TheStreet Upgrades NIC (NASDAQ:EGOV) to “B”

TheStreet upgraded shares of NIC (NASDAQ:EGOV) from a c+ rating to a b rating in a research report released on Thursday, TheStreetRatingsTable reports.

Several other equities analysts have also issued reports on the company. Barrington Research reiterated a buy rating on shares of NIC in a research report on Wednesday, July 3rd. Loop Capital upgraded NIC from a hold rating to a buy rating in a research report on Tuesday, May 7th. DA Davidson upgraded NIC from a neutral rating to a buy rating and boosted their price objective for the company from $18.00 to $21.00 in a research report on Thursday. BidaskClub upgraded NIC from a hold rating to a buy rating in a research report on Friday, July 26th. Finally, ValuEngine upgraded NIC from a hold rating to a buy rating in a research report on Thursday. Six analysts have rated the stock with a buy rating, NIC has a consensus rating of Buy and an average price target of $20.25.

Shares of EGOV traded down $0.57 on Thursday, hitting $22.06. The company’s stock had a trading volume of 1,353,759 shares, compared to its average volume of 336,254. The company has a quick ratio of 2.80, a current ratio of 2.80 and a debt-to-equity ratio of 0.04. The business has a fifty day moving average of $16.92. NIC has a fifty-two week low of $11.76 and a fifty-two week high of $23.45. The stock has a market capitalization of $1.48 billion, a price-to-earnings ratio of 25.07, a price-to-earnings-growth ratio of 2.48 and a beta of 0.99.

NIC (NASDAQ:EGOV) last issued its quarterly earnings data on Wednesday, July 31st. The software maker reported $0.21 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.18 by $0.03. NIC had a return on equity of 24.94% and a net margin of 15.10%. The business had revenue of $91.60 million during the quarter, compared to analyst estimates of $86.45 million. During the same period in the previous year, the firm earned $0.25 EPS. NIC’s quarterly revenue was down 1.0% compared to the same quarter last year. Sell-side analysts expect that NIC will post 0.73 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 20th. Shareholders of record on Friday, September 6th will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 1.45%. The ex-dividend date is Thursday, September 5th. NIC’s payout ratio is 36.36%.

In other NIC news, CFO Stephen M. Kovzan sold 35,000 shares of the business’s stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $16.04, for a total value of $561,400.00. Following the sale, the chief financial officer now owns 230,691 shares in the company, valued at approximately $3,700,283.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 2.60% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bridge City Capital LLC lifted its stake in NIC by 0.5% in the 2nd quarter. Bridge City Capital LLC now owns 125,349 shares of the software maker’s stock valued at $2,011,000 after acquiring an additional 619 shares in the last quarter. Mason Street Advisors LLC lifted its stake in NIC by 3.5% in the 1st quarter. Mason Street Advisors LLC now owns 21,400 shares of the software maker’s stock valued at $366,000 after acquiring an additional 727 shares in the last quarter. Creative Planning lifted its stake in NIC by 7.4% in the 1st quarter. Creative Planning now owns 13,151 shares of the software maker’s stock valued at $225,000 after acquiring an additional 907 shares in the last quarter. Piedmont Investment Advisors Inc. lifted its stake in NIC by 5.9% in the 1st quarter. Piedmont Investment Advisors Inc. now owns 16,730 shares of the software maker’s stock valued at $286,000 after acquiring an additional 928 shares in the last quarter. Finally, Arizona State Retirement System lifted its stake in NIC by 1.0% in the 2nd quarter. Arizona State Retirement System now owns 103,796 shares of the software maker’s stock valued at $1,665,000 after acquiring an additional 1,006 shares in the last quarter. Hedge funds and other institutional investors own 87.23% of the company’s stock.

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.

See Also: How does the Federal Reserve determine interest rates?

Receive News & Ratings for NIC Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NIC and related companies with MarketBeat.com's FREE daily email newsletter.