NIC Inc. (NASDAQ:EGOV) Short Interest Down 7.6% in October

NIC Inc. (NASDAQ:EGOV) saw a large drop in short interest in the month of October. As of October 31st, there was short interest totalling 1,210,000 shares, a drop of 7.6% from the September 30th total of 1,310,000 shares. Based on an average daily volume of 354,000 shares, the days-to-cover ratio is currently 3.4 days. Currently, 1.9% of the shares of the stock are short sold.

In related news, Director William M. Lyons sold 10,000 shares of NIC stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $20.96, for a total transaction of $209,600.00. Following the sale, the director now owns 61,786 shares of the company’s stock, valued at approximately $1,295,034.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.60% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of EGOV. Vanguard Group Inc. raised its position in NIC by 0.4% during the 2nd quarter. Vanguard Group Inc. now owns 6,879,493 shares of the software maker’s stock valued at $110,347,000 after purchasing an additional 29,352 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of NIC by 0.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,868,476 shares of the software maker’s stock worth $29,969,000 after acquiring an additional 14,151 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of NIC by 65.5% in the 2nd quarter. Renaissance Technologies LLC now owns 1,387,732 shares of the software maker’s stock worth $22,259,000 after acquiring an additional 549,000 shares in the last quarter. BTIM Corp. raised its position in shares of NIC by 0.5% in the 2nd quarter. BTIM Corp. now owns 1,164,700 shares of the software maker’s stock worth $18,682,000 after acquiring an additional 5,927 shares in the last quarter. Finally, Morgan Stanley raised its position in shares of NIC by 59.6% in the 2nd quarter. Morgan Stanley now owns 1,122,327 shares of the software maker’s stock worth $18,004,000 after acquiring an additional 419,274 shares in the last quarter. Institutional investors own 85.89% of the company’s stock.

Shares of NIC stock traded down $0.29 on Monday, reaching $23.22. The company had a trading volume of 9,666 shares, compared to its average volume of 337,052. The firm has a market cap of $1.58 billion, a price-to-earnings ratio of 26.41, a P/E/G ratio of 1.76 and a beta of 0.89. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.68 and a quick ratio of 2.68. The firm’s 50-day moving average price is $21.27 and its two-hundred day moving average price is $18.94. NIC has a 1 year low of $11.76 and a 1 year high of $24.38.

NIC (NASDAQ:EGOV) last announced its earnings results on Wednesday, October 30th. The software maker reported $0.21 EPS for the quarter, topping the Zacks’ consensus estimate of $0.18 by $0.03. NIC had a return on equity of 22.91% and a net margin of 14.55%. The firm had revenue of $90.39 million during the quarter, compared to analysts’ expectations of $88.49 million. During the same quarter in the previous year, the business earned $0.24 EPS. The company’s quarterly revenue was up 3.9% on a year-over-year basis. As a group, analysts anticipate that NIC will post 0.74 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Wednesday, December 4th will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 1.38%. The ex-dividend date is Tuesday, December 3rd. NIC’s payout ratio is currently 36.36%.

EGOV has been the subject of several research analyst reports. BidaskClub cut NIC from a “buy” rating to a “hold” rating in a report on Friday, September 20th. Barrington Research restated a “buy” rating and set a $26.00 price target on shares of NIC in a report on Thursday, October 31st. DA Davidson lifted their target price on NIC from $21.00 to $22.00 and gave the stock a “neutral” rating in a report on Tuesday, October 22nd. ValuEngine cut NIC from a “buy” rating to a “hold” rating in a report on Wednesday, September 4th. Finally, TheStreet upgraded NIC from a “c+” rating to a “b” rating in a report on Thursday, August 1st. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company. NIC presently has a consensus rating of “Buy” and an average target price of $22.25.

NIC Company 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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