Metropolitan Life Insurance Co. NY continued to hold its stake in NIC Inc. (NASDAQ:EGOV) during the first quarter, Holdings Channel reports. The institutional investor owned 42,910 shares of the software maker’s stock at the end of the first quarter. Metropolitan Life Insurance Co. NY’s holdings in NIC were worth $867,000 at the end of the most recent quarter.
A number of other hedge funds also recently bought and sold shares of the company. Creative Planning raised its stake in NIC by 1.1% in the first quarter. Creative Planning now owns 11,564 shares of the software maker’s stock valued at $234,000 after buying an additional 127 shares in the last quarter. State of Alaska Department of Revenue raised 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. Louisiana State Employees Retirement System raised 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. Arizona State Retirement System raised its stake in NIC by 1.3% in the first quarter. Arizona State Retirement System now owns 32,287 shares of the software maker’s stock valued at $652,000 after buying an additional 400 shares in the last quarter. Finally, SG Americas Securities LLC raised its stake in NIC by 7.6% in the first quarter. SG Americas Securities LLC now owns 6,821 shares of the software maker’s stock valued at $138,000 after buying an additional 482 shares in the last quarter. Institutional investors own 92.75% of the company’s stock.
Shares of NIC Inc. (EGOV) traded up 0.31% during mid-day trading on Tuesday, hitting $16.30. 115,943 shares of the stock traded hands. The firm has a market capitalization of $1.08 billion, a P/E ratio of 19.06 and a beta of 0.45. The company’s 50 day moving average is $18.62 and its 200 day moving average is $20.73. NIC Inc. has a one year low of $15.75 and a one year high of $25.90.
NIC (NASDAQ:EGOV) last released its quarterly earnings results on Monday, May 1st. The software maker reported $0.21 EPS for the quarter, topping analysts’ consensus estimates of $0.18 by $0.03. NIC had a net margin of 17.64% and a return on equity of 39.07%. The business had revenue of $83.20 million for the quarter, compared to analyst estimates of $81.99 million. During the same period last year, the firm earned $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 analysts expect that NIC Inc. will post $0.73 EPS for the current fiscal year.
Several research firms have issued reports on EGOV. Zacks Investment Research upgraded shares of NIC from a “hold” rating to a “buy” rating and set a $23.00 price target on the stock in a research report on Thursday, May 4th. BidaskClub lowered shares of NIC from a “sell” rating to a “strong sell” rating in a research report on Friday, June 30th. DA Davidson began coverage on shares of NIC in a research report on Wednesday, June 28th. They issued a “neutral” rating and a $20.00 price target on the stock. Sidoti lowered shares of NIC from a “buy” rating to a “neutral” rating and set a $19.00 price target on the stock. in a research report on Friday, July 21st. Finally, Maxim Group decreased their price target on shares of NIC from $21.00 to $16.00 and set a “hold” rating on the stock in a research report on Friday, July 21st. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company. The company has an average 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 dated Monday, May 22nd. The shares were sold at an average price of $20.38, for a total transaction of $509,500.00. Following the transaction, the chief operating officer now directly owns 197,531 shares of the company’s stock, valued at $4,025,681.78. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 4.10% of the stock is currently owned by company insiders.
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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