ARK Investment Management LLC Grows Position in Nice (NASDAQ:NICE)

Key Points

• ARK Investment Management LLC increased its stake in Nice by 17.2%, acquiring an additional 1,746 shares, leading to a total holding of 11,883 shares valued at approximately $1.83 million.
• Institutional investors now own 63.34% of Nice, with several funds, including Charles Schwab, Commonwealth Equity Services, and LPL Financial, significantly increasing their holdings during the fourth quarter.
• Analysts maintain a "Moderate Buy" consensus rating for Nice, with an average target price of $209.75 based on recent evaluations from multiple brokerages.

ARK Investment Management LLC lifted its position in shares of Nice (NASDAQ:NICE - Free Report) by 17.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,883 shares of the technology company's stock after purchasing an additional 1,746 shares during the quarter. ARK Investment Management LLC's holdings in Nice were worth $1,832,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Mediolanum International Funds Ltd raised its holdings in shares of Nice by 82.6% in the 1st quarter. Mediolanum International Funds Ltd now owns 36,396 shares of the technology company's stock valued at $5,659,000 after purchasing an additional 16,463 shares during the period. Private Management Group Inc. acquired a new position in shares of Nice during the 1st quarter worth approximately $15,098,000. Hamilton Point Investment Advisors LLC boosted its position in shares of Nice by 96.9% during the 1st quarter. Hamilton Point Investment Advisors LLC now owns 59,385 shares of the technology company's stock worth $9,155,000 after acquiring an additional 29,221 shares in the last quarter. Guardian Wealth Management Inc. acquired a new stake in shares of Nice during the 1st quarter worth approximately $1,201,000. Finally, Wedbush Securities Inc. boosted its position in Nice by 18.0% in the first quarter. Wedbush Securities Inc. now owns 1,801 shares of the technology company's stock valued at $278,000 after buying an additional 275 shares in the last quarter. 63.34% of the stock is owned by institutional investors and hedge funds.

Nice Price Performance

NICE traded down $3.44 during trading on Wednesday, reaching $160.55. 314,545 shares of the company's stock were exchanged, compared to its average volume of 525,039. Nice has a 1 year low of $137.19 and a 1 year high of $200.65. The stock has a market capitalization of $10.15 billion, a P/E ratio of 22.42, a price-to-earnings-growth ratio of 1.55 and a beta of 1.00. The company's fifty day simple moving average is $165.25 and its 200-day simple moving average is $160.39.

Nice (NASDAQ:NICE - Get Free Report) last released its quarterly earnings results on Thursday, May 15th. The technology company reported $2.87 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.84 by $0.03. Nice had a net margin of 16.77% and a return on equity of 16.37%. The firm had revenue of $700.19 million for the quarter, compared to analysts' expectations of $699.46 million. During the same quarter last year, the company earned $2.58 EPS. The firm's revenue for the quarter was up 6.2% compared to the same quarter last year. Equities analysts forecast that Nice will post 9.85 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Cantor Fitzgerald reissued a "neutral" rating and set a $161.00 target price on shares of Nice in a research note on Wednesday, June 18th. Wedbush reiterated an "outperform" rating and issued a $200.00 target price on shares of Nice in a research note on Friday, June 20th. Wall Street Zen cut shares of Nice from a "buy" rating to a "hold" rating in a research note on Saturday. Citigroup dropped their price target on shares of Nice from $214.00 to $211.00 and set a "buy" rating on the stock in a research note on Monday, May 19th. Finally, Piper Sandler reaffirmed a "neutral" rating and issued a $182.00 price target (up previously from $153.00) on shares of Nice in a report on Friday, June 13th. Six analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $209.75.

Nice Profile

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.