Wrapmanager Inc. Takes Position in NIC Inc. (EGOV)
Wrapmanager Inc. acquired a new stake in NIC Inc. (NASDAQ:EGOV) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 11,302 shares of the software maker’s stock, valued at approximately $214,000.
Several other hedge funds have also recently made changes to their positions in EGOV. BlackRock Inc. raised its stake in shares of NIC by 139,679.0% in the first quarter. BlackRock Inc. now owns 7,479,576 shares of the software maker’s stock valued at $151,087,000 after buying an additional 7,474,225 shares during the last quarter. Copeland Capital Management LLC bought a new position in NIC during the first quarter valued at approximately $10,900,000. FMR LLC increased its position in NIC by 136.8% in the first quarter. FMR LLC now owns 743,200 shares of the software maker’s stock valued at $15,013,000 after buying an additional 429,400 shares during the period. Vanguard Group Inc. increased its position in NIC by 7.8% in the first quarter. Vanguard Group Inc. now owns 5,903,569 shares of the software maker’s stock valued at $119,252,000 after buying an additional 427,702 shares during the period. Finally, Columbia Wanger Asset Management LLC increased its position in NIC by 20.8% in the first quarter. Columbia Wanger Asset Management LLC now owns 1,863,706 shares of the software maker’s stock valued at $37,647,000 after buying an additional 321,052 shares during the period. 92.55% of the stock is currently owned by institutional investors.
NIC Inc. (NASDAQ EGOV) opened at 15.85 on Thursday. NIC Inc. has a 12 month low of $15.75 and a 12 month high of $25.90. The company has a market cap of $1.05 billion, a P/E ratio of 18.65 and a beta of 0.42. The firm has a 50-day moving average price of $17.38 and a 200 day moving average price of $20.01.
NIC (NASDAQ:EGOV) last announced its earnings results on Wednesday, August 2nd. The software maker reported $0.19 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.18 by $0.01. The business had revenue of $85.30 million during the quarter, compared to analyst estimates of $83.57 million. NIC had a return on equity of 38.37% and a net margin of 17.31%. NIC’s revenue for the quarter was up 5.6% compared to the same quarter last year. During the same period last year, the company earned $0.20 EPS. On average, equities analysts expect that NIC Inc. will post $0.74 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 20th. Investors of record on Wednesday, September 6th will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 2.02%. The ex-dividend date of this dividend is Friday, September 1st. NIC’s dividend payout ratio is currently 38.10%.
EGOV has been the subject of several analyst reports. Zacks Investment Research upgraded NIC from a “hold” rating to a “buy” rating and set a $23.00 target price for the company in a research report on Thursday, May 4th. DA Davidson initiated coverage on NIC in a research report on Wednesday, June 28th. They set a “neutral” rating and a $20.00 target price for the company. BidaskClub downgraded NIC from a “sell” rating to a “strong sell” rating in a research report on Friday, June 30th. Imperial Capital upgraded NIC from an “in-line” rating to an “outperform” rating and set a $23.00 target price for the company in a research report on Monday, July 17th. Finally, Maxim Group cut their target price on NIC from $21.00 to $16.00 and set a “hold” rating for the company in a research report on Friday, July 21st. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $20.00.
In related news, COO Robert W. Knapp sold 25,000 shares of the firm’s stock in a transaction on Monday, May 22nd. The stock was sold at an average price of $20.38, for a total transaction of $509,500.00. Following the completion of the transaction, the chief operating officer now directly owns 197,531 shares of the company’s stock, valued at approximately $4,025,681.78. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 4.10% of the stock is owned by company insiders.
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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