eGain (NASDAQ:EGAN) Rating Increased to Buy at Wall Street Zen

Key Points

• eGain has been upgraded from a "hold" to a "buy" rating by Wall Street Zen, indicating increased confidence in the stock's potential.
• The company's stock price rose by 5.3% after the upgrade, and eGain plans to initiate a share repurchase program worth $20 million.
• Institutional investors have shown increased interest in eGain, with multiple hedge funds significantly expanding their positions during the fourth quarter.

Wall Street Zen upgraded shares of eGain (NASDAQ:EGAN - Free Report) from a hold rating to a buy rating in a report issued on Saturday morning.

eGain Trading Up 0.3%

Shares of NASDAQ EGAN traded up $0.03 during mid-day trading on Friday, hitting $7.91. The company had a trading volume of 14,393 shares, compared to its average volume of 63,650. eGain has a one year low of $4.34 and a one year high of $8.41. The company has a market capitalization of $216.20 million, a PE ratio of 6.83 and a beta of 0.30. The firm has a 50-day simple moving average of $6.40 and a two-hundred day simple moving average of $5.64.

eGain announced that its board has approved a stock repurchase plan on Thursday, September 4th that authorizes the company to repurchase $20.00 million in shares. This repurchase authorization authorizes the technology company to reacquire up to 11.7% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's management believes its stock is undervalued.

Institutional Trading of eGain

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. raised its stake in eGain by 6.1% in the 1st quarter. Assenagon Asset Management S.A. now owns 42,630 shares of the technology company's stock valued at $207,000 after acquiring an additional 2,446 shares during the period. Bank of America Corp DE raised its position in shares of eGain by 8.9% in the fourth quarter. Bank of America Corp DE now owns 30,886 shares of the technology company's stock valued at $192,000 after purchasing an additional 2,525 shares during the period. Nuveen LLC bought a new position in shares of eGain in the first quarter valued at about $296,000. Wells Fargo & Company MN lifted its stake in shares of eGain by 36.8% during the 4th quarter. Wells Fargo & Company MN now owns 8,173 shares of the technology company's stock worth $51,000 after buying an additional 2,197 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in shares of eGain by 8.1% during the 1st quarter. Bank of New York Mellon Corp now owns 139,684 shares of the technology company's stock worth $677,000 after buying an additional 10,486 shares during the period. 53.94% of the stock is owned by institutional investors.

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.