NIC Inc. (NASDAQ:EGOV) Shares Gap Down After Analyst Downgrade

Shares of NIC Inc. (NASDAQ:EGOV) gapped down prior to trading on Monday after Sidoti downgraded the stock from a buy rating to a neutral rating. The stock had previously closed at $15.25, but opened at $16.35. Sidoti now has a $19.00 price target on the stock. NIC shares last traded at $16.23, with a volume of 355,319 shares traded.

A number of other analysts also recently issued reports on EGOV. 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 research report on Tuesday, July 18th. 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 research report on Monday, July 17th. Maxim Group decreased their target price on NIC from $21.00 to $16.00 and set a “hold” rating for the company in a research report on Friday. DA Davidson began coverage on NIC in a research report on Wednesday, June 28th. They issued a “neutral” rating and a $20.00 target price for the company. Finally, BidaskClub downgraded NIC from a “sell” rating to a “strong sell” rating in a research report on Friday, June 30th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $20.00.

In other news, COO Robert W. Knapp sold 25,000 shares of the firm’s stock in a transaction on Monday, May 22nd. The stock was sold at an average price of $20.38, for a total value of $509,500.00. Following the completion of the transaction, the chief operating officer now directly owns 197,531 shares of the company’s stock, valued at $4,025,681.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 4.10% of the stock is owned by company insiders.

Institutional investors have recently bought and sold shares of the company. Copeland Capital Management LLC raised its position in NIC by 7.1% in the second quarter. Copeland Capital Management LLC now owns 554,804 shares of the software maker’s stock worth $10,514,000 after buying an additional 36,967 shares during the last quarter. Conestoga Capital Advisors LLC raised its position in NIC by 3.7% in the second quarter. Conestoga Capital Advisors LLC now owns 1,700,988 shares of the software maker’s stock worth $32,234,000 after buying an additional 60,970 shares during the last quarter. US Bancorp DE raised its position in NIC by 20.5% in the second quarter. US Bancorp DE now owns 17,334 shares of the software maker’s stock worth $329,000 after buying an additional 2,943 shares during the last quarter. Legato Capital Management LLC bought a new position in NIC during the second quarter worth approximately $1,212,000. Finally, BTIM Corp. raised its position in NIC by 20.2% in the second quarter. BTIM Corp. now owns 1,111,666 shares of the software maker’s stock worth $21,066,000 after buying an additional 187,062 shares during the last quarter. 92.20% of the stock is owned by hedge funds and other institutional investors.

The company has a 50-day moving average price of $19.18 and a 200-day moving average price of $21.03. The company has a market capitalization of $1.08 billion, a PE ratio of 19.06 and a beta of 0.45.

NIC (NASDAQ:EGOV) last posted its quarterly earnings data on Monday, May 1st. The software maker reported $0.21 EPS for the quarter, topping the consensus estimate of $0.18 by $0.03. The firm had revenue of $83.20 million during the quarter, compared to analyst estimates of $81.99 million. NIC had a return on equity of 39.07% and a net margin of 17.64%. NIC’s revenue was up 6.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.19 EPS. On average, equities research analysts anticipate that NIC Inc. will post $0.73 EPS for the current fiscal year.

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About NIC

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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