eGain (NASDAQ:EGAN) Stock Crosses Above 200-Day Moving Average - Here's What Happened

Key Points

• eGain Corporation's stock price recently exceeded its 200-day moving average, indicating a significant upward trend, with shares trading at $9.06 against a moving average of $6.08.
• The company has authorized a $20 million share buyback plan, suggesting the board believes the stock is undervalued, allowing for the repurchase of up to 11.7% of its shares.
• Analysts have shown confidence in eGain, upgrading it to a "buy" rating with an average target price set at $10.00.

Shares of eGain Corporation (NASDAQ:EGAN - Get Free Report) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $6.08 and traded as high as $9.09. eGain shares last traded at $9.06, with a volume of 139,837 shares traded.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen upgraded shares of eGain from a "hold" rating to a "buy" rating in a report on Saturday, September 6th. One analyst has rated the stock with a Buy rating, According to data from MarketBeat, eGain presently has an average rating of "Buy" and an average target price of $10.00.

eGain Trading Up 2.5%

The company's 50 day moving average price is $7.13 and its two-hundred day moving average price is $6.08. The firm has a market cap of $243.44 million, a PE ratio of 7.88 and a beta of 0.40.

eGain declared that its board has authorized a share repurchase plan on Thursday, September 4th that permits the company to buyback $20.00 million in outstanding shares. This buyback authorization permits the technology company to buy up to 11.7% of its stock through open market purchases. Stock buyback plans are often an indication that the company's board believes its shares are undervalued.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Jefferies Financial Group Inc. purchased a new position in shares of eGain during the 1st quarter valued at $83,000. Bank of America Corp DE lifted its stake in shares of eGain by 8.9% during the 4th quarter. Bank of America Corp DE now owns 30,886 shares of the technology company's stock valued at $192,000 after buying an additional 2,525 shares in the last quarter. Ritholtz Wealth Management purchased a new position in shares of eGain during the 2nd quarter valued at $194,000. Assenagon Asset Management S.A. lifted its stake in shares of eGain by 6.1% during the 1st quarter. Assenagon Asset Management S.A. now owns 42,630 shares of the technology company's stock valued at $207,000 after buying an additional 2,446 shares in the last quarter. Finally, Jane Street Group LLC increased its holdings in eGain by 53.7% in the 1st quarter. Jane Street Group LLC now owns 47,726 shares of the technology company's stock valued at $231,000 after acquiring an additional 16,678 shares during the last quarter. Hedge funds and other institutional investors own 53.94% of the company's stock.

About eGain

eGain Corporation develops, licenses, implements, and supports customer service infrastructure software solutions in North America, Europe, the Middle East, Africa, and the Asia Pacific. It provides eGain Knowledge Hub, which helps businesses to centralize knowledge, policies, procedures, situational expertise, best-practices, while delivering guided, and personalized solutions to customers and agents; eGain Conversation Hub for digital-first, omnichannel interaction management within a modern, purpose-built desktop; and eGain Analytics Hub enables clients to measure, manage, and optimize omnichannel service operations and knowledge.

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