Insight Enterprises (NASDAQ:NSIT) Stock Price Down 9.7% Following Weak Earnings

Shares of Insight Enterprises, Inc. (NASDAQ:NSIT) fell 9.7% during trading on Thursday after the company announced weaker than expected quarterly earnings. The stock traded as low as $184.01 and last traded at $184.02. 100,262 shares were traded during trading, a decline of 55% from the average session volume of 222,340 shares. The stock had previously closed at $203.89.

The software maker reported $2.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.37 by ($0.18). Insight Enterprises had a return on equity of 20.38% and a net margin of 3.38%. The business had revenue of $2.09 billion for the quarter, compared to analysts’ expectations of $2.34 billion. During the same quarter in the prior year, the firm earned $2.37 earnings per share. Insight Enterprises’s quarterly revenue was down 7.9% compared to the same quarter last year.

Analyst Ratings Changes

NSIT has been the topic of several research reports. JPMorgan Chase & Co. cut their price objective on Insight Enterprises from $233.00 to $225.00 and set a “neutral” rating on the stock in a research report on Friday, August 2nd. StockNews.com lowered Insight Enterprises from a “buy” rating to a “hold” rating in a research report on Friday, July 5th. Barrington Research reaffirmed an “outperform” rating and issued a $225.00 price objective on shares of Insight Enterprises in a research report on Friday, September 20th. Finally, Stifel Nicolaus lifted their price objective on shares of Insight Enterprises from $192.00 to $200.00 and gave the company a “hold” rating in a research note on Wednesday, July 17th.

Insider Transactions at Insight Enterprises

In related news, insider Jennifer M. Vasin sold 739 shares of the stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $206.03, for a total value of $152,256.17. Following the completion of the transaction, the insider now owns 5,460 shares of the company’s stock, valued at approximately $1,124,923.80. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 1.23% of the company’s stock.

Hedge Funds Weigh In On Insight Enterprises

A number of institutional investors have recently made changes to their positions in the business. Opal Wealth Advisors LLC bought a new stake in shares of Insight Enterprises in the second quarter worth $38,000. GAMMA Investing LLC increased its position in shares of Insight Enterprises by 56.9% in the 2nd quarter. GAMMA Investing LLC now owns 452 shares of the software maker’s stock worth $90,000 after purchasing an additional 164 shares during the last quarter. EntryPoint Capital LLC acquired a new stake in shares of Insight Enterprises in the 1st quarter valued at about $89,000. Blue Trust Inc. lifted its position in shares of Insight Enterprises by 40.8% during the second quarter. Blue Trust Inc. now owns 531 shares of the software maker’s stock worth $99,000 after purchasing an additional 154 shares during the last quarter. Finally, Ausbil Investment Management Ltd acquired a new position in Insight Enterprises in the second quarter worth about $195,000.

Insight Enterprises Stock Performance

The company has a fifty day moving average of $212.35 and a two-hundred day moving average of $203.91. The stock has a market capitalization of $5.70 billion, a P/E ratio of 21.73, a price-to-earnings-growth ratio of 1.63 and a beta of 1.45. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.22 and a quick ratio of 1.19.

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.