BTIM Corp. boosted its stake in shares of NIC Inc. (NASDAQ:EGOV) by 20.2% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 1,111,666 shares of the software maker’s stock after buying an additional 187,062 shares during the period. BTIM Corp.’s holdings in NIC were worth $21,066,000 at the end of the most recent quarter.
A number of other institutional investors have also recently bought and sold shares of EGOV. Russell Investments Group Ltd. purchased a new position in NIC during the fourth quarter valued at approximately $1,400,000. State Street Corp boosted its position in NIC by 6.1% in the fourth quarter. State Street Corp now owns 1,443,519 shares of the software maker’s stock valued at $34,504,000 after buying an additional 82,935 shares during the period. Envestnet Asset Management Inc. boosted its position in NIC by 8.5% in the fourth quarter. Envestnet Asset Management Inc. now owns 10,412 shares of the software maker’s stock valued at $249,000 after buying an additional 814 shares during the period. Thrivent Financial for Lutherans boosted its position in NIC by 6.7% in the fourth quarter. Thrivent Financial for Lutherans now owns 33,760 shares of the software maker’s stock valued at $807,000 after buying an additional 2,120 shares during the period. Finally, Norges Bank purchased a new position in NIC during the fourth quarter valued at approximately $37,781,000. 92.19% of the stock is owned by hedge funds and other institutional investors.
Shares of NIC Inc. (NASDAQ:EGOV) traded down 8.726% during trading on Friday, hitting $16.475. The stock had a trading volume of 604,283 shares. The stock’s 50-day moving average is $19.42 and its 200-day moving average is $21.17. NIC Inc. has a 12-month low of $15.85 and a 12-month high of $25.90. The stock has a market capitalization of $1.09 billion, a P/E ratio of 19.269 and a beta of 0.45.
NIC (NASDAQ:EGOV) last announced its quarterly earnings results on Monday, May 1st. The software maker reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.03. The company had revenue of $83.20 million during the quarter, compared to the consensus estimate of $81.99 million. NIC had a net margin of 17.64% and a return on equity of 39.07%. The company’s revenue for the quarter was up 6.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.19 earnings per share. Analysts predict that NIC Inc. will post $0.73 EPS for the current fiscal year.
A number of equities analysts have recently issued reports on the company. Sidoti cut NIC from a “buy” rating to a “neutral” rating in a report on Friday. Maxim Group dropped their target price on NIC from $21.00 to $16.00 and set a “hold” rating for the company in a report on Friday. Zacks Investment Research raised NIC from a “hold” rating to a “buy” rating and set a $22.00 target price for the company in a report on Tuesday. Imperial Capital raised NIC from an “in-line” rating to an “outperform” rating and set a $23.00 target price for the company in a report on Monday. Finally, BidaskClub cut NIC from a “sell” rating to a “strong sell” rating in a report on Friday, June 30th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $21.29.
In related news, COO Robert W. Knapp sold 25,000 shares of the business’s stock in a transaction on Monday, May 22nd. The shares were sold at an average price of $20.38, for a total value of $509,500.00. Following the sale, the chief operating officer now owns 197,531 shares of the company’s stock, valued at $4,025,681.78. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 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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