NIC (EGOV) Rating Lowered to Sell at Zacks Investment Research

Zacks Investment Research downgraded shares of NIC (NASDAQ:EGOV) from a hold rating to a sell rating in a research report 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. “

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

NIC (EGOV) traded down $0.15 during midday trading on Monday, reaching $17.05. 604,601 shares of the company’s stock were exchanged, compared to its average volume of 960,099. NIC has a 12 month low of $15.45 and a 12 month high of $25.70. The company has a market cap of $1,130.00, a PE ratio of 20.79, a price-to-earnings-growth ratio of 2.13 and a beta of 0.38.

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

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 19th. Investors of record on Tuesday, December 5th were issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.88%. The ex-dividend date of this dividend was Monday, December 4th. NIC’s dividend payout ratio (DPR) is presently 39.02%.

Several hedge funds have recently bought and sold shares of the stock. Pinebridge Investments L.P. grew its holdings 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 in the last quarter. Principal Financial Group Inc. grew its holdings in shares of NIC by 0.3% in the second quarter. Principal Financial Group Inc. now owns 510,929 shares of the software maker’s stock valued at $9,682,000 after purchasing an additional 1,404 shares in the last quarter. Profund Advisors LLC grew its holdings in shares of NIC by 14.9% in the second quarter. Profund Advisors LLC now owns 12,121 shares of the software maker’s stock valued at $230,000 after purchasing an additional 1,569 shares in the last quarter. Voya Investment Management LLC grew its holdings in shares of NIC by 6.9% in the second quarter. Voya Investment Management LLC now owns 31,858 shares of the software maker’s stock valued at $604,000 after purchasing an additional 2,067 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. grew its holdings in shares of NIC by 0.8% in the second quarter. Schwab Charles Investment Management Inc. now owns 274,752 shares of the software maker’s stock valued at $5,207,000 after purchasing an additional 2,269 shares in the last quarter. 93.23% of the stock is owned by hedge funds and other 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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