Insight Enterprises (NASDAQ:NSIT) Hits New 12-Month High After Better-Than-Expected Earnings

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

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

Analysts Set New Price Targets

NSIT has been the topic of a number of research analyst reports. Raymond James Financial reaffirmed an “outperform” rating and set a $175.00 price target on shares of Insight Enterprises in a research report on Thursday, August 6th. Weiss Ratings upgraded Insight Enterprises from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, October 28th. Wall Street Zen cut Insight Enterprises from a “strong-buy” rating to a “buy” rating in a research note on Saturday, September 12th. Barrington Research set a $180.00 target price on shares of Insight Enterprises in a research note on Monday, August 10th. Finally, JPMorgan Chase & Co. increased their target price on Insight Enterprises from $135.00 to $160.00 and gave the stock a “neutral” rating in a report on Friday, August 7th. 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, the company currently has an average rating of “Hold” and an average price target of $147.50.

Insider Buying and Selling at Insight Enterprises

In other Insight Enterprises news, General Counsel Karim Adatia sold 248 shares of the company’s stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $157.40, for a total value of $39,035.20. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.21% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in shares of Insight Enterprises in the 2nd quarter valued at $587,162,000. Paradigm Capital Management Inc. NY acquired a new position in shares of Insight Enterprises in the second quarter valued at $116,563,000. The Manufacturers Life Insurance Company acquired a new position in shares of Insight Enterprises in the second quarter valued at about $1,666,000. Argent Capital Management LLC bought a new position in Insight Enterprises in the 3rd quarter valued at about $1,142,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Insight Enterprises in the second quarter valued at approximately $3,333,000.

Insight Enterprises Stock Down 0.8%

The company has a market capitalization of $5.11 billion, a P/E 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 current ratio of 1.18 and a quick ratio of 1.15. The stock has a 50-day moving average price of $162.67 and a 200-day moving average price of $114.51.

Insight Enterprises Company Profile

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.