NIC (EGOV) Downgraded by Zacks Investment Research

NIC (NASDAQ:EGOV) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued 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 several other research reports. Maxim Group reaffirmed a “hold” rating and issued a $16.00 target price on shares of NIC in a report on Thursday, November 2nd. DA Davidson reaffirmed a “neutral” rating and issued a $18.00 target price on shares of NIC in a report on Wednesday, September 20th. Finally, BidaskClub downgraded shares of NIC from a “hold” rating to a “sell” rating in a report on Friday, December 29th. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $19.43.

Shares of NIC (EGOV) traded down $0.15 during trading hours on Monday, hitting $17.05. 604,600 shares of the stock traded hands, compared to its average volume of 547,617. The stock has a market capitalization of $1,130.00, a P/E ratio of 20.79, a price-to-earnings-growth ratio of 2.13 and a beta of 0.38. NIC has a 1-year low of $15.45 and a 1-year high of $25.70.

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

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Pacad Investment Ltd. lifted its stake 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 valued at $102,000 after purchasing an additional 4,200 shares during the period. Pinebridge Investments L.P. lifted its stake 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 valued at $156,000 after purchasing an additional 108 shares during the period. Private Advisor Group LLC acquired a new stake in shares of NIC in the third quarter valued at about $183,000. First Trust Advisors LP acquired a new stake in shares of NIC in the third quarter valued at about $188,000. Finally, Garner Asset Management Corp acquired a new stake in shares of NIC in the second quarter valued at about $211,000. Hedge funds and other institutional investors own 93.23% of the company’s stock.

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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.

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