WCM Investment Management CA purchased a new stake in NIC Inc. (NASDAQ:EGOV) during the third quarter, Holdings Channel reports. The firm purchased 33,275 shares of the company’s stock, valued at approximately $782,000. WCM Investment Management CA owned approximately 0.05% of NIC at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in EGOV. Westwood Holdings Group Inc. purchased a new stake in shares of NIC during the second quarter valued at about $144,000. PineBridge Investments L.P. increased its stake in shares of NIC by 4.2% in the second quarter. PineBridge Investments L.P. now owns 7,774 shares of the company’s stock valued at $171,000 after buying an additional 314 shares during the last quarter. ProShare Advisors LLC purchased a new stake in shares of NIC during the second quarter valued at about $200,000. GW Henssler & Associates Ltd. purchased a new stake in shares of NIC during the third quarter valued at about $203,000. Finally, Cubist Systematic Strategies LLC purchased a new stake in shares of NIC during the second quarter valued at about $218,000. Institutional investors own 87.15% of the company’s stock.
NIC Inc. (NASDAQ:EGOV) traded up 0.80% during mid-day trading on Wednesday, hitting $25.30. 199,689 shares of the stock traded hands. The stock has a 50-day moving average price of $24.74 and a 200-day moving average price of $23.58. The stock has a market cap of $1.67 billion, a P/E ratio of 33.29 and a beta of 0.55. NIC Inc. has a 12 month low of $14.48 and a 12 month high of $25.90.
NIC (NASDAQ:EGOV) last announced its quarterly earnings data on Thursday, November 3rd. The company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.06. NIC had a net margin of 16.47% and a return on equity of 37.12%. The company earned $80.37 million during the quarter, compared to analysts’ expectations of $80.04 million. During the same quarter in the prior year, the company earned $0.19 EPS. NIC’s revenue was up 7.1% compared to the same quarter last year. On average, equities analysts forecast that NIC Inc. will post $0.78 earnings per share for the current year.
EGOV has been the subject of several analyst reports. Zacks Investment Research raised shares of NIC from a “hold” rating to a “buy” rating and set a $26.00 price objective for the company in a research note on Monday, November 7th. Barrington Research downgraded shares of NIC from an “outperform” rating to a “market perform” rating in a research note on Tuesday, January 3rd. Imperial Capital raised their price objective on shares of NIC from $21.00 to $23.00 and gave the stock an “in-line” rating in a research note on Friday, November 18th. Finally, Sidoti downgraded shares of NIC from a “buy” rating to a “neutral” rating in a research note on Monday, December 19th. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $22.50.
In other news, Director Ross C. Hartley sold 69,800 shares of the stock in a transaction that occurred on Monday, January 9th. The shares were sold at an average price of $24.21, for a total value of $1,689,858.00. Following the completion of the sale, the director now owns 71,506 shares of the company’s stock, valued at approximately $1,731,160.26. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Ross C. Hartley sold 240,458 shares of the stock in a transaction that occurred on Monday, December 12th. The shares were sold at an average price of $25.19, for a total transaction of $6,057,137.02. Following the completion of the sale, the director now directly owns 71,506 shares of the company’s stock, valued at approximately $1,801,236.14. The disclosure for this sale can be found here. Corporate insiders own 4.80% of the company’s stock.
NIC Inc is a provider of digital government services that help governments use technology. The Company operates through Outsourced Portals segment. The Other Software & Services category includes its subsidiaries that provide software development and services, other than outsourced portal services, to state and local governments, as well as federal agencies.
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