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

NIC Inc. (NASDAQ:EGOV) shares gapped down prior to trading on Monday after TheStreet downgraded the stock from a b- rating to a c+ rating. The stock had previously closed at $15.25, but opened at $16.35. NIC shares last traded at $16.23, with a volume of 355,319 shares changing hands.

Several other brokerages 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 research note on Thursday, May 4th. Maxim Group cut their target price on shares of NIC from $21.00 to $16.00 and set a “hold” rating on the stock in a research note 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 research note on Monday, July 17th. BidaskClub downgraded shares of NIC from a “sell” rating to a “strong sell” rating in a research note on Friday, June 30th. Finally, Sidoti downgraded shares of NIC from a “buy” rating to a “neutral” rating and set a $19.00 target price on the stock. in a research note on Friday, July 21st. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $20.00.

In other news, COO Robert W. Knapp sold 25,000 shares of the business’s stock in a transaction on Monday, May 22nd. The shares were sold at an average price of $20.38, for a total transaction of $509,500.00. Following the transaction, the chief operating officer now directly owns 197,531 shares in the company, valued at approximately $4,025,681.78. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 4.10% of the company’s stock.

Several institutional investors have recently bought and sold shares of the stock. U S Global Investors Inc. bought a new position in NIC during the second quarter valued at approximately $472,000. Piedmont Investment Advisors LLC bought a new position in NIC during the second quarter valued at approximately $255,000. Arrowstreet Capital Limited Partnership boosted its position in NIC by 36.0% in the second quarter. Arrowstreet Capital Limited Partnership now owns 81,646 shares of the software maker’s stock valued at $1,547,000 after buying an additional 21,612 shares in the last quarter. Cubist Systematic Strategies LLC bought a new position in NIC during the second quarter valued at approximately $259,000. Finally, State Street Corp boosted its position in NIC by 5.9% in the second quarter. State Street Corp now owns 1,587,370 shares of the software maker’s stock valued at $30,083,000 after buying an additional 88,954 shares in the last quarter. Institutional investors and hedge funds own 92.55% of the company’s stock.

The company’s 50-day moving average is $17.20 and its 200-day moving average is $19.92. The company has a market cap of $1.08 billion, a price-to-earnings ratio of 19.12 and a beta of 0.42.

NIC (NASDAQ:EGOV) last issued its quarterly earnings data on Wednesday, August 2nd. The software maker reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.18 by $0.01. NIC had a net margin of 17.31% and a return on equity of 38.37%. The business had revenue of $85.30 million for the quarter, compared to analyst estimates of $83.57 million. During the same period last year, the business posted $0.20 earnings per share. The firm’s quarterly revenue was up 5.6% on a year-over-year basis. On average, equities analysts predict that NIC Inc. will post $0.74 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 20th. Investors of record on Wednesday, September 6th will be issued a dividend of $0.08 per share. The ex-dividend date is Friday, September 1st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.97%. NIC’s payout ratio is 38.10%.

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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.

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