Adams Diversified Equity Fund Inc. decreased its position in shares of NIC Inc. (NASDAQ:EGOV) by 15.3% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 36,000 shares of the software maker’s stock after selling 6,500 shares during the period. Adams Diversified Equity Fund Inc.’s holdings in NIC were worth $682,000 as of its most recent SEC filing.
Several other large investors also recently made changes to their positions in EGOV. Ameritas Investment Partners Inc. bought a new stake in shares of NIC during the first quarter worth $111,000. State of Alaska Department of Revenue boosted its stake in shares of 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 worth $138,000 after buying an additional 140 shares in the last quarter. SG Americas Securities LLC boosted its stake in shares of NIC by 7.6% in the first quarter. SG Americas Securities LLC now owns 6,821 shares of the software maker’s stock worth $138,000 after buying an additional 482 shares in the last quarter. Advisors Asset Management Inc. boosted its stake in shares of NIC by 595.1% in the first quarter. Advisors Asset Management Inc. now owns 8,932 shares of the software maker’s stock worth $180,000 after buying an additional 7,647 shares in the last quarter. Finally, Creative Planning boosted its stake in shares of NIC by 1.1% in the first quarter. Creative Planning now owns 11,564 shares of the software maker’s stock worth $234,000 after buying an additional 127 shares in the last quarter. Institutional investors and hedge funds own 92.20% of the company’s stock.
NIC Inc. (EGOV) opened at 16.00 on Friday. The company has a 50 day moving average of $18.84 and a 200-day moving average of $20.91. The firm has a market cap of $1.06 billion, a PE ratio of 18.71 and a beta of 0.45. NIC Inc. has a one year low of $15.80 and a one year high of $25.90.
NIC (NASDAQ:EGOV) last posted its quarterly earnings results on Monday, May 1st. The software maker reported $0.21 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.18 by $0.03. NIC had a net margin of 17.64% and a return on equity of 39.07%. The firm had revenue of $83.20 million for the quarter, compared to analyst estimates of $81.99 million. During the same quarter last year, the firm posted $0.19 earnings per share. NIC’s revenue for the quarter was up 6.3% compared to the same quarter last year. On average, equities research analysts predict that NIC Inc. will post $0.73 earnings per share for the current year.
A number of equities research analysts have weighed in on EGOV shares. Zacks Investment Research upgraded shares of NIC from a “hold” rating to a “buy” rating and set a $23.00 price target for the company in a research report on Thursday, May 4th. Maxim Group dropped their price target on shares of NIC from $21.00 to $16.00 and set a “hold” rating for the company in a research report on Friday, July 21st. DA Davidson started coverage on shares of NIC in a research report on Wednesday, June 28th. They set a “neutral” rating and a $20.00 price target for the company. Sidoti cut shares of NIC from a “buy” rating to a “neutral” rating and set a $19.00 price objective for the company. in a report on Friday, July 21st. Finally, Imperial Capital upgraded shares of NIC from an “in-line” rating to an “outperform” rating and set a $23.00 price objective for the company in a report on Monday, July 17th. Two equities research analysts have rated the stock with a sell rating, five have issued 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 $20.00.
In related news, COO Robert W. Knapp sold 25,000 shares of the firm’s stock in a transaction that occurred 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 owns 197,531 shares in the company, valued at $4,025,681.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 4.10% of the company’s stock.
About NIC
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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