NIC (NASDAQ:EGOV) Rating Increased to Buy at ValuEngine

NIC (NASDAQ:EGOV) was upgraded by research analysts at ValuEngine from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday, ValuEngine reports.

Several other research firms have also recently commented on EGOV. Loop Capital upgraded shares of NIC from a “hold” rating to a “buy” rating in a report on Tuesday, May 7th. Zacks Investment Research upgraded shares of NIC from a “hold” rating to a “buy” rating and set a $18.00 price target for the company in a report on Tuesday, June 4th. BidaskClub upgraded shares of NIC from a “hold” rating to a “buy” rating in a report on Friday, July 26th. Barrington Research restated a “buy” rating on shares of NIC in a report on Wednesday, July 3rd. Finally, DA Davidson upgraded shares of NIC from a “neutral” rating to a “buy” rating and lifted their target price for the company from $18.00 to $21.00 in a research note on Thursday. Six investment analysts have rated the stock with a buy rating, The stock has an average rating of “Buy” and a consensus price target of $20.25.

Shares of EGOV stock traded down $0.57 during trading on Thursday, hitting $22.06. 1,353,759 shares of the company were exchanged, compared to its average volume of 336,254. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.80 and a quick ratio of 2.80. The company has a market capitalization of $1.48 billion, a price-to-earnings ratio of 25.07, a price-to-earnings-growth ratio of 2.48 and a beta of 0.99. The business’s 50-day moving average is $16.92. NIC has a twelve month low of $11.76 and a twelve month high of $23.45.

NIC (NASDAQ:EGOV) last posted its quarterly earnings results on Wednesday, July 31st. The software maker reported $0.21 EPS for the quarter, topping the consensus estimate of $0.18 by $0.03. The business had revenue of $91.60 million during the quarter, compared to analysts’ expectations of $86.45 million. NIC had a net margin of 15.10% and a return on equity of 24.94%. The firm’s quarterly revenue was down 1.0% compared to the same quarter last year. During the same period last year, the company posted $0.25 earnings per share. On average, equities analysts predict that NIC will post 0.73 earnings per share for the current year.

In other NIC news, CFO Stephen M. Kovzan sold 35,000 shares of NIC stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $16.04, for a total value of $561,400.00. Following the completion of the sale, the chief financial officer now directly owns 230,691 shares in the company, valued at $3,700,283.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.60% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Swiss National Bank increased its holdings in NIC by 2.1% in the 2nd quarter. Swiss National Bank now owns 123,900 shares of the software maker’s stock valued at $1,987,000 after buying an additional 2,600 shares during the period. Stevens Capital Management LP bought a new stake in NIC in the 2nd quarter valued at $518,000. Janus Henderson Group PLC bought a new stake in NIC in the 2nd quarter valued at $168,000. Hussman Strategic Advisors Inc. bought a new stake in NIC in the 2nd quarter valued at $2,406,000. Finally, UMB Bank N A MO bought a new stake in NIC in the 2nd quarter valued at $162,000. Hedge funds and other institutional investors own 87.23% of the company’s stock.

About NIC

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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