Eric Smit Sells 15,000 Shares of eGain (NASDAQ:EGAN) Stock

Key Points

• CFO Eric Smit sold 15,000 shares of eGain stock for $150,000, representing a 10.40% decrease in his ownership of the company.
• eGain's stock recently increased by 23.3%, reaching $12.92, with a market cap of $347.16 million and a price-to-earnings ratio of 11.23.
• The company has initiated a stock repurchase program, authorizing up to $20 million, signaling confidence in the stock's valuation.

eGain Corporation (NASDAQ:EGAN - Get Free Report) CFO Eric Smit sold 15,000 shares of the firm's stock in a transaction on Friday, October 3rd. The shares were sold at an average price of $10.00, for a total transaction of $150,000.00. Following the completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

eGain Stock Up 23.3%

NASDAQ EGAN traded up $2.44 during midday trading on Tuesday, hitting $12.92. The company had a trading volume of 1,856,125 shares, compared to its average volume of 86,844. The stock has a market cap of $347.16 million, a price-to-earnings ratio of 11.23 and a beta of 0.40. The firm has a fifty day simple moving average of $7.28 and a two-hundred day simple moving average of $6.17. eGain Corporation has a fifty-two week low of $4.34 and a fifty-two week high of $13.20.

eGain announced that its board has initiated a stock repurchase program on Thursday, September 4th that authorizes the company to repurchase $20.00 million in outstanding shares. This repurchase authorization authorizes the technology company to purchase up to 11.7% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on EGAN shares. Wall Street Zen upgraded shares of eGain from a "hold" rating to a "buy" rating in a research report on Saturday, September 6th. Weiss Ratings reissued a "hold (c)" rating on shares of eGain in a research report on Saturday, September 27th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, eGain presently has a consensus rating of "Moderate Buy" and a consensus price target of $10.00.

Institutional Investors Weigh In On eGain

A number of institutional investors have recently added to or reduced their stakes in EGAN. Jefferies Financial Group Inc. acquired a new position in shares of eGain during the 1st quarter valued at $83,000. Bank of America Corp DE grew its position in 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 period. Ritholtz Wealth Management purchased a new position in shares of eGain in the second quarter worth about $194,000. Assenagon Asset Management S.A. boosted its holdings 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 worth $207,000 after buying an additional 2,446 shares during the period. Finally, Jane Street Group LLC boosted 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 worth $231,000 after buying an additional 16,678 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.