NIC Inc. (EGOV) Upgraded at BidaskClub

NIC Inc. (NASDAQ:EGOV) was upgraded by equities researchers at BidaskClub from a “strong sell” rating to a “sell” rating in a research report issued to clients and investors on Friday.

Other research analysts have also issued research reports about the company. TheStreet lowered NIC from a “b-” rating to a “c+” rating in a report on Monday, August 14th. Maxim Group set a $16.00 price objective on NIC and gave the company a “hold” rating in a report on Thursday, August 3rd. Sidoti lowered NIC from a “buy” rating to a “neutral” rating and set a $19.00 price objective on the stock. in a report on Friday, July 21st. Zacks Investment Research upgraded NIC from a “hold” rating to a “buy” rating and set a $22.00 price objective on the stock in a report on Tuesday, July 18th. Finally, Imperial Capital upgraded NIC from an “in-line” rating to an “outperform” rating and set a $23.00 price objective on the stock in a report on Monday, July 17th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $20.00.

NIC (NASDAQ:EGOV) remained flat at $16.30 during mid-day trading on Friday. The company had a trading volume of 27,543 shares. The company has a market cap of $1.08 billion, a P/E ratio of 19.18 and a beta of 0.42. The stock’s 50-day moving average price is $16.95 and its 200 day moving average price is $19.72. NIC has a 12 month low of $15.45 and a 12 month high of $25.90.

NIC (NASDAQ:EGOV) last released its quarterly earnings results on Wednesday, August 2nd. The software maker reported $0.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.18 by $0.01. NIC had a net margin of 17.31% and a return on equity of 38.37%. The firm had revenue of $85.30 million for the quarter, compared to analysts’ expectations of $83.57 million. During the same quarter last year, the company earned $0.20 EPS. The firm’s revenue for the quarter was up 5.6% compared to the same quarter last year. Equities research analysts anticipate that NIC will post $0.74 EPS for the current year.

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Several hedge funds and other institutional investors have recently bought and sold shares of EGOV. BlackRock Inc. raised its position in NIC by 8.9% in the second quarter. BlackRock Inc. now owns 8,145,068 shares of the software maker’s stock valued at $154,348,000 after buying an additional 665,492 shares in the last quarter. Vanguard Group Inc. raised its position in NIC by 1.0% in the second quarter. Vanguard Group Inc. now owns 5,962,692 shares of the software maker’s stock valued at $112,993,000 after buying an additional 59,123 shares in the last quarter. TimesSquare Capital Management LLC raised its position in NIC by 0.4% in the second quarter. TimesSquare Capital Management LLC now owns 2,138,172 shares of the software maker’s stock valued at $40,518,000 after buying an additional 8,000 shares in the last quarter. Dimensional Fund Advisors LP raised its position in NIC by 0.9% in the second quarter. Dimensional Fund Advisors LP now owns 2,085,971 shares of the software maker’s stock valued at $39,529,000 after buying an additional 19,167 shares in the last quarter. Finally, Columbia Wanger Asset Management LLC raised its position in NIC by 20.8% in the first quarter. Columbia Wanger Asset Management LLC now owns 1,863,706 shares of the software maker’s stock valued at $37,647,000 after buying an additional 321,052 shares in the last quarter. Institutional investors and hedge funds own 92.55% 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.