Short Interest in EngageSmart, Inc. (NYSE:ESMT) Drops By 25.8%

EngageSmart, Inc. (NYSE:ESMT) was the target of a large decrease in short interest during the month of August. As of August 31st, there was short interest totalling 1,410,000 shares, a decrease of 25.8% from the August 15th total of 1,900,000 shares. Based on an average daily volume of 520,100 shares, the short-interest ratio is currently 2.7 days. Currently, 3.2% of the shares of the stock are short sold.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on ESMT shares. The Goldman Sachs Group cut shares of EngageSmart from a “buy” rating to a “neutral” rating and set a $21.00 target price on the stock. in a research report on Thursday, July 13th. Needham & Company LLC reissued a “buy” rating and issued a $40.00 price objective on shares of EngageSmart in a research report on Friday, August 4th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of EngageSmart from $20.00 to $19.00 and set a “neutral” rating on the stock in a research report on Tuesday, August 22nd. Three research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $25.11.

EngageSmart Price Performance

Shares of NYSE:ESMT traded up $0.39 during trading on Monday, reaching $18.11. 813,472 shares of the company were exchanged, compared to its average volume of 516,428. The firm has a market capitalization of $3.03 billion, a PE ratio of 150.93, a P/E/G ratio of 3.04 and a beta of 0.46. The business’s fifty day simple moving average is $17.77 and its 200-day simple moving average is $17.98. EngageSmart has a 12-month low of $15.01 and a 12-month high of $22.56.

EngageSmart (NYSE:ESMT) last issued its earnings results on Thursday, August 3rd. The company reported $0.05 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.01. The business had revenue of $94.41 million for the quarter, compared to analyst estimates of $93.08 million. EngageSmart had a net margin of 5.82% and a return on equity of 3.30%. On average, sell-side analysts anticipate that EngageSmart will post 0.22 EPS for the current fiscal year.

Insider Buying and Selling at EngageSmart

In other EngageSmart news, insider Jonathan Cole Seltzer sold 3,500 shares of the stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $18.69, for a total transaction of $65,415.00. Following the completion of the transaction, the insider now owns 7,778 shares of the company’s stock, valued at approximately $145,370.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other EngageSmart news, insider Jonathan Cole Seltzer sold 3,500 shares of the stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $18.69, for a total transaction of $65,415.00. Following the completion of the transaction, the insider now owns 7,778 shares of the company’s stock, valued at approximately $145,370.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robert Paul Bennett sold 14,000 shares of the stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $18.67, for a total transaction of $261,380.00. Following the transaction, the chief executive officer now directly owns 838,491 shares of the company’s stock, valued at approximately $15,654,626.97. The disclosure for this sale can be found here. Insiders sold 67,000 shares of company stock valued at $1,219,515 in the last 90 days. Insiders own 2.70% of the company’s stock.

Hedge Funds Weigh In On EngageSmart

Institutional investors have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. boosted its position in EngageSmart by 8.3% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 15,723 shares of the company’s stock valued at $303,000 after acquiring an additional 1,200 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in EngageSmart during the 1st quarter worth about $443,000. Senator Investment Group LP lifted its position in EngageSmart by 35.0% during the 1st quarter. Senator Investment Group LP now owns 1,350,000 shares of the company’s stock worth $25,988,000 after acquiring an additional 350,000 shares during the period. HBK Investments L P acquired a new stake in EngageSmart during the 1st quarter worth about $770,000. Finally, G2 Investment Partners Management LLC acquired a new stake in EngageSmart during the 1st quarter worth about $866,000. 92.34% of the stock is owned by hedge funds and other institutional investors.

About EngageSmart

EngageSmart, Inc provides vertically-tailored customer engagement and integrated payments solutions. The company operates through Enterprise Solutions and SMB Solutions segments. The Enterprise Solutions segment offers SaaS solutions to customer-client engagement through electronic billing and digital payments.