Given all facts I'd say I think the share price feels about right. Of course I hope for a much higher price but given the risk of recession I can't say it is reasonable to price favorable scenarios in at this time.
If the final Cisco requirement is met early in the 3rd Q and management provides some information on how it will benefit top and bottom line perhaps it would become reasonable to see a higher price but we don't have enough information to assume that IMO.
Spread is silly though; I hope whoever bought the two large blocks over the last month begins to trade it back and forth with someone else so this becomes a liquid stock!
According to the last 10Q international sales were around 1/3 of total revenues. The international component helps but they remain vulnerable.
This recession (assuming we are in one) isn't tech or capital driven (excl housing) so I tend to think the market is overdoing things. Housing and consumer sectors should be hammered and that does ripple through to other sectors but I think things are overdone in the software sector. Chordiant has been coming back and I think the others should be as well; hopefully eGain will go with them as well.