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

eGain (NASDAQ:EGAN) was upgraded by stock analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued on Saturday.

eGain Price Performance

NASDAQ EGAN opened at $6.50 on Friday. The stock’s fifty day moving average price is $6.32 and its 200 day moving average price is $5.58. eGain has a 1 year low of $4.34 and a 1 year high of $7.33. The company has a market cap of $177.78 million, a price-to-earnings ratio of 5.65 and a beta of 0.30.

eGain declared that its board has initiated a stock repurchase plan on Thursday, September 4th that permits the company to repurchase $20.00 million in outstanding shares. This repurchase authorization permits the technology company to purchase up to 11.7% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Hedge Funds Weigh In On eGain

Several hedge funds have recently made changes to their positions in the company. Geode Capital Management LLC increased its position in shares of eGain by 3.4% in the 2nd quarter. Geode Capital Management LLC now owns 449,899 shares of the technology company’s stock valued at $2,812,000 after acquiring an additional 14,978 shares during the period. Ritholtz Wealth Management purchased a new stake in eGain in the second quarter valued at $194,000. Kanen Wealth Management LLC boosted its holdings in eGain by 0.6% in the second quarter. Kanen Wealth Management LLC now owns 2,672,710 shares of the technology company’s stock valued at $16,704,000 after purchasing an additional 16,290 shares during the last quarter. Strs Ohio purchased a new stake in eGain in the first quarter valued at $250,000. Finally, Acadian Asset Management LLC boosted its holdings in eGain by 0.7% in the first quarter. Acadian Asset Management LLC now owns 980,840 shares of the technology company’s stock valued at $4,753,000 after purchasing an additional 6,429 shares during the last quarter. 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.