Insight Enterprises (NASDAQ:NSIT) Reaches New 12-Month High Following Earnings Beat

Key Points

• Insight Enterprises beat quarterly earnings and revenue expectations: EPS was $3.59 versus estimates of $2.85, while revenue reached $2.44 billion versus $2.15 billion expected; revenue grew 21.8% year over year.
• Shares reached a new 52-week high of $183.83 after the results, though they later traded at $172.80.
• Analysts maintain a consensus “Hold” rating, with an average price target of $147.50; three analysts rate the stock Buy and four rate it Hold.

Insight Enterprises, Inc. (NASDAQ:NSIT - Get Free Report) hit a new 52-week high on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $183.83 and last traded at $172.80, with a volume of 2,232 shares changing hands. The stock had previously closed at $175.62.

The software maker reported $3.59 earnings per share for the quarter, beating the consensus estimate of $2.85 by $0.74. The company had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.15 billion. Insight Enterprises had a return on equity of 22.70% and a net margin of 2.45%. The business's revenue was up 21.8% compared to the same quarter last year. During the same period last year, the company earned $2.43 earnings per share.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on NSIT shares. JPMorgan Chase & Co. boosted their price target on Insight Enterprises from $135.00 to $160.00 and gave the company a "neutral" rating in a research note on Friday, August 7th. Weiss Ratings upgraded shares of Insight Enterprises from a "hold (c)" rating to a "hold (c+)" rating in a research report on Wednesday, October 28th. Wall Street Zen downgraded shares of Insight Enterprises from a "strong-buy" rating to a "buy" rating in a research report on Saturday, September 12th. Raymond James Financial reissued an "outperform" rating and set a $175.00 price target on shares of Insight Enterprises in a research report on Thursday, August 6th. Finally, Barrington Research set a $180.00 target price on Insight Enterprises in a research report on Monday, August 10th. Three equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $147.50.

Insider Activity at Insight Enterprises

In related news, General Counsel Karim Adatia sold 248 shares of the company's stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $157.40, for a total value of $39,035.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.21% of the company's stock.

Institutional Investors Weigh In On Insight Enterprises

Several hedge funds have recently added to or reduced their stakes in NSIT. Fulcrum Asset Management LLP increased its holdings in Insight Enterprises by 494.3% in the third quarter. Fulcrum Asset Management LLP now owns 10,566 shares of the software maker's stock valued at $1,644,000 after buying an additional 8,788 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new position in Insight Enterprises during the 3rd quarter worth $6,379,000. Ethic Inc. bought a new position in Insight Enterprises in the 3rd quarter valued at about $203,000. Heritage Family Offices LLP acquired a new position in shares of Insight Enterprises during the third quarter valued at approximately $78,000. Finally, BOCHK Asset Management Ltd bought a new stake in shares of Insight Enterprises in the 3rd quarter worth $1,462,000.

Insight Enterprises Stock Down 0.8%

The company has a market capitalization of $5.11 billion, a price-to-earnings ratio of 25.64, a P/E/G ratio of 1.21 and a beta of 1.06. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.15 and a current ratio of 1.18. The stock's fifty day simple moving average is $162.67 and its two-hundred day simple moving average is $114.51.

About Insight Enterprises

Insight Enterprises, Inc is a global technology solutions provider that helps businesses and public-sector organizations plan, acquire, implement and manage information technology. The company offers hardware, software and cloud solutions, along with consulting, systems integration, managed services and technical support.

Its portfolio includes workplace and data-center technologies, cloud and data-center modernization, cybersecurity, networking, data and artificial intelligence solutions, and software licensing and asset management.

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