NIC (NASDAQ:EGOV) Upgraded to Hold by BidaskClub

BidaskClub upgraded shares of NIC (NASDAQ:EGOV) from a sell rating to a hold rating in a research note released on Tuesday, BidAskClub reports.

Several other equities analysts have also issued reports on EGOV. DA Davidson reaffirmed a buy rating on shares of OP Bancorp in a report on Monday, April 29th. Loop Capital upgraded shares of NIC from a hold rating to a buy rating in a research report on Tuesday, May 7th. Barrington Research set a $68.00 price target on shares of WNS and gave the company a buy rating in a research report on Wednesday, July 3rd. Finally, Zacks Investment Research raised shares of Investar from a hold rating to a buy rating and set a $27.00 price objective for the company in a research note on Tuesday, June 4th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. NIC has an average rating of Hold and a consensus target price of $19.50.

NASDAQ:EGOV opened at $16.61 on Tuesday. NIC has a 12 month low of $11.76 and a 12 month high of $18.05. The business’s 50 day moving average price is $16.15. The company has a current ratio of 2.80, a quick ratio of 2.80 and a debt-to-equity ratio of 0.04. The stock has a market cap of $1.11 billion, a price-to-earnings ratio of 18.88, a P/E/G ratio of 2.28 and a beta of 0.96.

NIC (NASDAQ:EGOV) last released its quarterly earnings results on Monday, May 6th. The software maker reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.17 by $0.02. The company had revenue of $85.20 million for the quarter, compared to analysts’ expectations of $82.07 million. NIC had a return on equity of 26.73% and a net margin of 15.80%. The firm’s revenue was down 1.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.23 earnings per share. Analysts anticipate that NIC will post 0.73 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 25th. Investors of record on Tuesday, June 11th were given a $0.08 dividend. The ex-dividend date was Monday, June 10th. This represents a $0.32 annualized dividend and a dividend yield of 1.93%. NIC’s dividend payout ratio (DPR) is presently 36.36%.

In other NIC news, CFO Stephen M. Kovzan sold 35,000 shares of the stock in a transaction on Friday, June 7th. The shares were sold at an average price of $16.04, for a total value of $561,400.00. Following the completion of the sale, the chief financial officer now directly owns 230,691 shares of the company’s stock, valued at approximately $3,700,283.64. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 2.60% of the company’s stock.

Several institutional investors have recently made changes to their positions in the stock. Norges Bank acquired a new stake in NIC in the 4th quarter valued at about $24,319,000. BlackRock Inc. lifted its stake in NIC by 4.6% in the fourth quarter. BlackRock Inc. now owns 9,998,406 shares of the software maker’s stock valued at $124,779,000 after buying an additional 442,087 shares in the last quarter. FMR LLC raised its holdings in shares of NIC by 18.0% in the fourth quarter. FMR LLC now owns 2,852,872 shares of the software maker’s stock valued at $35,604,000 after purchasing an additional 434,209 shares during the last quarter. Weybosset Research & Management LLC acquired a new position in NIC during the first quarter worth $6,110,000. Finally, JPMorgan Chase & Co. increased its holdings in NIC by 83.5% during the first quarter. JPMorgan Chase & Co. now owns 624,530 shares of the software maker’s stock worth $10,673,000 after buying an additional 284,122 shares during the last quarter. Institutional investors and hedge funds own 87.00% of the company’s stock.

About NIC

NIC Inc, together with its subsidiaries, provides digital government services that enable governments to use technology to provide various services to businesses and citizens in the United States. The company's outsourced portal business enters into long-term contracts with state and local governments to design, build, and operate Internet-based and enterprise-wide portals on their behalf.

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