Zacks Investment Research Lowers NIC (EGOV) to Sell

Zacks Investment Research lowered shares of NIC (NASDAQ:EGOV) from a hold rating to a sell rating in a research note released on Monday.

According to Zacks, “NIC Inc. provides digital government services that enable governments to use technology to provide various services to businesses. Its Outsourced Portals business enters into long-term contracts with state and local governments to design, build, and operate Internet-based, enterprise-wide portals on their behalf. These portals consist of Websites and applications that enable businesses and citizens to access government information online and complete transactions, such as applying for a permit, retrieving government records, or filing a government-mandated form or report. Its portal service offerings include motor vehicle driver history record retrieval; hunting/ fishing licenses; health professional license services; professional license renewal; business registrations and renewals; secretary of state business searches; Uniform Commercial Code searches and filings; limited criminal history searches; court services; vital records; income and property tax payments; and payment processing products and services. “

EGOV has been the topic of a number of other research reports. Maxim Group restated a hold rating and issued a $16.00 target price on shares of NIC in a research note on Thursday, November 2nd. DA Davidson restated a neutral rating and issued a $18.00 target price on shares of NIC in a research note on Wednesday, September 20th. Finally, BidaskClub downgraded NIC from a hold rating to a sell rating in a research note on Friday, December 29th. Three analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. The company presently has an average rating of Hold and an average target price of $19.43.

Shares of NIC (NASDAQ:EGOV) traded up $0.10 during mid-day trading on Monday, hitting $17.45. The stock had a trading volume of 552,318 shares, compared to its average volume of 516,044. NIC has a twelve month low of $15.45 and a twelve month high of $25.70. The stock has a market capitalization of $1,150.00, a P/E ratio of 21.28, a price-to-earnings-growth ratio of 2.13 and a beta of 0.38.

NIC (NASDAQ:EGOV) last issued its earnings results on Wednesday, November 1st. The software maker reported $0.21 EPS for the quarter, beating analysts’ consensus estimates of $0.18 by $0.03. NIC had a return on equity of 36.89% and a net margin of 16.42%. The firm had revenue of $84.53 million for the quarter, compared to the consensus estimate of $83.55 million. During the same quarter in the previous year, the company posted $0.24 earnings per share. The business’s quarterly revenue was up 5.2% compared to the same quarter last year. sell-side analysts forecast that NIC will post 0.79 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 19th. Shareholders of record on Tuesday, December 5th were given a $0.08 dividend. The ex-dividend date of this dividend was Monday, December 4th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.83%. NIC’s dividend payout ratio is currently 39.02%.

Large investors have recently made changes to their positions in the business. Pacad Investment Ltd. lifted its position in shares of NIC by 350.0% in the second quarter. Pacad Investment Ltd. now owns 5,400 shares of the software maker’s stock worth $102,000 after buying an additional 4,200 shares during the last quarter. Pinebridge Investments L.P. lifted its position in shares of NIC by 1.3% in the second quarter. Pinebridge Investments L.P. now owns 8,201 shares of the software maker’s stock worth $156,000 after buying an additional 108 shares during the last quarter. Private Advisor Group LLC acquired a new stake in shares of NIC in the third quarter worth about $183,000. First Trust Advisors LP acquired a new stake in shares of NIC in the third quarter worth about $188,000. Finally, Garner Asset Management Corp acquired a new stake in shares of NIC in the second quarter worth about $211,000. 93.23% of the stock is owned by institutional investors.

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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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