Palisade Capital Managementnj buys $16,864,767 stake in NIC (EGOV)

NIC (EGOV) : Palisade Capital Managementnj scooped up 15,891 additional shares in NIC during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Aug 2, 2016. The investment management firm now holds a total of 722,879 shares of NIC which is valued at $16,864,767.NIC makes up approximately 0.72% of Palisade Capital Managementnj’s portfolio.

Other Hedge Funds, Including , Fulton Breakefield Broenniman added EGOV to its portfolio by purchasing 10,115 company shares during the most recent quarter which is valued at $235,983. NIC makes up approx 0.05% of Fulton Breakefield Broenniman’s portfolio.California State Teachers Retirement System reduced its stake in EGOV by selling 6,045 shares or 4.34% in the most recent quarter. The Hedge Fund company now holds 133,163 shares of EGOV which is valued at $3,106,693. NIC makes up approx 0.01% of California State Teachers Retirement System’s portfolio.Quadrant Capital Group reduced its stake in EGOV by selling 9 shares or 15.79% in the most recent quarter. The Hedge Fund company now holds 48 shares of EGOV which is valued at $1,119. Gw Henssler Associates Ltd sold out all of its stake in EGOV during the most recent quarter. The investment firm sold 10,322 shares of EGOV which is valued $240,709.Ls Investment Advisors boosted its stake in EGOV in the latest quarter, The investment management firm added 98 additional shares and now holds a total of 2,135 shares of NIC which is valued at $49,767.

NIC closed down -0.08 points or -0.34% at $23.28 with 3,13,374 shares getting traded on Monday. Post opening the session at $23.47, the shares hit an intraday low of $23.17 and an intraday high of $23.54 and the price fluctuated in this range throughout the day.Shares ended Monday 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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