Nice (NASDAQ:NICE) Shares Gap Down - What's Next?

Key Points

• Nice shares gapped down from a previous close of $144.65 to an opening price of $140.07, ultimately trading at $143.77 with a volume of 105,272 shares.
• Multiple analysts have issued price targets for Nice, with Morgan Stanley lowering its target from $235.00 to $202.00, while Cantor Fitzgerald set a target of $161.00.
• Institutional investors own approximately 63.34% of Nice's stock, with notable increases in holdings from several asset management firms during the second quarter.

Nice (NASDAQ:NICE - Get Free Report) shares gapped down prior to trading on Tuesday . The stock had previously closed at $144.65, but opened at $140.07. Nice shares last traded at $143.77, with a volume of 105,272 shares.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. DA Davidson upgraded Nice to a "hold" rating in a research report on Tuesday, July 29th. Morgan Stanley lowered their price objective on Nice from $235.00 to $202.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $161.00 target price on shares of Nice in a research report on Wednesday, June 18th. Royal Bank Of Canada restated an "outperform" rating and set a $200.00 price target on shares of Nice in a research report on Wednesday, June 18th. Finally, Wall Street Zen cut shares of Nice from a "buy" rating to a "hold" rating in a report on Saturday, July 26th. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $209.75.

Nice Trading Down 1.3%

The firm has a market capitalization of $9.03 billion, a price-to-earnings ratio of 19.87, a PEG ratio of 1.35 and a beta of 0.98. The stock has a fifty day moving average of $163.36 and a 200-day moving average of $159.62.

Nice (NASDAQ:NICE - Get Free Report) last announced its earnings results on Thursday, May 15th. The technology company reported $2.87 EPS for the quarter, topping the consensus estimate of $2.84 by $0.03. The company had revenue of $700.19 million during the quarter, compared to analysts' expectations of $699.46 million. Nice had a net margin of 16.77% and a return on equity of 16.37%. The business's revenue for the quarter was up 6.2% on a year-over-year basis. During the same period last year, the company posted $2.58 earnings per share. As a group, equities research analysts forecast that Nice will post 9.85 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Nice

Institutional investors and hedge funds have recently bought and sold shares of the business. Legal & General Group Plc acquired a new position in shares of Nice in the second quarter worth $65,000. Hillsdale Investment Management Inc. increased its stake in shares of Nice by 433.7% in the second quarter. Hillsdale Investment Management Inc. now owns 886 shares of the technology company's stock worth $150,000 after acquiring an additional 720 shares during the last quarter. Inspire Advisors LLC acquired a new position in shares of Nice in the second quarter worth $544,000. Dorsey & Whitney Trust CO LLC increased its stake in shares of Nice by 6.7% in the second quarter. Dorsey & Whitney Trust CO LLC now owns 1,492 shares of the technology company's stock worth $252,000 after acquiring an additional 94 shares during the last quarter. Finally, Integrated Quantitative Investments LLC acquired a new position in shares of Nice in the second quarter worth $774,000. Hedge funds and other institutional investors own 63.34% of the company's stock.

Nice Company 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.

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