Goldman Sachs Group Inc. Sells 133,862 Shares of eGain Corporation $EGAN

Key Points

• Goldman Sachs Group Inc. has significantly reduced its holdings in eGain Corporation by 51.7%, selling 133,862 shares and now owning 125,009 shares valued at $606,000.
• Analysts upgraded eGain from a "hold" to a "buy" rating, suggesting a positive outlook with a consensus target price of $10.00.
• eGain has authorized a stock repurchase program worth $20 million, allowing the company to repurchase up to 11.7% of its own shares, indicating confidence in its stock valuation.

Goldman Sachs Group Inc. decreased its holdings in shares of eGain Corporation (NASDAQ:EGAN - Free Report) by 51.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 125,009 shares of the technology company's stock after selling 133,862 shares during the period. Goldman Sachs Group Inc. owned about 0.46% of eGain worth $606,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Assenagon Asset Management S.A. grew its position 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 acquiring an additional 2,446 shares during the period. Bank of America Corp DE grew its position 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 acquiring an additional 2,525 shares during the period. Nuveen LLC bought a new stake in shares of eGain during the 1st quarter valued at $296,000. Acadian Asset Management LLC grew its position in shares of eGain by 0.7% during the 1st quarter. Acadian Asset Management LLC now owns 980,840 shares of the technology company's stock valued at $4,753,000 after acquiring an additional 6,429 shares during the period. Finally, Bank of New York Mellon Corp grew its position 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 valued at $677,000 after acquiring an additional 10,486 shares during the period. Institutional investors own 53.94% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen raised shares of 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 Buy rating, According to MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $10.00.

eGain Stock Performance

Shares of eGain stock opened at $8.88 on Thursday. The company has a market capitalization of $238.61 million, a P/E ratio of 7.72 and a beta of 0.30. The company has a fifty day moving average of $6.84 and a 200 day moving average of $5.91. eGain Corporation has a fifty-two week low of $4.34 and a fifty-two week high of $9.64.

eGain declared that its Board of Directors has authorized a stock repurchase program on Thursday, September 4th that permits the company to repurchase $20.00 million in shares. This repurchase authorization permits the technology company to buy up to 11.7% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's board believes its stock is undervalued.

eGain 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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