NICE (NASDAQ:NICE) Posts Earnings Results

NICE (NASDAQ:NICE) posted its quarterly earnings results on Thursday. The technology company reported $2.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.15 by $0.12, MarketWatch Earnings reports. The business had revenue of $601.30 million during the quarter, compared to analysts’ expectations of $595.00 million. NICE had a net margin of 14.11% and a return on equity of 13.17%. The business’s quarterly revenue was up 8.4% on a year-over-year basis. During the same quarter last year, the company posted $1.41 earnings per share. NICE updated its FY23 guidance to $8.58-8.78 EPS.

NICE Stock Performance

NASDAQ:NICE opened at $194.52 on Friday. The company’s 50-day moving average price is $168.27 and its 200-day moving average price is $191.68. The company has a current ratio of 2.31, a quick ratio of 2.31 and a debt-to-equity ratio of 0.14. The company has a market cap of $12.38 billion, a P/E ratio of 39.54, a P/E/G ratio of 2.36 and a beta of 0.89. NICE has a twelve month low of $149.54 and a twelve month high of $231.54.

Hedge Funds Weigh In On NICE

Several hedge funds and other institutional investors have recently modified their holdings of the business. Capital International Investors lifted its stake in shares of NICE by 2.0% in the first quarter. Capital International Investors now owns 1,627,984 shares of the technology company’s stock worth $357,017,000 after buying an additional 32,312 shares in the last quarter. Thrivent Financial for Lutherans raised its stake in NICE by 0.9% during the first quarter. Thrivent Financial for Lutherans now owns 438,162 shares of the technology company’s stock worth $100,291,000 after purchasing an additional 3,755 shares during the period. Arrowstreet Capital Limited Partnership raised its stake in NICE by 33.4% during the first quarter. Arrowstreet Capital Limited Partnership now owns 376,153 shares of the technology company’s stock worth $86,098,000 after purchasing an additional 94,161 shares during the period. Goldman Sachs Group Inc. raised its stake in NICE by 163.0% during the first quarter. Goldman Sachs Group Inc. now owns 205,356 shares of the technology company’s stock worth $44,973,000 after purchasing an additional 127,266 shares during the period. Finally, Penn Capital Management Company LLC purchased a new position in NICE during the first quarter worth about $35,147,000. 63.58% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Royal Bank of Canada reiterated an “outperform” rating and issued a $238.00 price objective on shares of NICE in a research note on Friday. Citigroup raised their price target on shares of NICE from $278.00 to $338.00 and gave the company a “buy” rating in a research report on Tuesday, August 15th. DA Davidson initiated coverage on shares of NICE in a research report on Thursday, September 28th. They set a “neutral” rating and a $190.00 price target on the stock. TheStreet lowered shares of NICE from a “b-” rating to a “c+” rating in a research report on Tuesday, September 12th. Finally, JMP Securities restated a “market outperform” rating and set a $343.00 price target on shares of NICE in a research report on Monday, October 9th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $249.00.

About NICE

NICE Ltd., together with its subsidiaries, provides cloud platforms for AI-driven digital business solutions worldwide. It offers CXone, a cloud native open platform; Enlighten, an AI engine for CX that discovers automation opportunities for self-service; digital-entry points solutions that enable organizations to address consumers' needs; and journey orchestration solutions that empower organizations to connect and route customers to deal with the customer's request, and connects them using real time AI-based routing.