Financial Counselors Inc Lowers stake in NIC (EGOV)

NIC (EGOV) : Financial Counselors Inc reduced its stake in NIC by 3.04% during the most recent quarter end. The investment management company now holds a total of 743,524 shares of NIC which is valued at $14,022,863 after selling 23,277 shares in NIC , the firm said in a disclosure report filed with the SEC on May 10, 2016.NIC makes up approximately 0.87% of Financial Counselors Inc’s portfolio.

Other Hedge Funds, Including , Profund Advisors sold out all of its stake in EGOV during the most recent quarter. The investment firm sold 11,901 shares of EGOV which is valued $222,430.Alambic Investment Management boosted its stake in EGOV in the latest quarter, The investment management firm added 10,770 additional shares and now holds a total of 53,520 shares of NIC which is valued at $1,000,289. NIC makes up approx 0.33% of Alambic Investment Management’s portfolio.Public Employees Retirement Association Of Colorado reduced its stake in EGOV by selling 4,920 shares or 1.11% in the most recent quarter. The Hedge Fund company now holds 437,362 shares of EGOV which is valued at $7,745,681. NIC makes up approx 0.06% of Public Employees Retirement Association Of Colorado’s portfolio.Glenmede Trust Co Na boosted its stake in EGOV in the latest quarter, The investment management firm added 111 additional shares and now holds a total of 2,422 shares of NIC which is valued at $42,894.

NIC opened for trading at $18.81 and hit $19.22 on the upside on Monday, eventually ending the session at $19.05, with a gain of 1.01% or 0.19 points. The heightened volatility saw the trading volume jump to 3,30,239 shares. Company has a market cap of $1,256 M.

On the company’s financial health, NIC reported $0.19 EPS for the quarter, beating the analyst consensus estimate by $ 0.04 according to the earnings call on May 2, 2016. Analyst had a consensus of $0.15. The company had revenue of $78.39 million for the quarter, compared to analysts expectations of $74.99 million. The company’s revenue was up 11.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.14 EPS.

Many Wall Street Analysts have commented on NIC. Company shares were Reiterated by Imperial Capital on May 4, 2016 to “In-line”, Firm has raised the Price Target to $ 21 from a previous price target of $19 .

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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