NIC Inc. (EGOV) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. reduced its stake in NIC Inc. (NASDAQ:EGOV) by 1.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 572,682 shares of the software maker’s stock after selling 10,322 shares during the quarter. Principal Financial Group Inc. owned 0.86% of NIC worth $7,147,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. Russell Investments Group Ltd. bought a new position in NIC in the third quarter worth about $801,000. Wells Fargo & Company MN increased its holdings in shares of NIC by 7.6% during the third quarter. Wells Fargo & Company MN now owns 143,273 shares of the software maker’s stock valued at $2,120,000 after acquiring an additional 10,065 shares in the last quarter. Janus Henderson Group PLC increased its holdings in shares of NIC by 115.0% during the third quarter. Janus Henderson Group PLC now owns 21,841 shares of the software maker’s stock valued at $323,000 after acquiring an additional 11,681 shares in the last quarter. Martingale Asset Management L P increased its holdings in shares of NIC by 250.4% during the third quarter. Martingale Asset Management L P now owns 89,014 shares of the software maker’s stock valued at $1,318,000 after acquiring an additional 63,609 shares in the last quarter. Finally, FMR LLC increased its holdings in shares of NIC by 2.0% during the third quarter. FMR LLC now owns 2,418,663 shares of the software maker’s stock valued at $35,796,000 after acquiring an additional 47,763 shares in the last quarter. Institutional investors own 88.38% of the company’s stock.

Several equities analysts have recently issued reports on the stock. BidaskClub upgraded shares of NIC from a “hold” rating to a “buy” rating in a report on Saturday. DA Davidson restated a “neutral” rating on shares of NIC in a report on Monday, April 29th. Zacks Investment Research upgraded shares of NIC from a “hold” rating to a “buy” rating and set a $19.00 price objective on the stock in a report on Monday, February 4th. ValuEngine upgraded shares of NIC from a “sell” rating to a “hold” rating in a report on Thursday, January 31st. Finally, Loop Capital upped their price objective on shares of NIC to $16.00 and gave the company a “hold” rating in a report on Thursday, January 31st. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $19.75.

Shares of EGOV traded up $0.27 during mid-day trading on Friday, hitting $17.50. 604,706 shares of the company traded hands, compared to its average volume of 401,206. The company has a market cap of $1.18 billion, a P/E ratio of 19.89, a price-to-earnings-growth ratio of 2.36 and a beta of 0.96. NIC Inc. has a 1-year low of $11.76 and a 1-year high of $17.55.

NIC (NASDAQ:EGOV) last issued its earnings results on Wednesday, January 30th. The software maker reported $0.15 EPS for the quarter, beating the Zacks’ consensus estimate of $0.13 by $0.02. The firm had revenue of $78.65 million for the quarter, compared to analyst estimates of $74.44 million. NIC had a return on equity of 29.79% and a net margin of 16.89%. NIC’s revenue for the quarter was down 5.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.16 earnings per share. On average, research analysts expect that NIC Inc. will post 0.73 EPS for the current fiscal year.

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NIC Company Profile

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.

See Also: Depreciation

Institutional Ownership by Quarter for NIC (NASDAQ:EGOV)

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