65 and a 1 year high of $18.90.
NIC (NASDAQ:EGOV) last issued its earnings results on Thursday, November 1st. The software maker reported $0.24 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.17 by $0.07. The firm had revenue of $87.03 million for the quarter, compared to the consensus estimate of $83.06 million. NIC had a return on equity of 32.21% and a net margin of 16.94%. The company’s revenue was up 3.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.21 EPS. Analysts forecast that NIC Inc. will post 0.85 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 18th. Shareholders of record on Tuesday, December 4th will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 2.40%. The ex-dividend date is Monday, December 3rd. NIC’s dividend payout ratio is presently 41.56%.
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NIC Inc, together with its subsidiaries, provides digital government services that enable governments to use technology to provide various services to businesses and citizens in the United States. The company's outsourced portal business enters into long-term contracts with state and local governments to design, build, and operate Internet-based and enterprise-wide portals on their behalf.
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