NIC Inc. (EGOV) Position Cut by Legal & General Group Plc

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Legal & General Group Plc lowered its stake in NIC Inc. (NASDAQ:EGOV) by 0.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 156,810 shares of the software maker’s stock after selling 1,157 shares during the period. Legal & General Group Plc owned 0.24% of NIC worth $1,948,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. Thrivent Financial for Lutherans boosted its position in NIC by 2.2% in the fourth quarter. Thrivent Financial for Lutherans now owns 47,449 shares of the software maker’s stock valued at $592,000 after buying an additional 1,043 shares in the last quarter. Mondrian Investment Partners LTD boosted its position in NIC by 0.4% in the fourth quarter. Mondrian Investment Partners LTD now owns 311,357 shares of the software maker’s stock valued at $3,886,000 after buying an additional 1,112 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in NIC by 45.1% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,965 shares of the software maker’s stock valued at $62,000 after buying an additional 1,543 shares in the last quarter. Texas Permanent School Fund boosted its position in NIC by 4.0% in the fourth quarter. Texas Permanent School Fund now owns 43,562 shares of the software maker’s stock valued at $544,000 after buying an additional 1,682 shares in the last quarter. Finally, First Trust Advisors LP boosted its position in NIC by 1.8% in the fourth quarter. First Trust Advisors LP now owns 101,044 shares of the software maker’s stock valued at $1,261,000 after buying an additional 1,808 shares in the last quarter. Hedge funds and other institutional investors own 87.81% of the company’s stock.

A number of analysts have weighed in on the stock. Zacks Investment Research lowered shares of NIC from a “buy” rating to a “hold” rating in a research report on Tuesday, April 9th. BidaskClub upgraded shares of NIC from a “hold” rating to a “buy” rating in a research report on Wednesday, January 16th. Loop Capital raised their target price on shares of NIC to $16.00 and gave the company a “hold” rating in a research report on Thursday, January 31st. ValuEngine upgraded shares of NIC from a “sell” rating to a “hold” rating in a research report on Thursday, January 31st. Finally, Barrington Research upgraded shares of NIC from a “market perform” rating to an “outperform” rating and set a $26.00 target price on the stock in a research report on Thursday, January 31st. Five equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $19.75.

Shares of NASDAQ:EGOV opened at $16.96 on Friday. The firm has a market cap of $1.15 billion, a PE ratio of 19.27, a price-to-earnings-growth ratio of 2.32 and a beta of 0.97. NIC Inc. has a 52 week low of $11.76 and a 52 week high of $17.55.

NIC (NASDAQ:EGOV) last issued its quarterly earnings results on Wednesday, January 30th. The software maker reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.13 by $0.02. The company had revenue of $78.65 million for the quarter, compared to analyst estimates of $74.44 million. NIC had a net margin of 16.89% and a return on equity of 29.79%. NIC’s revenue was down 5.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.16 earnings per share. Research analysts forecast that NIC Inc. will post 0.73 EPS for the current year.

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NIC Profile

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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Institutional Ownership by Quarter for NIC (NASDAQ:EGOV)

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