NIC Inc. (NASDAQ:EGOV) Receives $24.33 Average PT from Brokerages

NIC Inc. (NASDAQ:EGOV) has received a consensus recommendation of “Hold” from the seven ratings firms that are covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $24.33.

EGOV has been the topic of several recent research reports. Zacks Investment Research raised NIC from a “hold” rating to a “buy” rating and set a $25.00 price objective on the stock in a report on Tuesday, November 5th. Barrington Research reiterated a “buy” rating and set a $26.00 target price on shares of NIC in a research report on Thursday, October 31st. BidaskClub lowered shares of NIC from a “hold” rating to a “sell” rating in a report on Thursday, November 21st. DA Davidson boosted their price target on shares of NIC from $21.00 to $22.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 22nd. Finally, ValuEngine downgraded shares of NIC from a “buy” rating to a “hold” rating in a research note on Wednesday, September 4th.

Shares of EGOV stock traded down $0.06 during trading hours on Monday, hitting $21.79. The stock had a trading volume of 221,383 shares, compared to its average volume of 251,660. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.68 and a quick ratio of 2.68. The stock has a market capitalization of $1.48 billion, a price-to-earnings ratio of 29.08, a PEG ratio of 1.60 and a beta of 0.86. NIC has a one year low of $11.76 and a one year high of $24.38. The stock’s 50-day moving average price is $22.41 and its two-hundred day moving average price is $19.75.

NIC (NASDAQ:EGOV) last announced its quarterly earnings results on Wednesday, October 30th. The software maker reported $0.21 EPS for the quarter, beating analysts’ consensus estimates of $0.18 by $0.03. The company had revenue of $90.39 million during the quarter, compared to analyst estimates of $88.49 million. NIC had a return on equity of 22.91% and a net margin of 14.55%. The firm’s revenue was up 3.9% on a year-over-year basis. During the same period in the prior year, the company earned $0.24 earnings per share. As a group, equities research analysts predict that NIC will post 0.76 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Wednesday, December 4th will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 1.47%. The ex-dividend date of this dividend is Tuesday, December 3rd. NIC’s dividend payout ratio is 36.36%.

Large investors have recently made changes to their positions in the stock. Man Group plc increased its stake in NIC by 7.0% during the third quarter. Man Group plc now owns 569,505 shares of the software maker’s stock worth $11,760,000 after acquiring an additional 37,448 shares during the last quarter. Squarepoint Ops LLC boosted its holdings in shares of NIC by 150.0% in the 3rd quarter. Squarepoint Ops LLC now owns 190,572 shares of the software maker’s stock worth $3,935,000 after purchasing an additional 114,332 shares during the period. Voloridge Investment Management LLC boosted its holdings in shares of NIC by 66.9% in the 3rd quarter. Voloridge Investment Management LLC now owns 24,448 shares of the software maker’s stock worth $505,000 after purchasing an additional 9,800 shares during the period. California State Teachers Retirement System boosted its holdings in shares of NIC by 1.3% in the 3rd quarter. California State Teachers Retirement System now owns 102,520 shares of the software maker’s stock worth $2,117,000 after purchasing an additional 1,273 shares during the period. Finally, Taylor Hoffman Wealth Management increased its position in shares of NIC by 35.3% during the 3rd quarter. Taylor Hoffman Wealth Management now owns 13,239 shares of the software maker’s stock valued at $273,000 after purchasing an additional 3,456 shares during the last quarter. 86.54% of the stock is owned by hedge funds and other institutional investors.

About NIC

NIC Inc, together with its subsidiaries, provides digital government services that enable governments to use technology to provide various services to businesses and citizens in the United States. The company's outsourced portal business enters into long-term contracts with state and local governments to design, build, and operate Internet-based and enterprise-wide portals on their behalf.

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