Todays Report: The First Trust Advisors LP decreases its position in NIC Inc. (EGOV)

The First Trust Advisors LP decreases its position in NIC Inc. (EGOV)

First Trust Advisors LP reduced its stake in shares of NIC Inc. (NASDAQ:EGOV) by 57.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 18,454 shares of the company’s stock after selling 25,103 shares during the period. First Trust Advisors LP’s holdings in NIC were worth $405,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. BB&T Corp acquired a new position in shares of NIC during the second quarter worth approximately $260,000. Creative Planning boosted its position in shares of NIC by 10.1% in the second quarter. Creative Planning now owns 12,159 shares of the company’s stock worth $267,000 after buying an additional 1,113 shares in the last quarter. Lucus Advisors LLC acquired a new position in shares of NIC during the second quarter worth approximately $354,000. Zebra Capital Management LLC boosted its position in shares of NIC by 21.4% in the first quarter. Zebra Capital Management LLC now owns 19,909 shares of the company’s stock worth $359,000 after buying an additional 3,507 shares in the last quarter. Finally, BNP Paribas Arbitrage SA boosted its position in shares of NIC by 124.2% in the second quarter. BNP Paribas Arbitrage SA now owns 19,226 shares of the company’s stock worth $422,000 after buying an additional 10,650 shares in the last quarter. Institutional investors and hedge funds own 88.95% of the company’s stock.

Shares of NIC Inc. (NASDAQ:EGOV) traded up 0.730% during mid-day trading on Friday, hitting $22.765. 10,651 shares of the company were exchanged. The company’s 50-day moving average price is $23.07 and its 200-day moving average price is $21.15. NIC Inc. has a 12-month low of $14.48 and a 12-month high of $23.82. The firm has a market capitalization of $1.50 billion, a P/E ratio of 32.063 and a beta of 0.74.

NIC (NASDAQ:EGOV) last announced its quarterly earnings results on Thursday, August 4th. The company reported $0.20 EPS for the quarter, beating the Zacks’ consensus estimate of $0.18 by $0.02. NIC had a net margin of 15.61% and a return on equity of 35.87%. The business had revenue of $80.81 million for the quarter, compared to analyst estimates of $80.90 million. During the same quarter in the prior year, the business earned $0.17 EPS. NIC’s quarterly revenue was up 6.6% on a year-over-year basis. Equities research analysts predict that NIC Inc. will post $0.71 earnings per share for the current fiscal year.

A number of research analysts have recently issued reports on the stock. Zacks Investment Research cut shares of NIC from a “buy” rating to a “hold” rating in a research note on Monday. Maxim Group lifted their target price on shares of NIC from $18.00 to $23.00 and gave the company a “hold” rating in a research note on Friday, August 5th. Four analysts have rated the stock with a hold rating and one has given a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $22.00.

In related news, insider Jayne Holland sold 2,000 shares of the company’s stock in a transaction dated Thursday, August 11th. The shares were sold at an average price of $23.35, for a total value of $46,700.00. Following the transaction, the insider now owns 94,283 shares in the company, valued at approximately $2,201,508.05. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 4.80% of the stock is currently owned by corporate insiders.

About NIC

NIC Inc is a provider of digital government services that help governments use technology. The Company 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.

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