Conestoga Capital Advisors buys $35,116,915 stake in NIC (EGOV)

NIC (EGOV) : Conestoga Capital Advisors scooped up 57,195 additional shares in NIC during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Oct 11, 2016. The investment management firm now holds a total of 1,515,620 shares of NIC which is valued at $35,116,915.NIC makes up approximately 2.41% of Conestoga Capital Advisors’s portfolio.

Other Hedge Funds, Including , Bnp Paribas Arbitrage Sa reduced its stake in EGOV by selling 9,621 shares or 50.04% in the most recent quarter. The Hedge Fund company now holds 9,605 shares of EGOV which is valued at $224,853.

NIC closed down -0.47 points or -2.03% at $22.7 with 97,913 shares getting traded on Tuesday. Post opening the session at $23.15, the shares hit an intraday low of $22.61 and an intraday high of $23.15 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.

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.

Many Wall Street Analysts have commented on NIC. Company shares were Reiterated by Maxim Group on Aug 5, 2016 to “Hold”, Firm has raised the Price Target to $ 23 from a previous price target of $18 .

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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