Fmr LLC increased its stake in NIC Inc. (NASDAQ:EGOV) by 136.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 743,200 shares of the software maker’s stock after buying an additional 429,400 shares during the period. Fmr LLC owned about 1.12% of NIC worth $15,013,000 at the end of the most recent quarter.
A number of other hedge funds also recently added to or reduced their stakes in the company. State of Alaska Department of Revenue increased its stake in NIC by 2.1% in the first quarter. State of Alaska Department of Revenue now owns 6,850 shares of the software maker’s stock valued at $138,000 after buying an additional 140 shares in the last quarter. Nisa Investment Advisors LLC increased its stake in NIC by 19.6% in the first quarter. Nisa Investment Advisors LLC now owns 48,130 shares of the software maker’s stock valued at $972,000 after buying an additional 7,880 shares in the last quarter. Conestoga Capital Advisors LLC increased its stake in NIC by 4.8% in the first quarter. Conestoga Capital Advisors LLC now owns 1,640,018 shares of the software maker’s stock valued at $33,128,000 after buying an additional 75,228 shares in the last quarter. Louisiana State Employees Retirement System increased its stake in NIC by 1.6% in the first quarter. Louisiana State Employees Retirement System now owns 25,300 shares of the software maker’s stock valued at $511,000 after buying an additional 400 shares in the last quarter. Finally, Capstone Asset Management Co. increased its stake in NIC by 3.3% in the first quarter. Capstone Asset Management Co. now owns 18,505 shares of the software maker’s stock valued at $374,000 after buying an additional 585 shares in the last quarter. 92.19% of the stock is currently owned by institutional investors.
Shares of NIC Inc. (NASDAQ EGOV) opened at 18.05 on Friday. NIC Inc. has a 12-month low of $18.00 and a 12-month high of $25.90. The stock has a market capitalization of $1.20 billion, a P/E ratio of 21.11 and a beta of 0.45. The stock has a 50 day moving average of $19.42 and a 200 day moving average of $21.17.
NIC (NASDAQ:EGOV) last announced its earnings results on Monday, May 1st. The software maker reported $0.21 EPS for the quarter, beating analysts’ consensus estimates of $0.18 by $0.03. The business had revenue of $83.20 million for the quarter, compared to analysts’ expectations of $81.99 million. NIC had a net margin of 17.64% and a return on equity of 39.07%. The company’s quarterly revenue was up 6.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.19 EPS. Equities research analysts anticipate that NIC Inc. will post $0.73 EPS for the current fiscal year.
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Several analysts have weighed in on the stock. 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 report on Thursday, May 4th. BidaskClub downgraded shares of NIC from a “sell” rating to a “strong sell” rating in a research report on Friday, June 30th. DA Davidson assumed coverage on shares of NIC in a research report on Wednesday, June 28th. They set a “neutral” rating and a $20.00 target price on the stock. Finally, 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 report on Monday. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company’s stock. NIC has a consensus rating of “Hold” and an average target price of $22.29.
In other news, COO Robert W. Knapp sold 25,000 shares of NIC stock in a transaction on Monday, May 22nd. The shares were sold at an average price of $20.38, for a total value of $509,500.00. Following the transaction, the chief operating officer now directly owns 197,531 shares of the company’s stock, valued at approximately $4,025,681.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 4.10% of the company’s stock.
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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