A number of other brokerages have also recently issued reports on EGOV. Zacks Investment Research raised shares of NIC from a hold rating to a buy rating and set a $23.00 target price on the stock in a report on Thursday, May 4th. Maxim Group dropped their target price on shares of NIC from $21.00 to $16.00 and set a hold rating on the stock in a report on Friday, July 21st. Imperial Capital raised shares of NIC from an in-line rating to an outperform rating and set a $23.00 target price on the stock in a report on Monday, July 17th. BidaskClub cut shares of NIC from a sell rating to a strong sell rating in a report on Friday, June 30th. Finally, Sidoti cut shares of NIC from a buy rating to a neutral rating and set a $19.00 target price on the stock. in a report on Friday, July 21st. Two research analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average price target of $20.00.
Shares of NIC (EGOV) opened at 15.85 on Monday. NIC has a 12 month low of $15.75 and a 12 month high of $25.90. The stock has a 50 day moving average price of $17.38 and a 200 day moving average price of $20.01. The firm has a market capitalization of $1.05 billion, a P/E ratio of 18.65 and a beta of 0.42.
NIC (NASDAQ:EGOV) last issued its earnings results on Wednesday, August 2nd. The software maker reported $0.19 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.18 by $0.01. The company had revenue of $85.30 million for the quarter, compared to analysts’ expectations of $83.57 million. NIC had a net margin of 14.96% and a return on equity of 34.45%. NIC’s quarterly revenue was up 5.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.20 EPS. On average, analysts expect that NIC will post $0.74 earnings per share for the current year.
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The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 20th. Investors of record on Wednesday, September 6th will be paid a $0.08 dividend. The ex-dividend date is Friday, September 1st. This represents a $0.32 dividend on an annualized basis and a yield of 2.02%. NIC’s dividend payout ratio (DPR) is currently 38.10%.
In related news, COO Robert W. Knapp sold 25,000 shares of the company’s stock in a transaction dated 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 in the company, valued at approximately $4,025,681.78. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 4.10% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. raised its position in shares of NIC by 139,679.0% in the first quarter. BlackRock Inc. now owns 7,479,576 shares of the software maker’s stock worth $151,087,000 after buying an additional 7,474,225 shares during the period. Copeland Capital Management LLC bought a new position in shares of NIC during the first quarter worth approximately $10,900,000. Bank of New York Mellon Corp raised its position in shares of NIC by 53.4% in the second quarter. Bank of New York Mellon Corp now owns 1,351,186 shares of the software maker’s stock worth $25,604,000 after buying an additional 470,181 shares during the period. FMR LLC raised its position in shares of NIC by 136.8% in the first quarter. FMR LLC now owns 743,200 shares of the software maker’s stock worth $15,013,000 after buying an additional 429,400 shares during the period. Finally, Vanguard Group Inc. raised its position in shares of NIC by 7.8% in the first quarter. Vanguard Group Inc. now owns 5,903,569 shares of the software maker’s stock worth $119,252,000 after buying an additional 427,702 shares during the period. Institutional investors and hedge funds own 92.55% of the company’s stock.
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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