EngageSmart, Inc. (NYSE:ESMT) Short Interest Down 5.2% in December

Posted by ABMN Staff on Jan 25th, 2023

EngageSmart, Inc. (NYSE:ESMT – Get Rating) was the target of a large decrease in short interest during the month of December. As of December 30th, there was short interest totalling 1,810,000 shares, a decrease of 5.2% from the December 15th total of 1,910,000 shares. Approximately 8.9% of the shares of the company are short sold. Based on an average daily trading volume, of 488,900 shares, the short-interest ratio is presently 3.7 days.

EngageSmart Price Performance

ESMT opened at $18.96 on Wednesday. The business has a 50 day moving average price of $17.31 and a two-hundred day moving average price of $18.93. The company has a market capitalization of $3.14 billion, a price-to-earnings ratio of 237.03 and a beta of 0.43. EngageSmart has a 1-year low of $15.01 and a 1-year high of $24.68.

EngageSmart (NYSE:ESMT – Get Rating) last announced its quarterly earnings data on Thursday, November 3rd. The company reported $0.04 earnings per share for the quarter, meeting the consensus estimate of $0.04. EngageSmart had a return on equity of 2.71% and a net margin of 5.24%. The business had revenue of $78.80 million during the quarter, compared to analyst estimates of $74.51 million. Equities analysts expect that EngageSmart will post 0.19 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. The Goldman Sachs Group reduced their price target on shares of EngageSmart from $24.00 to $21.00 and set a “buy” rating for the company in a report on Monday, January 9th. Raymond James reduced their target price on shares of EngageSmart from $31.00 to $27.00 and set a “strong-buy” rating for the company in a research note on Friday, November 4th. Deutsche Bank Aktiengesellschaft dropped their price target on shares of EngageSmart from $26.00 to $23.00 and set a “hold” rating on the stock in a research note on Monday. Finally, William Blair reiterated an “outperform” rating on shares of EngageSmart in a research report on Thursday, November 3rd. One analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $26.92.

Insider Activity at EngageSmart

In other EngageSmart news, CEO Robert Paul Bennett sold 28,000 shares of the firm’s stock in a transaction dated Tuesday, January 3rd. The shares were sold at an average price of $17.67, for a total value of $494,760.00. Following the transaction, the chief executive officer now owns 1,099,763 shares of the company’s stock, valued at $19,432,812.21. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.70% of the company’s stock.

Hedge Funds Weigh In On EngageSmart

Several large investors have recently made changes to their positions in ESMT. BlackRock Inc. lifted its stake in EngageSmart by 27.4% during the third quarter. BlackRock Inc. now owns 2,725,410 shares of the company’s stock valued at $56,389,000 after purchasing an additional 586,027 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of EngageSmart by 26.6% during the 3rd quarter. Vanguard Group Inc. now owns 2,463,914 shares of the company’s stock valued at $50,979,000 after acquiring an additional 517,918 shares during the last quarter. Woodline Partners LP boosted its stake in shares of EngageSmart by 7.6% during the 2nd quarter. Woodline Partners LP now owns 1,699,914 shares of the company’s stock worth $27,335,000 after acquiring an additional 119,628 shares in the last quarter. Macquarie Group Ltd. acquired a new position in shares of EngageSmart in the 3rd quarter worth $25,881,000. Finally, State Street Corp raised its position in shares of EngageSmart by 28.8% during the third quarter. State Street Corp now owns 726,623 shares of the company’s stock worth $15,034,000 after purchasing an additional 162,499 shares during the period. Institutional investors own 90.46% of the company’s stock.

About EngageSmart

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EngageSmart, Inc provides Software-as-a-Service based customer engagement software and integrated payment solutions. It operates through two segments, Enterprise Solutions and SMB (small and medium sized business) Solutions. The company offers SimplePractice, an end-to-end practice management and electronic health record platform for health and wellness professionals to manage their practices; and InvoiceCloud, an electronic bill presentment and payment solution that helps government, utility, and financial services customers to digitize billing, client communications, and collections.