NIC (EGOV) is Reiterated by Maxim Group to Hold, Raises Price Target to $ 23

NIC (EGOV) was Reiterated by Maxim Group to “Hold” according to the research note released today. The brokerage firm has raised the Price Target to $ 23 from a previous price target of $18 . Maxim Group advised their investors in a research report released on Aug 5, 2016.

On the company’s financial health, NIC reported $0.20 EPS for the quarter, beating the analyst consensus estimate by $ 0.02 according to the earnings call on Aug 4, 2016. Analyst had a consensus of $0.18. The company had revenue of $80.81 million for the quarter, compared to analysts expectations of $81.03 million. The company’s revenue was up 6.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.17 EPS.

NIC closed down -0.04 points or -0.17% at $23.29 with 2,35,744 shares getting traded on Thursday. Post opening the session at $23.43, the shares hit an intraday low of $23.08 and an intraday high of $23.46 and the price fluctuated in this range throughout the day.Shares ended Thursday session in Red.

In a different news, on Dec 4, 2015, Harry Herington (Chairman of the Board and CEO) sold 30,224 shares at $20.64 per share price. According to the SEC, on Nov 13, 2015, Robert W Knapp (Chief Operating Officer) sold 20,000 shares at $20.00 per share price. On Aug 31, 2015, Peter B Wilson (director) sold 33,040 shares at $18.74 per share price, according to the Form-4 filing with the securities and exchange commission.

NIC Inc. (NIC) is a provider of eGovernment services that helps governments use the Internet. The Company operates in two segments: outsourced portal businesses and software & services businesses. In the Company’s outsourced portal businesses the Company 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 allow businesses and citizens to access government information online and complete secure transactions such as applying for a permit retrieving government records or filing a government-mandated form or report. The Company’s software & services businesses operates through NIC Technologies LLC (NIC Technologies) the Company’s subsidiary which provides software development and services other than outsourced portal services to state and local governments as well as federal agencies.


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