The stock of NIC Inc. (NASDAQ:EGOV) hit a new 52-week high and has $39.31 target or 58.00% above today’s $24.88 share price. The 7 months bullish chart indicates low risk for the $1.67 billion company. The 1-year high was reported on Nov, 11 by Barchart.com. If the $39.31 price target is reached, the company will be worth $968.60M more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 260,601 shares traded hands or 47.19% up from the average. NIC Inc. (NASDAQ:EGOV) has risen 38.39% since April 11, 2016 and is uptrending. It has outperformed by 32.24% the S&P500.
NIC Inc. (NASDAQ:EGOV) Ratings Coverage
Out of 3 analysts covering NIC (NASDAQ:EGOV), 0 rate it a “Buy”, 0 “Sell”, while 3 “Hold”. This means 0 are positive. NIC has been the topic of 7 analyst reports since August 11, 2015 according to StockzIntelligence Inc. On Monday, August 24 the stock rating was upgraded by Zacks to “Sell”. As per Tuesday, August 11, the company rating was downgraded by Imperial Capital. Imperial Capital maintained the stock with “In-Line” rating in Wednesday, November 18 report. Stephens downgraded the shares of EGOV in a report on Monday, August 17 to “Overweight” rating. The stock of NIC Inc. (NASDAQ:EGOV) has “In-Line” rating given on Tuesday, February 9 by Imperial Capital. The firm earned “Market Perform” rating on Friday, February 5 by Avondale. The rating was maintained by Maxim Group on Friday, August 5 with “Hold”.
According to Zacks Investment Research, “NIC Inc. is a provider of Internet-based, electronic government services that help governments use the Internet to reduce costs and provide a higher level of service to businesses and citizens. They accomplish this currently through three different business segments: state and local portal businesses, government procurement business and eGovernment products businesses.”
Insitutional Activity: The institutional sentiment decreased to 0.96 in Q2 2016. Its down 0.88, from 1.84 in 2016Q1. The ratio turned negative, as 15 funds sold all NIC Inc. shares owned while 57 reduced positions. 18 funds bought stakes while 51 increased positions. They now own 57.86 million shares or 0.54% less from 58.18 million shares in 2016Q1.
Moreover, Envestnet Asset Management has 0% invested in NIC Inc. (NASDAQ:EGOV) for 8,950 shares. Champlain Invest Partners Limited Liability Com has 1.70 million shares for 0.64% of their US portfolio. Federated Investors Incorporated Pa holds 1.48 million shares or 0.09% of its portfolio. Moreover, Westwood Holding Group Inc has 0% invested in NIC Inc. (NASDAQ:EGOV) for 6,580 shares. Bank & Trust Of New York Mellon Corp last reported 0.01% of its portfolio in the stock. Century has 0% invested in the company for 36,202 shares. Rockefeller Svcs last reported 0.25% of its portfolio in the stock. D E Shaw Comm owns 973,354 shares or 0.04% of their US portfolio. Moreover, Blackrock Mngmt Limited Liability has 0.01% invested in NIC Inc. (NASDAQ:EGOV) for 264,793 shares. Moreover, Manufacturers Life Insur The has 0% invested in NIC Inc. (NASDAQ:EGOV) for 43,070 shares. Guggenheim Cap Limited Company, a Illinois-based fund reported 69,073 shares. Louisiana State Employees Retirement Systems reported 27,100 shares or 0.03% of all its holdings. Teacher Retirement Sys Of Texas accumulated 0% or 30,789 shares. Fred Alger Management Inc has 306,272 shares for 0.04% of their US portfolio. Metropolitan Life Company Ny last reported 48,080 shares in the company.
Insider Transactions: Since August 11, 2016, the stock had 0 buys, and 1 sale for $46,700 net activity. On Thursday, August 11 the insider Holland Jayne sold $46,700.
More recent NIC Inc. (NASDAQ:EGOV) news were published by: Foxbusiness.com which released: “NIC Inc. Turns on Its Dividend Spigot” on November 04, 2016. Also Businesswire.com published the news titled: “NIC Earns 24 Cents Per Share in Third Quarter 2016 on Total Revenues of $80.4 …” on November 03, 2016. Money.Cnn.com‘s news article titled: “Their mission: A tech-savvy government” with publication date: June 22, 2016 was also an interesting one.
EGOV Company Profile
NIC Inc., incorporated on June 8, 1990, is a well-known provider of digital government services that help governments use technology. The Firm operates through Outsourced Portals segment. The Other Software & Services category includes its subsidiaries that provide software development and services, other than outsourced portal services, to state and local governments, as well as federal agencies. The Firm offers its services through two channels: primary outsourced portal businesses, and software & services businesses. In its primary outsourced portal businesses, it 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 the Company has built to allow businesses and citizens to access government information online and secure transactions, such as applying for a permit, retrieving government records, or filing a government-mandated form or report. The business model supports its long-term contracts is a self-funded model. The Company’s self-funded business model is one where it absorbs the costs to build the portal’s technical infrastructure and develop digital government services. After a service has launched, the Company and its government partners share a portion of the fees generated from the online transactions, which are paid by the end users of the service.