Strs Ohio Acquires New Stake in eGain Corporation $EGAN

Key Points

• Strs Ohio has acquired a new stake in eGain Corporation, purchasing 51,600 shares valued at approximately $250,000, representing around 0.19% of the company.
• The eGain Board of Directors has authorized a $20 million stock repurchase program, which allows the company to buy back up to 11.7% of its stock, indicating confidence in its valuation.
• Wall Street analysts have raised eGain's rating from "hold" to "buy"**, with a consensus target price of $10.00 per share, suggesting expected growth for the company.

Strs Ohio acquired a new stake in shares of eGain Corporation (NASDAQ:EGAN - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 51,600 shares of the technology company's stock, valued at approximately $250,000. Strs Ohio owned about 0.19% of eGain as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of EGAN. Acadian Asset Management LLC boosted its stake in shares of eGain by 0.7% in the first quarter. Acadian Asset Management LLC now owns 980,840 shares of the technology company's stock worth $4,753,000 after acquiring an additional 6,429 shares during the period. Jane Street Group LLC boosted its stake in shares of eGain by 53.7% in the first quarter. Jane Street Group LLC now owns 47,726 shares of the technology company's stock worth $231,000 after acquiring an additional 16,678 shares during the period. Nuveen LLC bought a new position in shares of eGain in the first quarter worth about $296,000. Jefferies Financial Group Inc. bought a new position in shares of eGain in the first quarter worth about $83,000. Finally, Bank of New York Mellon Corp boosted its stake in shares of eGain by 8.1% in the first quarter. Bank of New York Mellon Corp now owns 139,684 shares of the technology company's stock worth $677,000 after acquiring an additional 10,486 shares during the period. Hedge funds and other institutional investors own 53.94% of the company's stock.

eGain Price Performance

NASDAQ:EGAN opened at $8.88 on Thursday. The business has a 50 day simple moving average of $6.84 and a 200-day simple moving average of $5.91. eGain Corporation has a 1 year low of $4.34 and a 1 year high of $9.64. The firm has a market capitalization of $238.61 million, a price-to-earnings ratio of 7.72 and a beta of 0.30.

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

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen raised eGain from a "hold" rating to a "buy" rating in a research note on Saturday, September 6th. One investment analyst has rated the stock with a Buy rating, According to MarketBeat.com, eGain presently has an average rating of "Buy" and a consensus target price of $10.00.

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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