Envestnet Asset Management Inc. Reduces Stake in NICE Ltd. (NASDAQ:NICE)

Envestnet Asset Management Inc. reduced its position in NICE Ltd. (NASDAQ:NICE) by 17.6% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 99,586 shares of the technology company’s stock after selling 21,209 shares during the period. Envestnet Asset Management Inc. owned approximately 0.16% of NICE worth $17,126,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of NICE. Allspring Global Investments Holdings LLC boosted its stake in shares of NICE by 135.4% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 186 shares of the technology company’s stock worth $32,000 after buying an additional 107 shares during the last quarter. Richardson Financial Services Inc. bought a new position in NICE in the 1st quarter worth $39,000. Lindbrook Capital LLC raised its holdings in NICE by 46.3% in the 1st quarter. Lindbrook Capital LLC now owns 199 shares of the technology company’s stock worth $52,000 after purchasing an additional 63 shares during the period. GAMMA Investing LLC raised its holdings in NICE by 72.1% in the 1st quarter. GAMMA Investing LLC now owns 210 shares of the technology company’s stock worth $55,000 after purchasing an additional 88 shares during the period. Finally, UMB Bank n.a. raised its holdings in NICE by 72.4% in the 1st quarter. UMB Bank n.a. now owns 219 shares of the technology company’s stock worth $57,000 after purchasing an additional 92 shares during the period. 63.34% of the stock is currently owned by hedge funds and other institutional investors.

NICE Stock Up 1.2 %

Shares of NASDAQ:NICE opened at $166.94 on Tuesday. NICE Ltd. has a 1 year low of $149.54 and a 1 year high of $270.73. The business has a 50 day simple moving average of $171.73 and a two-hundred day simple moving average of $195.64. The firm has a market capitalization of $10.50 billion, a PE ratio of 30.13, a price-to-earnings-growth ratio of 1.31 and a beta of 1.04. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.45 and a quick ratio of 2.45.

NICE (NASDAQ:NICE) last announced its earnings results on Thursday, August 15th. The technology company reported $2.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.58 by $0.06. NICE had a return on equity of 14.68% and a net margin of 15.55%. The business had revenue of $664.40 million during the quarter, compared to analyst estimates of $664.10 million. During the same quarter in the previous year, the business earned $1.63 earnings per share. The company’s revenue for the quarter was up 14.3% compared to the same quarter last year. On average, equities analysts predict that NICE Ltd. will post 8.5 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts recently commented on NICE shares. Barclays decreased their target price on NICE from $320.00 to $286.00 and set an “overweight” rating on the stock in a report on Thursday, July 25th. Royal Bank of Canada raised their target price on NICE from $230.00 to $260.00 and gave the stock an “outperform” rating in a report on Friday, August 16th. Morgan Stanley decreased their price target on NICE from $290.00 to $240.00 and set an “overweight” rating on the stock in a report on Friday, June 14th. JMP Securities reissued a “market outperform” rating and set a $300.00 price target on shares of NICE in a report on Friday, August 16th. Finally, StockNews.com cut NICE from a “strong-buy” rating to a “buy” rating in a report on Friday, June 14th. Sixteen analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $269.64.

About NICE

NICE Ltd., together with its subsidiaries, provides cloud platforms for AI-driven digital business solutions worldwide. It offers CXone, a cloud native open platform; Enlighten, an AI engine for the customer engagement market; and smart self service enable organizations to address consumers' needs; and journey orchestration solutions that empower organizations to connect and route customers to deal with the customer's request, and connects them using real time AI-based routing.