Millrace Asset Group Lowers stake in Incontact Inc (SAAS)

Incontact Inc (SAAS) : Millrace Asset Group reduced its stake in Incontact Inc by 24.09% during the most recent quarter end. The investment management company now holds a total of 305,624 shares of Incontact Inc which is valued at $4,229,836 after selling 97,000 shares in Incontact Inc , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.Incontact Inc makes up approximately 6.28% of Millrace Asset Group’s portfolio.

Other Hedge Funds, Including , Bluecrest Capital Management Ltd added SAAS to its portfolio by purchasing 46,400 company shares during the most recent quarter which is valued at $642,176. Incontact Inc makes up approx 0.05% of Bluecrest Capital Management Ltd’s portfolio.Teachers Advisors Inc reduced its stake in SAAS by selling 6,554 shares or 5.53% in the most recent quarter. The Hedge Fund company now holds 111,953 shares of SAAS which is valued at $1,549,430.Paradigm Capital Management Incny reduced its stake in SAAS by selling 23,800 shares or 38.14% in the most recent quarter. The Hedge Fund company now holds 38,600 shares of SAAS which is valued at $534,224. Incontact Inc makes up approx 0.06% of Paradigm Capital Management Incny’s portfolio.Hood River Capital Management reduced its stake in SAAS by selling 1,247,735 shares or 95.04% in the most recent quarter. The Hedge Fund company now holds 65,128 shares of SAAS which is valued at $905,279. Incontact Inc makes up approx 0.11% of Hood River Capital Management’s portfolio.

Incontact Inc opened for trading at $13.89 and hit $13.98 on the upside on Thursday, eventually ending the session at $13.94, with a gain of 0.36% or 0.05 points. The heightened volatility saw the trading volume jump to 6,19,024 shares. Company has a market cap of $872 M.

On the company’s financial health, Incontact Inc reported $-0.05 EPS for the quarter, missing the analyst consensus estimate by $ -0.02 based on the information available during the earnings call on Aug 4, 2016. Analyst had a consensus of $-0.03. The company had revenue of $63.80 million for the quarter, compared to analysts expectations of $62.43 million. The company’s revenue was up 20.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $-0.12 EPS.

Many Wall Street Analysts have commented on Incontact Inc. Incontact Inc was Downgraded by Craig Hallum to ” Hold” on May 19, 2016. Company shares were Downgraded by Lake Street on May 18, 2016 to ” Hold”, Firm has raised the Price Target to $ 14 from a previous price target of $13 .Shares were Reiterated by The Benchmark Company on May 18, 2016 to “Buy” and Lowered the Price Target to $ 12 from a previous price target of $16 .

inContact Inc. (inContact) is a provider of cloud contact center software solutions. The Company provides a range of cloud contact center call routing self-service and agent optimization solutions. The Company operates through two segments: Software and Network connectivity. inContact’s Software segment includes services related to the delivery of its cloud contact center software solutions. The Company’s Network connectivity segment provides voice and data long distance services. The Company offers its products and services to customers in five vertical markets: business process outsourcers (BPOs) retail and direct response healthcare providers utilities and state and local Government. The Company has facilities in the United States Europe the Philippines and Hong Kong. The Company’s registered trademarks in the United States and elsewhere include inContact inTouch ECHO inCloud Satisfaction as a Service and Personal Connection.

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