eGain (NASDAQ:EGAN) Stock Rating Upgraded by Zacks Research

Key Points

• eGain (NASDAQ:EGAN) was upgraded to a "strong-buy" rating by Zacks Research, indicating increased investor confidence in the stock's potential.
• The company's share buyback plan allows for the repurchase of up to $20 million in outstanding shares, suggesting the board believes the stock is undervalued.
• eGain shares rose by 23.3% recently, with the stock reaching a 12-month high of $13.20, up from a low of $4.34.

eGain (NASDAQ:EGAN - Get Free Report) was upgraded by equities research analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a research report issued to clients and investors on Monday,Zacks.com reports.

Other research analysts have also recently issued reports about the company. Weiss Ratings reissued a "hold (c)" rating on shares of eGain in a research note on Saturday, September 27th. Wall Street Zen raised eGain from a "hold" rating to a "buy" rating in a research report on Saturday, September 6th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, eGain has an average rating of "Buy" and a consensus price target of $10.00.

eGain Stock Up 23.3%

Shares of eGain stock opened at $12.92 on Monday. eGain has a 12 month low of $4.34 and a 12 month high of $13.20. The stock has a market cap of $347.16 million, a PE ratio of 11.23 and a beta of 0.40. The business has a fifty day simple moving average of $7.41 and a 200 day simple moving average of $6.22.

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

Insiders Place Their Bets

In related news, CFO Eric Smit sold 15,000 shares of the business's stock in a transaction on Friday, October 3rd. The stock was sold at an average price of $10.00, for a total transaction of $150,000.00. Following the sale, the chief financial officer owned 129,187 shares in the company, valued at $1,291,870. The trade was a 10.40% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 37.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Assenagon Asset Management S.A. raised its position in shares of eGain by 6.1% in the first quarter. Assenagon Asset Management S.A. now owns 42,630 shares of the technology company's stock worth $207,000 after buying an additional 2,446 shares in the last quarter. Bank of America Corp DE grew its stake in shares of eGain by 8.9% during the fourth 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 during the last quarter. Acadian Asset Management LLC boosted its holdings in shares of eGain by 0.7% during the first quarter. Acadian Asset Management LLC now owns 980,840 shares of the technology company's stock worth $4,753,000 after purchasing an additional 6,429 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of eGain by 8.1% during the first quarter. Bank of New York Mellon Corp now owns 139,684 shares of the technology company's stock worth $677,000 after purchasing an additional 10,486 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in eGain by 3.4% in the second quarter. Geode Capital Management LLC now owns 449,899 shares of the technology company's stock worth $2,812,000 after buying an additional 14,978 shares during the period. 53.94% of the stock is owned by institutional investors and hedge funds.

eGain Company Profile

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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