Price Action Report: Is NIC Inc. a Buy? The Stock Reaches 52-Week High Today

Price Action Report: Is NIC Inc. a Buy? The Stock Reaches 52 Week High Today

The stock of NIC Inc. (NASDAQ:EGOV) hit a new 52-week high and has $34.80 target or 37.00% above today’s $25.40 share price. The 8 months bullish chart indicates low risk for the $1.71 billion company. The 1-year high was reported on Nov, 17 by Barchart.com. If the $34.80 price target is reached, the company will be worth $632.70M 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 26,008 shares traded hands. NIC Inc. (NASDAQ:EGOV) has risen 41.89% since April 15, 2016 and is uptrending. It has outperformed by 37.26% 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. $23 is the highest target while $19 is the lowest. The $21 average target is -17.32% below today’s ($25.4) stock price. NIC has been the topic of 7 analyst reports since August 11, 2015 according to StockzIntelligence Inc. The stock has “In-Line” rating given by Imperial Capital on Wednesday, November 18. The stock has “Market Perform” rating given by Avondale on Friday, February 5. On Friday, August 5 the stock rating was maintained by Maxim Group with “Hold”. On Monday, August 24 the stock rating was upgraded by Zacks to “Sell”. The firm has “In-Line” rating by Imperial Capital given on Tuesday, February 9. The stock of NIC Inc. (NASDAQ:EGOV) earned “Outperform” rating by Imperial Capital on Tuesday, August 11. Stephens downgraded the shares of EGOV in a report on Monday, August 17 to “Overweight” rating.

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 dropped, 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.
Fincl Bank Of America De owns 200,201 shares or 0% of their US portfolio. Employees Retirement System Of Texas accumulated 0.02% or 51,000 shares. Geode Management Ltd Com last reported 0.01% of its portfolio in the stock. Texas Permanent School Fund has invested 0.01% of its portfolio in NIC Inc. (NASDAQ:EGOV). Jackson Square Ptnrs Ltd Liability Corporation holds 0.2% or 2.18M shares in its portfolio. Blackrock holds 39,188 shares or 0% of its portfolio. Morgan Stanley reported 55,038 shares or 0% of all its holdings. Fred Alger, a New York-based fund reported 306,272 shares. Amer Grp, a New York-based fund reported 46,885 shares. First Advsrs L P holds 18,454 shares or 0% of its portfolio. The Ohio-based Strs Ohio has invested 0.01% in NIC Inc. (NASDAQ:EGOV). Catalyst Capital Ltd Liability Com has 0.16% invested in the company for 40,500 shares. Granite Investment Ptnrs Limited Company, a California-based fund reported 63,834 shares. Great West Life Assurance Com Can accumulated 0% or 7,652 shares. Neuberger Berman Group Incorporated Limited Liability Co holds 0.02% of its portfolio in NIC Inc. (NASDAQ:EGOV) for 525,776 shares.

Insider Transactions: Since August 11, 2016, the stock had 0 insider buys, and 1 sale for $46,700 net activity. $46,700 worth of NIC Inc. (NASDAQ:EGOV) was sold by Holland Jayne.

More recent NIC Inc. (NASDAQ:EGOV) news were published by: Fool.com which released: “NIC Inc. Turns on Its Dividend Spigot” on November 04, 2016. Also Money.Cnn.com published the news titled: “Their mission: A tech-savvy government” on June 22, 2016. Businesswire.com‘s news article titled: “NIC Inc. Promotes William Van Asselt to General Counsel” with publication date: February 09, 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.

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