Renaissance Technologies LLC Makes New $18.53 Million Investment in NICE Ltd. (NASDAQ:NICE)

Renaissance Technologies LLC purchased a new stake in NICE Ltd. (NASDAQ:NICE) during the second quarter, HoldingsChannel reports. The institutional investor purchased 107,744 shares of the technology company’s stock, valued at approximately $18,529,000.

A number of other institutional investors also recently modified their holdings of NICE. First Hawaiian Bank bought a new stake in NICE in the 2nd quarter valued at approximately $516,000. Eagle Asset Management Inc. lifted its position in shares of NICE by 34.9% in the fourth quarter. Eagle Asset Management Inc. now owns 35,717 shares of the technology company’s stock worth $7,126,000 after purchasing an additional 9,241 shares in the last quarter. Diversified Trust Co lifted its position in shares of NICE by 237.9% in the second quarter. Diversified Trust Co now owns 6,478 shares of the technology company’s stock worth $1,114,000 after purchasing an additional 4,561 shares in the last quarter. Capital World Investors acquired a new position in NICE during the first quarter worth $9,699,000. Finally, Corient Private Wealth LLC grew its position in NICE by 93.3% in the fourth quarter. Corient Private Wealth LLC now owns 5,317 shares of the technology company’s stock valued at $1,061,000 after purchasing an additional 2,566 shares in the last quarter. 63.34% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

NICE has been the subject of several analyst reports. StockNews.com cut NICE from a “strong-buy” rating to a “buy” rating in a report on Friday, June 14th. Morgan Stanley lowered their price target on NICE from $290.00 to $240.00 and set an “overweight” rating on the stock in a research report on Friday, June 14th. Royal Bank of Canada increased their price objective on NICE from $230.00 to $260.00 and gave the company an “outperform” rating in a report on Friday, August 16th. Northland Securities lowered their target price on shares of NICE from $305.00 to $275.00 and set an “outperform” rating on the stock in a report on Friday, August 16th. Finally, Citigroup increased their price target on shares of NICE from $339.00 to $346.00 and gave the company a “buy” rating in a research note on Wednesday, June 12th. Sixteen analysts have rated the stock with a buy rating, Based on data from MarketBeat, NICE currently has an average rating of “Buy” and an average price target of $269.64.

NICE Stock Down 0.6 %

NICE stock opened at $164.89 on Friday. The business’s fifty day moving average price is $172.15 and its two-hundred day moving average price is $197.29. The stock has a market capitalization of $10.37 billion, a price-to-earnings ratio of 29.76, a PEG ratio of 1.31 and a beta of 1.04. NICE Ltd. has a fifty-two week low of $149.54 and a fifty-two week high of $270.73. 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 released its quarterly earnings results on Thursday, August 15th. The technology company reported $2.64 EPS for the quarter, topping analysts’ consensus estimates of $2.58 by $0.06. The business had revenue of $664.40 million for the quarter, compared to analyst estimates of $664.10 million. NICE had a net margin of 15.55% and a return on equity of 14.68%. NICE’s revenue for the quarter was up 14.3% compared to the same quarter last year. During the same period last year, the firm earned $1.63 earnings per share. On average, equities analysts anticipate that NICE Ltd. will post 8.5 earnings per share for the current year.

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.