EngageSmart, Inc. (NYSE:ESMT) Sees Large Decrease in Short Interest

EngageSmart, Inc. (NYSE:ESMTGet Rating) was the target of a significant decline in short interest in April. As of April 30th, there was short interest totalling 1,740,000 shares, a decline of 17.1% from the April 15th total of 2,100,000 shares. Currently, 10.4% of the shares of the company are sold short. Based on an average trading volume of 403,900 shares, the short-interest ratio is presently 4.3 days.

Shares of NYSE:ESMT traded up $0.08 during trading on Tuesday, reaching $19.67. The stock had a trading volume of 1,685 shares, compared to its average volume of 311,979. The business has a fifty day moving average price of $20.53 and a 200-day moving average price of $22.14. EngageSmart has a fifty-two week low of $16.76 and a fifty-two week high of $38.83.

EngageSmart (NYSE:ESMTGet Rating) last posted its quarterly earnings data on Thursday, May 5th. The company reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.01). The firm had revenue of $67.36 million for the quarter, compared to analyst estimates of $61.86 million. The firm’s revenue for the quarter was up 42.0% on a year-over-year basis. As a group, sell-side analysts expect that EngageSmart will post 0.15 earnings per share for the current fiscal year.

ESMT has been the topic of a number of research analyst reports. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of EngageSmart from $25.00 to $28.00 in a report on Wednesday, February 16th. Raymond James lifted their target price on shares of EngageSmart from $34.00 to $35.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, February 16th. Truist Financial cut their target price on shares of EngageSmart from $45.00 to $35.00 in a research report on Wednesday, February 16th. The Goldman Sachs Group cut their target price on shares of EngageSmart from $34.00 to $29.00 and set a “buy” rating for the company in a research report on Friday, April 8th. Finally, Zacks Investment Research cut shares of EngageSmart from a “buy” rating to a “hold” rating in a research report on Tuesday, May 10th. Three equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $31.05.

In other news, insider Jonathan Cole Seltzer sold 8,334 shares of EngageSmart stock in a transaction dated Monday, April 18th. The shares were sold at an average price of $20.85, for a total value of $173,763.90. Following the sale, the insider now owns 1,508 shares of the company’s stock, valued at $31,441.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.70% of the stock is owned by insiders.

Large investors have recently bought and sold shares of the company. General Atlantic L.P. acquired a new position in EngageSmart during the third quarter worth approximately $3,310,953,000. Dragoneer Investment Group LLC purchased a new stake in EngageSmart during the third quarter worth approximately $71,526,000. Adage Capital Partners GP L.L.C. grew its stake in EngageSmart by 329.4% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 1,825,000 shares of the company’s stock worth $44,019,000 after buying an additional 1,400,000 shares during the period. BlackRock Inc. purchased a new stake in EngageSmart during the third quarter worth approximately $43,808,000. Finally, Millennium Management LLC purchased a new stake in EngageSmart during the third quarter worth approximately $35,688,000. 93.77% of the stock is owned by institutional investors and hedge funds.

About EngageSmart (Get Rating)

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.

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