Karp Capital Management Corp bought a new stake in NIC Inc. (NASDAQ:EGOV) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 33,113 shares of the software maker’s stock, valued at approximately $669,000. Karp Capital Management Corp owned approximately 0.05% of NIC as of its most recent SEC filing.
A number of other hedge funds have also recently modified their holdings of the company. Dimensional Fund Advisors LP raised its stake in NIC by 0.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,052,462 shares of the software maker’s stock worth $49,054,000 after buying an additional 7,373 shares during the period. Conestoga Capital Advisors LLC raised its stake in NIC by 4.8% in the first quarter. Conestoga Capital Advisors LLC now owns 1,640,018 shares of the software maker’s stock worth $33,128,000 after buying an additional 75,228 shares during the period. Norges Bank bought a new stake in NIC during the fourth quarter worth $37,781,000. State Street Corp raised its stake in NIC by 6.1% in the fourth quarter. State Street Corp now owns 1,443,519 shares of the software maker’s stock worth $34,504,000 after buying an additional 82,935 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in NIC by 15.5% in the first quarter. Bank of New York Mellon Corp now owns 881,005 shares of the software maker’s stock worth $17,795,000 after buying an additional 118,114 shares during the period. 92.93% of the stock is owned by institutional investors and hedge funds.
Shares of NIC Inc. (NASDAQ EGOV) opened at 19.80 on Tuesday. The stock has a market cap of $1.31 billion, a price-to-earnings ratio of 23.16 and a beta of 0.53. NIC Inc. has a 1-year low of $19.50 and a 1-year high of $25.90. The stock’s 50 day moving average price is $20.53 and its 200-day moving average price is $22.06.
NIC (NASDAQ:EGOV) last released its earnings results on Monday, May 1st. The software maker reported $0.21 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.18 by $0.03. The firm had revenue of $83.20 million for the quarter, compared to the consensus estimate of $81.99 million. NIC had a return on equity of 39.07% and a net margin of 17.64%. The company’s revenue for the quarter was up 6.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.19 EPS. On average, equities research analysts forecast that NIC Inc. will post $0.73 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 20th. Stockholders of record on Tuesday, June 6th will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 1.62%. The ex-dividend date is Friday, June 2nd. NIC’s dividend payout ratio is currently 37.65%.
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Separately, Zacks Investment Research raised NIC from a “hold” rating to a “buy” rating and set a $23.00 price objective for the company in a research note on Thursday, May 4th. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company’s stock. NIC currently has an average rating of “Hold” and a consensus price target of $22.83.
In other news, COO Robert W. Knapp sold 25,000 shares of the business’s stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $20.38, for a total transaction of $509,500.00. Following the transaction, the chief operating officer now owns 197,531 shares of the company’s stock, valued at approximately $4,025,681.78. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Alexander C. Kemper sold 7,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 22nd. The shares were sold at an average price of $20.85, for a total value of $145,950.00. Following the transaction, the director now directly owns 32,232 shares in the company, valued at approximately $672,037.20. The disclosure for this sale can be found here. 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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