NIC (NASDAQ:EGOV) Upgraded by TheStreet to “B”

NIC (NASDAQ:EGOV) was upgraded by equities researchers at TheStreet from a “c+” rating to a “b” rating in a report released on Thursday, TheStreetRatingsTable reports.

A number of other brokerages have also recently commented on EGOV. BidaskClub raised NIC from a “hold” rating to a “buy” rating in a research note on Friday, July 26th. Zacks Investment Research raised NIC from a “hold” rating to a “buy” rating and set a $18.00 price objective for the company in a research note on Tuesday, June 4th. ValuEngine raised NIC from a “hold” rating to a “buy” rating in a research note on Thursday. Barrington Research reissued a “buy” rating on shares of NIC in a research note on Wednesday, July 3rd. Finally, Loop Capital raised NIC from a “hold” rating to a “buy” rating in a research note on Tuesday, May 7th. Six equities research analysts have rated the stock with a buy rating, The company has an average rating of “Buy” and a consensus price target of $20.25.

NIC stock traded down $0.57 during mid-day trading on Thursday, reaching $22.06. The stock had a trading volume of 1,353,759 shares, compared to its average volume of 336,254. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.80 and a quick ratio of 2.80. NIC has a fifty-two week low of $11.76 and a fifty-two week high of $23.45. The company has a 50-day simple moving average of $16.92. The stock has a market cap of $1.48 billion, a price-to-earnings ratio of 25.07, a PEG ratio of 2.48 and a beta of 0.99.

NIC (NASDAQ:EGOV) last announced its quarterly earnings data on Wednesday, July 31st. The software maker reported $0.21 EPS for the quarter, beating the Zacks’ consensus estimate of $0.18 by $0.03. NIC had a return on equity of 24.94% and a net margin of 15.10%. The firm had revenue of $91.60 million during the quarter, compared to analysts’ expectations of $86.45 million. During the same quarter last year, the firm posted $0.25 earnings per share. The company’s revenue for the quarter was down 1.0% compared to the same quarter last year. As a group, equities research analysts expect that NIC will post 0.73 earnings per share for the current year.

In other NIC news, CFO Stephen M. Kovzan sold 35,000 shares of the firm’s stock in a transaction that occurred on Friday, June 7th. The stock was 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 owns 230,691 shares of the company’s stock, valued at $3,700,283.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 2.60% of the company’s stock.

Several large investors have recently made changes to their positions in EGOV. Norges Bank purchased a new position in shares of NIC during the fourth quarter valued at approximately $24,319,000. FMR LLC boosted its position in shares of NIC by 18.0% during the fourth quarter. FMR LLC now owns 2,852,872 shares of the software maker’s stock valued at $35,604,000 after buying an additional 434,209 shares during the last quarter. Weybosset Research & Management LLC purchased a new position in shares of NIC during the first quarter valued at approximately $6,110,000. JPMorgan Chase & Co. boosted its position in shares of NIC by 83.5% during the first quarter. JPMorgan Chase & Co. now owns 624,530 shares of the software maker’s stock valued at $10,673,000 after buying an additional 284,122 shares during the last quarter. Finally, AJO LP purchased a new position in shares of NIC during the first quarter valued at approximately $4,611,000. 87.23% of the stock is currently owned by institutional investors.

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.

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