Goldman Sachs Group Inc. Acquires 58,468 Shares of NIC Inc. (NASDAQ:EGOV)

Goldman Sachs Group Inc. raised its position in shares of NIC Inc. (NASDAQ:EGOV) by 19.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 361,488 shares of the software maker’s stock after buying an additional 58,468 shares during the period. Goldman Sachs Group Inc.’s holdings in NIC were worth $7,302,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in EGOV. Ameritas Investment Partners Inc. acquired a new stake in shares of NIC during the first quarter worth $111,000. State of Alaska Department of Revenue increased its stake in shares of NIC by 2.1% in the first quarter. State of Alaska Department of Revenue now owns 6,850 shares of the software maker’s stock worth $138,000 after buying an additional 140 shares in the last quarter. SG Americas Securities LLC increased its stake in shares of NIC by 7.6% in the first quarter. SG Americas Securities LLC now owns 6,821 shares of the software maker’s stock worth $138,000 after buying an additional 482 shares in the last quarter. Advisors Asset Management Inc. increased its stake in shares of NIC by 595.1% in the first quarter. Advisors Asset Management Inc. now owns 8,932 shares of the software maker’s stock worth $180,000 after buying an additional 7,647 shares in the last quarter. Finally, Creative Planning increased its stake in shares of NIC by 1.1% in the first quarter. Creative Planning now owns 11,564 shares of the software maker’s stock worth $234,000 after buying an additional 127 shares in the last quarter. 92.19% of the stock is owned by institutional investors and hedge funds.

NIC Inc. (NASDAQ:EGOV) opened at 16.35 on Friday. NIC Inc. has a 52-week low of $15.85 and a 52-week high of $25.90. The firm has a 50-day moving average of $19.42 and a 200 day moving average of $21.17. The company has a market cap of $1.08 billion, a PE ratio of 19.12 and a beta of 0.45.

NIC (NASDAQ:EGOV) last announced its earnings results on Monday, May 1st. The software maker reported $0.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.18 by $0.03. The business had revenue of $83.20 million during the quarter, compared to analysts’ expectations of $81.99 million. NIC had a net margin of 17.64% and a return on equity of 39.07%. The firm’s revenue for the quarter was up 6.3% on a year-over-year basis. During the same quarter last year, the company posted $0.19 EPS. Equities research analysts expect that NIC Inc. will post $0.73 earnings per share for the current fiscal year.

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A number of equities research analysts recently weighed in on EGOV shares. Zacks Investment Research raised shares of NIC from a “hold” rating to a “buy” rating and set a $23.00 price objective for the company in a research report on Thursday, May 4th. Maxim Group lowered their price objective on shares of NIC from $21.00 to $16.00 and set a “hold” rating for the company in a research report on Friday. DA Davidson started coverage on shares of NIC in a research report on Wednesday, June 28th. They set a “neutral” rating and a $20.00 price objective for the company. Sidoti downgraded shares of NIC from a “buy” rating to a “neutral” rating in a research report on Friday. Finally, Imperial Capital raised shares of NIC from an “in-line” rating to an “outperform” rating and set a $23.00 price objective for the company in a research report on Monday, July 17th. Two analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $21.29.

In related news, COO Robert W. Knapp sold 25,000 shares of the stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $20.38, for a total transaction of $509,500.00. Following the completion of the sale, the chief operating officer now owns 197,531 shares in the company, valued at approximately $4,025,681.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company 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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Institutional Ownership by Quarter for NIC (NASDAQ:EGOV)

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