Morgan Stanley increased its stake in shares of NIC Inc. (NASDAQ:EGOV) by 7.8% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 491,743 shares of the software maker’s stock after buying an additional 35,381 shares during the period. Morgan Stanley’s holdings in NIC were worth $9,935,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of EGOV. Ameritas Investment Partners Inc. bought a new stake in NIC during the first quarter valued at about $111,000. State of Alaska Department of Revenue boosted 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. SG Americas Securities LLC boosted 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. Advisors Asset Management Inc. boosted its stake in NIC by 595.1% in the first quarter. Advisors Asset Management Inc. now owns 8,932 shares of the software maker’s stock valued at $180,000 after buying an additional 7,647 shares in the last quarter. Finally, Creative Planning boosted 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. 92.20% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NIC Inc. (NASDAQ:EGOV) opened at 16.25 on Thursday. The company has a market cap of $1.08 billion, a price-to-earnings ratio of 19.01 and a beta of 0.45. NIC Inc. has a 1-year low of $16.10 and a 1-year high of $25.90. The firm’s 50-day moving average is $18.95 and its 200 day moving average is $20.94.
NIC (NASDAQ:EGOV) last issued its earnings results on Monday, May 1st. The software maker reported $0.21 EPS for the quarter, topping the consensus estimate of $0.18 by $0.03. The firm had revenue of $83.20 million during the quarter, compared to analysts’ expectations of $81.99 million. NIC had a return on equity of 39.07% and a net margin of 17.64%. NIC’s quarterly revenue was up 6.3% compared to the same quarter last year. During the same period last year, the business earned $0.19 earnings per share. Equities analysts expect that NIC Inc. will post $0.73 EPS for the current fiscal year.
Several analysts recently issued reports on the stock. Zacks Investment Research cut shares of NIC from a “buy” rating to a “hold” rating in a report on Monday, July 3rd. DA Davidson assumed coverage on shares of NIC in a report on Wednesday, June 28th. They issued a “neutral” rating and a $20.00 price target on the stock. Sidoti cut shares of NIC from a “buy” rating to a “neutral” rating and set a $19.00 price target on the stock. in a report on Friday, July 21st. BidaskClub cut shares of NIC from a “sell” rating to a “strong sell” rating in a report on Friday, June 30th. Finally, Imperial Capital raised shares of NIC from an “in-line” rating to an “outperform” rating and set a $23.00 price target 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 issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $20.00.
In related news, COO Robert W. Knapp sold 25,000 shares of the firm’s stock in a transaction on Monday, May 22nd. The stock was sold at an average price of $20.38, for a total value of $509,500.00. Following the completion of the transaction, the chief operating officer now directly owns 197,531 shares of the company’s stock, valued at $4,025,681.78. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 4.10% of the stock is owned by company insiders.
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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