EngageSmart (NYSE:ESMT) Rating Lowered to Hold at Zacks Investment Research

Zacks Investment Research cut shares of EngageSmart (NYSE:ESMTGet Rating) from a buy rating to a hold rating in a research report report published on Tuesday morning, Zacks.com reports.

According to Zacks, “EngageSmart Inc. is a provider of vertically-tailored customer engagement software and integrated payments solutions. It offers single instance, multi-tenant, true Software-as-a-Service vertical solutions, including SimplePractice, InvoiceCloud, HealthPay24 and DonorDrive, which are designed to simplify our customers’ engagement with their clients. The company serves Health & Wellness, Government, Utilities, Financial Services and Giving segment. EngageSmart Inc., formerly known as ENGAGEMENT INC, is headquartered in Braintree, Massachusetts. “

A number of other research firms have also weighed in on ESMT. Deutsche Bank Aktiengesellschaft boosted their price target on shares of EngageSmart from $25.00 to $28.00 in a research report on Wednesday, February 16th. Raymond James boosted their price target 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 decreased their target price on shares of EngageSmart from $45.00 to $35.00 in a report on Wednesday, February 16th. Citigroup boosted their target price on shares of EngageSmart from $28.00 to $30.50 in a report on Wednesday, February 16th. Finally, KeyCorp decreased their target price on shares of EngageSmart from $30.00 to $25.00 and set an overweight rating on the stock in a report on Wednesday, March 16th. Three research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of Buy and an average price target of $31.05.

ESMT opened at $19.75 on Tuesday. EngageSmart has a twelve month low of $16.76 and a twelve month high of $38.83. The firm’s 50-day moving average price is $20.53 and its 200 day moving average price is $22.14.

EngageSmart (NYSE:ESMTGet Rating) last posted its quarterly earnings results 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 company had revenue of $67.36 million for the quarter, compared to analysts’ expectations of $61.86 million. The company’s revenue for the quarter was up 42.0% compared to the same quarter last year. Equities analysts predict that EngageSmart will post 0.15 EPS for the current year.

In other news, insider Jonathan Cole Seltzer sold 8,334 shares of the company’s stock in a transaction that occurred on Monday, May 2nd. The shares were sold at an average price of $20.88, for a total value of $174,013.92. Following the transaction, the insider now directly owns 1,508 shares in the company, valued at approximately $31,487.04. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.70% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. JPMorgan Chase & Co. increased its stake in 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 buying an additional 1,404 shares during the period. Charles Schwab Investment Management Inc. increased its stake in EngageSmart by 4.0% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 36,135 shares of the company’s stock worth $771,000 after buying an additional 1,404 shares during the period. Squarepoint Ops LLC increased its stake in EngageSmart by 1.9% during the 4th quarter. Squarepoint Ops LLC now owns 84,938 shares of the company’s stock worth $2,049,000 after buying an additional 1,553 shares during the period. Legal & General Group Plc purchased a new stake in EngageSmart during the 4th quarter worth approximately $38,000. Finally, Morgan Stanley purchased a new stake in EngageSmart during the 3rd quarter worth approximately $73,000. 93.77% of the stock is currently owned by hedge funds and other institutional investors.

EngageSmart Company Profile (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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