EngageSmart, Inc. (NYSE:ESMT – Get Rating) saw a large increase in short interest during the month of July. As of July 15th, there was short interest totalling 2,140,000 shares, an increase of 18.2% from the June 30th total of 1,810,000 shares. Based on an average daily trading volume, of 524,100 shares, the days-to-cover ratio is currently 4.1 days. Currently, 13.2% of the shares of the company are short sold.
Institutional Investors Weigh In On EngageSmart
Several hedge funds have recently modified their holdings of ESMT. Amalgamated Bank acquired a new stake in shares of EngageSmart during the 1st quarter worth about $52,000. Strs Ohio acquired a new stake in shares of EngageSmart during the 4th quarter worth about $89,000. Steward Partners Investment Advisory LLC acquired a new stake in shares of EngageSmart during the 4th quarter worth about $107,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. purchased a new position in shares of EngageSmart during the 2nd quarter worth about $146,000. Finally, JPMorgan Chase & Co. lifted its holdings in shares of EngageSmart by 22.9% during the 1st quarter. JPMorgan Chase & Co. now owns 7,524 shares of the company’s stock worth $160,000 after acquiring an additional 1,404 shares during the period. 93.77% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of equities analysts have commented on the stock. The Goldman Sachs Group cut their price objective 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. KeyCorp cut their price target on shares of EngageSmart from $25.00 to $20.00 and set an “overweight” rating for the company in a report on Thursday, July 7th. Two research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, EngageSmart has an average rating of “Moderate Buy” and an average target price of $31.39.
EngageSmart Price Performance
EngageSmart (NYSE:ESMT – Get Rating) last issued its quarterly earnings data on Thursday, May 5th. The company reported $0.03 EPS for the quarter, beating analysts’ consensus estimates of $0.02 by $0.01. The business had revenue of $67.36 million during the quarter, compared to analyst estimates of $61.86 million. EngageSmart’s revenue for the quarter was up 42.0% on a year-over-year basis. Equities research analysts forecast that EngageSmart will post 0.16 earnings per share for the current fiscal year.
EngageSmart Company Profile
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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