Nice (NASDAQ:NICE) Hits New 1-Year Low - Time to Sell?

Key Points

• Nice's stock price reached a new 52-week low of $133.99 before recovering slightly to $136.08, marking a 7.1% decline from its previous close of $147.99.
• Despite the current market struggles, analysts maintain a predominantly positive outlook with a consensus rating of "Moderate Buy" and an average price target of $209.75.
• The company's recent quarterly earnings showed a 9.4% increase in revenue year-over-year, and earnings per share exceeded expectations at $3.01.

Nice (NASDAQ:NICE - Get Free Report)'s share price hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $133.99 and last traded at $136.08, with a volume of 389217 shares changing hands. The stock had previously closed at $147.99.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on NICE. DA Davidson raised shares of Nice to a "hold" rating in a research report on Tuesday, July 29th. Piper Sandler reiterated a "neutral" rating and issued a $182.00 price target (up from $153.00) on shares of Nice in a research note on Friday, June 13th. Citigroup reduced their price objective on shares of Nice from $214.00 to $211.00 and set a "buy" rating for the company in a research note on Monday, May 19th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $200.00 price target on shares of Nice in a research note on Wednesday, June 18th. Finally, Morgan Stanley reduced their price target on shares of Nice from $235.00 to $202.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Six equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $209.75.

Nice Stock Down 7.1%

The firm's fifty day moving average price is $162.22 and its 200 day moving average price is $159.42. The stock has a market cap of $8.70 billion, a PE ratio of 19.15, a P/E/G ratio of 1.29 and a beta of 0.98.

Nice (NASDAQ:NICE - Get Free Report) last announced its quarterly earnings results on Thursday, August 14th. The technology company reported $3.01 earnings per share for the quarter, topping the consensus estimate of $2.99 by $0.02. Nice had a net margin of 16.77% and a return on equity of 16.37%. During the same period in the previous year, the firm earned $2.64 EPS. Nice's revenue for the quarter was up 9.4% on a year-over-year basis. As a group, analysts anticipate that Nice will post 9.85 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Nice

Large investors have recently bought and sold shares of the business. Barrow Hanley Mewhinney & Strauss LLC bought a new position in Nice during the fourth quarter valued at $313,808,000. Migdal Insurance & Financial Holdings Ltd. grew its holdings in Nice by 3.7% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,831,690 shares of the technology company's stock worth $309,389,000 after acquiring an additional 65,420 shares in the last quarter. HMI Capital Management L.P. grew its holdings in Nice by 12.8% during the 4th quarter. HMI Capital Management L.P. now owns 1,642,770 shares of the technology company's stock worth $279,008,000 after acquiring an additional 186,600 shares in the last quarter. Vulcan Value Partners LLC grew its holdings in Nice by 9.6% during the 1st quarter. Vulcan Value Partners LLC now owns 1,046,090 shares of the technology company's stock worth $161,340,000 after acquiring an additional 91,929 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Nice by 218.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 908,014 shares of the technology company's stock worth $139,989,000 after acquiring an additional 623,014 shares in the last quarter. Institutional investors own 63.34% of the company's stock.

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.

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