NICE Ltd. (NASDAQ:NICE) Shares Sold by Summit Global Investments

Summit Global Investments lowered its position in NICE Ltd. (NASDAQ:NICE) by 34.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,936 shares of the technology company’s stock after selling 3,174 shares during the quarter. Summit Global Investments’ holdings in NICE were worth $1,008,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Boston Partners lifted its holdings in NICE by 10.0% in the 4th quarter. Boston Partners now owns 1,670,327 shares of the technology company’s stock worth $283,349,000 after buying an additional 151,528 shares in the last quarter. CCLA Investment Management lifted its holdings in NICE by 14.1% in the 4th quarter. CCLA Investment Management now owns 704,494 shares of the technology company’s stock worth $119,517,000 after buying an additional 87,003 shares in the last quarter. American Capital Management Inc. lifted its holdings in NICE by 1.4% in the 3rd quarter. American Capital Management Inc. now owns 540,311 shares of the technology company’s stock worth $93,836,000 after buying an additional 7,303 shares in the last quarter. Platinum Investment Management Ltd. lifted its holdings in NICE by 40.9% in the 4th quarter. Platinum Investment Management Ltd. now owns 405,309 shares of the technology company’s stock worth $68,838,000 after buying an additional 117,631 shares in the last quarter. Finally, New South Capital Management Inc. acquired a new position in NICE in the 4th quarter worth $54,980,000. Institutional investors and hedge funds own 63.34% of the company’s stock.

NICE Stock Performance

NICE stock opened at $156.78 on Friday. The stock has a market capitalization of $9.86 billion, a price-to-earnings ratio of 23.19, a PEG ratio of 1.07 and a beta of 1.12. NICE Ltd. has a 1 year low of $137.19 and a 1 year high of $270.73. The stock’s fifty day moving average is $159.84 and its two-hundred day moving average is $169.46.

NICE (NASDAQ:NICE) last posted its earnings results on Thursday, February 20th. The technology company reported $2.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.96 by ($0.71). The company had revenue of $721.60 million during the quarter, compared to the consensus estimate of $718.47 million. NICE had a net margin of 16.18% and a return on equity of 16.17%. As a group, analysts predict that NICE Ltd. will post 9.85 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on NICE. Citigroup cut their price objective on shares of NICE from $279.00 to $228.00 and set a “buy” rating on the stock in a report on Monday, February 24th. Barclays cut their target price on shares of NICE from $286.00 to $226.00 and set an “overweight” rating on the stock in a research note on Friday, February 21st. Cantor Fitzgerald cut their target price on shares of NICE from $176.00 to $161.00 and set a “neutral” rating on the stock in a research note on Friday, February 21st. Jefferies Financial Group restated a “hold” rating and issued a $200.00 target price (down previously from $215.00) on shares of NICE in a research note on Thursday, December 19th. Finally, Rosenblatt Securities cut their target price on shares of NICE from $225.00 to $200.00 and set a “buy” rating on the stock in a research note on Friday, February 21st. Four analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $231.64.

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.