eGain (NASDAQ:EGAN) Stock Rating Lowered by Wall Street Zen

eGain (NASDAQ:EGAN) was downgraded by Wall Street Zen from a “buy” rating to a “hold” rating in a report released on Saturday.

Several other brokerages have also recently commented on EGAN. Weiss Ratings reiterated a “hold (c+)” rating on shares of eGain in a report on Tuesday, October 14th. Zacks Research downgraded eGain from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 4th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, eGain has a consensus rating of “Hold” and an average price target of $10.00.

eGain Price Performance

NASDAQ EGAN opened at $14.42 on Friday. eGain has a 12 month low of $4.34 and a 12 month high of $15.55. The company’s 50 day simple moving average is $11.09 and its 200 day simple moving average is $7.76. The company has a market capitalization of $389.61 million, a P/E ratio of 12.54 and a beta of 0.50.

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

Insider Transactions at eGain

In other eGain news, CFO Eric Smit sold 5,000 shares of eGain stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $14.44, for a total value of $72,200.00. Following the transaction, the chief financial officer directly owned 129,187 shares of the company’s stock, valued at $1,865,460.28. The trade was a 3.73% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 38.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Bank of New York Mellon Corp increased its position in shares of eGain by 8.1% during the first quarter. Bank of New York Mellon Corp now owns 139,684 shares of the technology company’s stock valued at $677,000 after purchasing an additional 10,486 shares during the period. Jefferies Financial Group Inc. acquired a new position in eGain during the first quarter worth $83,000. Nuveen LLC bought a new position in shares of eGain during the first quarter valued at $296,000. Jane Street Group LLC boosted its stake in shares of eGain by 53.7% in the 1st quarter. Jane Street Group LLC now owns 47,726 shares of the technology company’s stock valued at $231,000 after purchasing an additional 16,678 shares in the last quarter. Finally, Acadian Asset Management LLC boosted its stake in shares of eGain by 0.7% in the 1st 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 in the last quarter. Institutional investors own 53.94% of the company’s stock.

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.