Sidoti lowered shares of NIC Inc. (NASDAQ:EGOV) from a buy rating to a neutral rating in a research note published on Monday morning.
Several other brokerages also recently commented on EGOV. Zacks Investment Research upgraded NIC from a hold rating to a buy rating and set a $26.00 target price for the company in a research note on Monday, November 7th. Imperial Capital raised their target price on NIC from $21.00 to $23.00 and gave the company an in-line rating in a research note on Friday, November 18th. Four investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. NIC presently has a consensus rating of Hold and a consensus price target of $22.50.
Shares of NIC (NASDAQ:EGOV) opened at 24.25 on Monday. The company has a market cap of $1.60 billion, a price-to-earnings ratio of 31.91 and a beta of 0.56. NIC has a 1-year low of $14.48 and a 1-year high of $25.90. The firm has a 50-day moving average price of $24.59 and a 200 day moving average price of $23.11.
NIC (NASDAQ:EGOV) last issued its earnings results on Thursday, November 3rd. The company reported $0.24 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.18 by $0.06. The company earned $80.37 million during the quarter, compared to the consensus estimate of $80.04 million. NIC had a return on equity of 37.12% and a net margin of 16.47%. The firm’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same period last year, the business posted $0.19 EPS. On average, analysts predict that NIC will post $0.78 EPS for the current fiscal year.
The business also recently declared a special dividend, which was paid on Friday, December 9th. Shareholders of record on Wednesday, November 16th were paid a dividend of $0.65 per share. The ex-dividend date was Monday, November 14th. This is an increase from NIC’s previous special dividend of $0.55.
In other NIC news, Director Ross C. Hartley sold 240,458 shares of NIC stock in a transaction dated Monday, December 12th. The stock was sold at an average price of $25.19, for a total transaction of $6,057,137.02. Following the completion of the transaction, the director now owns 71,506 shares in the company, valued at approximately $1,801,236.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 4.80% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in EGOV. Columbia Wanger Asset Management LLC increased its position in NIC by 222.2% in the second quarter. Columbia Wanger Asset Management LLC now owns 2,334,626 shares of the company’s stock worth $51,222,000 after buying an additional 1,609,971 shares during the period. Neuberger Berman Group LLC acquired a new position in shares of NIC during the second quarter worth $11,536,000. BlackRock Fund Advisors increased its position in shares of NIC by 8.5% in the third quarter. BlackRock Fund Advisors now owns 4,267,451 shares of the company’s stock worth $100,285,000 after buying an additional 335,054 shares during the last quarter. Morgan Stanley increased its position in shares of NIC by 377.6% in the third quarter. Morgan Stanley now owns 262,852 shares of the company’s stock worth $6,177,000 after buying an additional 207,814 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in shares of NIC by 3.5% in the second quarter. Vanguard Group Inc. now owns 5,170,990 shares of the company’s stock worth $113,450,000 after buying an additional 175,297 shares during the last quarter. Institutional investors and hedge funds own 87.16% of the company’s stock.
NIC Company Profile