Insight Enterprises, Inc. (NSIT) Trading Up 14.1% on Earnings Beat

Insight Enterprises, Inc. (NASDAQ:NSIT) shot up 14.1% during mid-day trading on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $47.95 and last traded at $46.18, with a volume of 515,113 shares changing hands. The stock had previously closed at $40.47.

The software maker reported $1.14 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.95 by $0.19. Insight Enterprises had a net margin of 1.61% and a return on equity of 14.93%. The firm had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.68 billion. During the same period in the prior year, the firm earned $0.97 earnings per share. The business’s quarterly revenue was up 15.4% compared to the same quarter last year.

A number of equities analysts recently issued reports on the company. B. Riley reissued a “neutral” rating and issued a $48.00 price objective on shares of Insight Enterprises in a report on Sunday, August 6th. BidaskClub downgraded Insight Enterprises from a “hold” rating to a “sell” rating in a report on Wednesday. Stifel Nicolaus reissued a “hold” rating and issued a $45.00 price objective (up from $42.00) on shares of Insight Enterprises in a report on Thursday, August 3rd. Zacks Investment Research raised Insight Enterprises from a “hold” rating to a “buy” rating and set a $52.00 price objective for the company in a report on Saturday, August 5th. Finally, Raymond James Financial, Inc. reissued an “underperform” rating on shares of Insight Enterprises in a report on Thursday, May 4th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and two have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $50.50.

In other news, CFO Glynis Bryan sold 3,946 shares of the firm’s stock in a transaction on Thursday, May 25th. The stock was sold at an average price of $42.00, for a total value of $165,732.00. Following the completion of the transaction, the chief financial officer now owns 39,643 shares in the company, valued at $1,665,006. The sale was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 1.23% of the company’s stock.

Hedge funds have recently modified their holdings of the company. Victory Capital Management Inc. raised its stake in shares of Insight Enterprises by 17.6% in the second quarter. Victory Capital Management Inc. now owns 2,567 shares of the software maker’s stock worth $103,000 after buying an additional 385 shares during the last quarter. Ameritas Investment Partners Inc. purchased a new position in Insight Enterprises during the first quarter valued at $123,000. State of Alaska Department of Revenue increased its stake in shares of Insight Enterprises by 2.1% in the first quarter. State of Alaska Department of Revenue now owns 3,920 shares of the software maker’s stock valued at $161,000 after buying an additional 80 shares during the last quarter. Invictus RG bought a new stake in shares of Insight Enterprises during the first quarter valued at approximately $199,000. Finally, Stevens Capital Management LP bought a new stake in shares of Insight Enterprises during the second quarter valued at approximately $273,000. 97.16% of the stock is currently owned by hedge funds and other institutional investors.

The company’s 50 day moving average is $41.46 and its 200 day moving average is $41.86. The company has a market cap of $1.49 billion, a price-to-earnings ratio of 15.44 and a beta of 1.63.

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About Insight Enterprises

Insight Enterprises, Inc is engaged in providing information technology (IT) hardware, software, and cloud and service solutions to business, government, healthcare and educational clients. The Company operates through three segments: North America, EMEA and APAC. North America comprises the United States and Canada; EMEA comprises Europe, the Middle East and Africa, and APAC comprises Asia Pacific.

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