Bank of New York Mellon Corp Reduces Stake in NICE Ltd. (NASDAQ:NICE)

Bank of New York Mellon Corp lowered its holdings in shares of NICE Ltd. (NASDAQ:NICE - Free Report) by 66.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 6,272 shares of the technology company's stock after selling 12,440 shares during the period. Bank of New York Mellon Corp's holdings in NICE were worth $1,065,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Perpetual Ltd bought a new position in shares of NICE during the 4th quarter worth approximately $31,792,000. World Investment Advisors LLC bought a new position in NICE during the third quarter worth $24,547,000. Swedbank AB boosted its stake in NICE by 201.7% during the third quarter. Swedbank AB now owns 140,900 shares of the technology company's stock worth $24,470,000 after acquiring an additional 94,200 shares in the last quarter. Barlow Wealth Partners Inc. acquired a new stake in NICE in the fourth quarter worth $15,452,000. Finally, CCLA Investment Management increased its stake in NICE by 14.1% in the fourth quarter. CCLA Investment Management now owns 704,494 shares of the technology company's stock valued at $119,517,000 after purchasing an additional 87,003 shares in the last quarter. 63.34% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on NICE. Barclays cut their price objective on shares of NICE from $286.00 to $226.00 and set an "overweight" rating on the stock in a research report on Friday, February 21st. StockNews.com lowered NICE from a "strong-buy" rating to a "buy" rating in a report on Monday, February 17th. Jefferies Financial Group restated a "hold" rating and set a $200.00 price objective (down previously from $215.00) on shares of NICE in a report on Thursday, December 19th. Rosenblatt Securities lowered their target price on NICE from $225.00 to $200.00 and set a "buy" rating on the stock in a research report on Friday, February 21st. Finally, Royal Bank of Canada reissued an "outperform" rating and issued a $200.00 price target on shares of NICE in a research report on Wednesday, March 19th. Four research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $231.64.

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NICE Trading Down 2.1 %

Shares of NICE traded down $3.35 during trading hours on Friday, reaching $155.48. 366,446 shares of the stock traded hands, compared to its average volume of 575,366. NICE Ltd. has a 52 week low of $137.19 and a 52 week high of $261.81. The stock has a fifty day simple moving average of $159.17 and a 200 day simple moving average of $169.30. The company has a market cap of $9.78 billion, a price-to-earnings ratio of 23.00, a PEG ratio of 1.07 and a beta of 1.12.

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