Vanguard Group Inc. Acquires 427,702 Shares of NIC Inc. (EGOV)

Vanguard Group Inc. raised its position in shares of NIC Inc. (NASDAQ:EGOV) by 7.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,903,569 shares of the software maker’s stock after buying an additional 427,702 shares during the period. Vanguard Group Inc. owned about 8.92% of NIC worth $119,252,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in EGOV. Adams Diversified Equity Fund Inc. raised its position in NIC by 2.9% in the first quarter. Adams Diversified Equity Fund Inc. now owns 42,500 shares of the software maker’s stock worth $859,000 after buying an additional 1,200 shares in the last quarter. Rockefeller Financial Services Inc. raised its position in NIC by 3.9% in the first quarter. Rockefeller Financial Services Inc. now owns 595,123 shares of the software maker’s stock worth $12,021,000 after buying an additional 22,236 shares in the last quarter. Russell Investments Group Ltd. raised its position in NIC by 183.5% in the first quarter. Russell Investments Group Ltd. now owns 164,953 shares of the software maker’s stock worth $3,332,000 after buying an additional 106,774 shares in the last quarter. Mondrian Investment Partners LTD raised its position in NIC by 47.2% in the first quarter. Mondrian Investment Partners LTD now owns 202,820 shares of the software maker’s stock worth $4,097,000 after buying an additional 64,991 shares in the last quarter. Finally, State of Alaska Department of Revenue raised its position in 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. Institutional investors and hedge funds own 92.20% of the company’s stock.

NIC Inc. (NASDAQ EGOV) opened at 16.25 on Thursday. The company has a market capitalization of $1.08 billion, a P/E ratio of 19.01 and a beta of 0.45. The firm has a 50-day moving average of $18.95 and a 200 day moving average of $20.94. NIC Inc. has a one year low of $16.10 and a one year high of $25.90.

NIC (NASDAQ:EGOV) last issued its quarterly earnings data 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. NIC had a net margin of 17.64% and a return on equity of 39.07%. The firm had revenue of $83.20 million for the quarter, compared to the consensus estimate of $81.99 million. During the same quarter in the previous year, the firm earned $0.19 EPS. The company’s quarterly revenue was up 6.3% compared to the same quarter last year. On average, equities analysts forecast that NIC Inc. will post $0.73 EPS for the current fiscal year.

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A number of research firms recently weighed in on EGOV. Zacks Investment Research upgraded shares of 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. BidaskClub lowered shares of NIC from a “sell” rating to a “strong sell” rating in a research note on Friday, June 30th. DA Davidson began coverage on shares of NIC in a research note on Wednesday, June 28th. They issued a “neutral” rating and a $20.00 price objective for the company. Imperial Capital upgraded 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 note on Monday, July 17th. Finally, Maxim Group reduced their price objective on shares of NIC from $21.00 to $16.00 and set a “hold” rating for the company in a research note on Friday, July 21st. Two 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. NIC currently has a consensus rating of “Hold” and an average target price of $20.00.

In other news, COO Robert W. Knapp sold 25,000 shares of NIC stock in a transaction that occurred 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 transaction, the chief operating officer now owns 197,531 shares of the company’s stock, valued at approximately $4,025,681.78. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 4.10% of the stock is owned by insiders.

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.

Institutional Ownership by Quarter for NIC (NASDAQ:EGOV)

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