Insight Enterprises (NASDAQ:NSIT) Shares Gap Up After Strong Earnings

Insight Enterprises, Inc. (NASDAQ:NSIT)’s share price gapped up before the market opened on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $173.22, but opened at $184.84. Insight Enterprises shares last traded at $178.79, with a volume of 34,988 shares traded.

The software maker reported $2.37 earnings per share for the quarter, topping analysts’ consensus estimates of $1.82 by $0.55. Insight Enterprises had a return on equity of 21.34% and a net margin of 3.23%. The company had revenue of $2.38 billion during the quarter, compared to analysts’ expectations of $2.30 billion. During the same period last year, the firm earned $1.78 EPS. The firm’s revenue for the quarter was up 2.4% on a year-over-year basis.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Insight Enterprises from $193.00 to $195.00 and gave the company a “neutral” rating in a research note on Friday. Stifel Nicolaus boosted their price target on shares of Insight Enterprises from $170.00 to $192.00 and gave the stock a “hold” rating in a research note on Monday, April 15th. StockNews.com raised shares of Insight Enterprises from a “hold” rating to a “buy” rating in a report on Friday. Finally, Barrington Research reaffirmed an “outperform” rating and issued a $211.00 price objective on shares of Insight Enterprises in a report on Tuesday, April 23rd.

Insider Transactions at Insight Enterprises

In related news, Director Richard E. Allen sold 10,000 shares of the stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $185.34, for a total value of $1,853,400.00. Following the sale, the director now directly owns 30,647 shares of the company’s stock, valued at approximately $5,680,114.98. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, Director Richard E. Allen sold 10,000 shares of the stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $185.34, for a total transaction of $1,853,400.00. Following the sale, the director now owns 30,647 shares of the company’s stock, valued at $5,680,114.98. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Kathleen S. Pushor sold 1,790 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $185.12, for a total transaction of $331,364.80. Following the completion of the transaction, the director now directly owns 5,800 shares of the company’s stock, valued at approximately $1,073,696. The disclosure for this sale can be found here. Insiders sold 20,918 shares of company stock valued at $3,888,203 in the last 90 days. 1.23% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Insight Enterprises

Hedge funds have recently made changes to their positions in the business. Norges Bank purchased a new position in Insight Enterprises during the fourth quarter worth about $58,687,000. Westfield Capital Management Co. LP acquired a new position in shares of Insight Enterprises during the 4th quarter valued at about $56,128,000. Pacer Advisors Inc. lifted its holdings in shares of Insight Enterprises by 53.1% during the 4th quarter. Pacer Advisors Inc. now owns 712,197 shares of the software maker’s stock worth $126,194,000 after acquiring an additional 247,049 shares during the period. Vanguard Group Inc. boosted its position in shares of Insight Enterprises by 6.4% in the third quarter. Vanguard Group Inc. now owns 4,111,475 shares of the software maker’s stock worth $598,220,000 after acquiring an additional 245,814 shares during the last quarter. Finally, Capital Research Global Investors grew its holdings in Insight Enterprises by 43.6% in the fourth quarter. Capital Research Global Investors now owns 585,929 shares of the software maker’s stock valued at $103,821,000 after purchasing an additional 177,943 shares during the period.

Insight Enterprises Price Performance

The company has a market capitalization of $6.30 billion, a PE ratio of 24.37, a PEG ratio of 1.30 and a beta of 1.50. The company has a current ratio of 1.27, a quick ratio of 1.23 and a debt-to-equity ratio of 0.31. The company’s 50 day moving average price is $184.54 and its 200-day moving average price is $174.35.

About Insight Enterprises

Insight Enterprises, Inc, together with its subsidiaries, provides information technology, hardware, software, and services in the United States and internationally. The company offers modern platforms/infrastructure that manages and supports cloud and data platforms, modern networks, and edge technologies; cybersecurity solutions automates and connects modern platform securely; data and artificial intelligence modernizes data platforms and architectures, and build data analytics and AI solutions; modern workplace and apps; and intelligent edge solutions that gathers and utilizes data for real-time decision making.