Point72 Hong Kong Ltd Purchases Shares of 1,326 EngageSmart, Inc. (NYSE:ESMT)

Posted by Defense World Staff on Mar 7th, 2023

Point72 Hong Kong Ltd purchased a new stake in shares of EngageSmart, Inc. (NYSE:ESMT – Get Rating) in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 1,326 shares of the company’s stock, valued at approximately $27,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Allspring Global Investments Holdings LLC bought a new position in EngageSmart during the 3rd quarter valued at approximately $31,000. Legal & General Group Plc grew its holdings in shares of EngageSmart by 134.2% during the 2nd quarter. Legal & General Group Plc now owns 3,780 shares of the company’s stock worth $61,000 after acquiring an additional 2,166 shares during the period. Lazard Asset Management LLC purchased a new position in shares of EngageSmart during the 2nd quarter worth approximately $97,000. JPMorgan Chase & Co. grew 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. Finally, Steward Partners Investment Advisory LLC grew its holdings in shares of EngageSmart by 17.7% during the 2nd quarter. Steward Partners Investment Advisory LLC now owns 7,932 shares of the company’s stock worth $128,000 after acquiring an additional 1,195 shares during the period. Institutional investors own 90.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on ESMT. Needham & Company LLC reiterated a “buy” rating and set a $40.00 target price on shares of EngageSmart in a report on Friday, February 10th. The Goldman Sachs Group upped their target price on EngageSmart from $21.00 to $24.00 and gave the stock a “buy” rating in a report on Friday, February 10th. TheStreet upgraded EngageSmart from a “d” rating to a “c-” rating in a report on Thursday, February 9th. KeyCorp upped their price target on EngageSmart from $25.00 to $26.00 and gave the stock an “overweight” rating in a research note on Friday, February 10th. Finally, Deutsche Bank Aktiengesellschaft cut their price target on EngageSmart from $26.00 to $23.00 and set a “hold” rating on the stock in a research note on Monday, January 23rd. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $28.00.

EngageSmart Stock Performance

Shares of ESMT opened at $19.74 on Tuesday. The business’s fifty day simple moving average is $19.35 and its two-hundred day simple moving average is $19.11. EngageSmart, Inc. has a 12 month low of $15.01 and a 12 month high of $22.65. The company has a market cap of $3.28 billion, a price-to-earnings ratio of 164.51 and a beta of 0.52.

EngageSmart (NYSE:ESMT – Get Rating) last issued its earnings results on Thursday, February 9th. The company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.05 by ($0.02). EngageSmart had a net margin of 6.78% and a return on equity of 3.01%. The business had revenue of $83.90 million for the quarter, compared to analysts’ expectations of $81.79 million. During the same quarter in the prior year, the business posted $0.01 earnings per share. The business’s revenue for the quarter was up 36.2% on a year-over-year basis. As a group, research analysts forecast that EngageSmart, Inc. will post 0.21 EPS for the current year.

Insider Buying and Selling at EngageSmart

In other EngageSmart news, CEO Robert Paul Bennett sold 28,000 shares of the stock in a transaction on Tuesday, January 3rd. The stock was sold at an average price of $17.67, for a total transaction of $494,760.00. Following the sale, the chief executive officer now directly owns 1,099,763 shares in the company, valued at approximately $19,432,812.21. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, Director Diego A. Rodriguez sold 3,703 shares of the stock in a transaction on Thursday, March 2nd. The stock was sold at an average price of $18.65, for a total transaction of $69,060.95. Following the transaction, the director now directly owns 3,853 shares of the company’s stock, valued at approximately $71,858.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Robert Paul Bennett sold 28,000 shares of the stock in a transaction on 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 directly owns 1,099,763 shares in the company, valued at $19,432,812.21. The disclosure for this sale can be found here. In the last three months, insiders have sold 107,003 shares of company stock worth $1,994,227. Insiders own 2.70% of the company’s stock.

EngageSmart Profile

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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.