NIC (NASDAQ:EGOV) was downgraded by stock analysts at BidaskClub from a “buy” rating to a “hold” rating in a research report issued on Wednesday.
Several other brokerages have also recently commented on EGOV. TheStreet upgraded NIC from a “c+” rating to a “b-” rating in a research report on Wednesday, August 22nd. Loop Capital boosted their price target on NIC to $17.00 and gave the stock a “hold” rating in a research report on Thursday, August 2nd. ValuEngine upgraded NIC from a “sell” rating to a “hold” rating in a research report on Thursday, August 2nd. Stephens reiterated a “hold” rating and set a $18.00 price target on shares of NIC in a research report on Thursday, August 2nd. Finally, Barrington Research reiterated a “hold” rating on shares of NIC in a research report on Monday, August 6th. Eight analysts have rated the stock with a hold rating, The company has an average rating of “Hold” and an average target price of $17.80.
Shares of EGOV opened at $16.80 on Wednesday. NIC has a one year low of $12.65 and a one year high of $18.90. The company has a market cap of $1.13 billion, a P/E ratio of 21.82, a PEG ratio of 2.15 and a beta of 0.47.
NIC (NASDAQ:EGOV) last issued its quarterly earnings results on Wednesday, August 1st. The software maker reported $0.25 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.22 by $0.03. NIC had a return on equity of 33.16% and a net margin of 16.52%. The firm had revenue of $92.50 million during the quarter, compared to analysts’ expectations of $90.36 million. During the same period in the previous year, the business earned $0.19 earnings per share. The firm’s revenue for the quarter was up 8.4% on a year-over-year basis. analysts predict that NIC will post 0.79 EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in EGOV. Freestone Capital Holdings LLC boosted its stake in NIC by 335.8% during the first quarter. Freestone Capital Holdings LLC now owns 1,008,698 shares of the software maker’s stock worth $13,416,000 after buying an additional 777,250 shares during the last quarter. Rockefeller Capital Management L.P. acquired a new position in NIC during the first quarter worth $9,989,000. Matarin Capital Management LLC acquired a new position in NIC during the first quarter worth $7,580,000. BlackRock Inc. boosted its stake in NIC by 4.2% during the second quarter. BlackRock Inc. now owns 9,754,378 shares of the software maker’s stock worth $151,681,000 after buying an additional 396,537 shares during the last quarter. Finally, Segall Bryant & Hamill LLC acquired a new position in NIC during the second quarter worth $5,947,000. 94.22% of the stock is currently owned by institutional investors.
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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