Insight Enterprises (NASDAQ:NSIT) Stock Price Down 9.7% on Disappointing Earnings

Shares of Insight Enterprises, Inc. (NASDAQ:NSIT) traded down 9.7% during mid-day trading on Thursday following a dissappointing earnings announcement. The stock traded as low as $184.01 and last traded at $184.02. 100,262 shares traded hands during mid-day 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). The company had revenue of $2.09 billion for the quarter, compared to the consensus estimate of $2.34 billion. Insight Enterprises had a return on equity of 20.38% and a net margin of 3.38%. The business’s revenue was down 7.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.37 EPS.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on NSIT shares. Barrington Research restated an “outperform” rating and set a $225.00 target price on shares of Insight Enterprises in a report on Friday, September 20th. JPMorgan Chase & Co. reduced their target price on shares of Insight Enterprises from $233.00 to $225.00 and set a “neutral” rating for the company in a report on Friday, August 2nd. Stifel Nicolaus upped their price objective on Insight Enterprises from $192.00 to $200.00 and gave the company a “hold” rating in a report on Wednesday, July 17th. Finally, StockNews.com cut shares of Insight Enterprises from a “buy” rating to a “hold” rating in a report on Friday, July 5th.

Insiders Place Their Bets

In other Insight Enterprises news, insider Jennifer M. Vasin sold 739 shares of the business’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $206.03, for a total transaction 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. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.23% of the company’s stock.

Hedge Funds Weigh In On Insight Enterprises

Institutional investors and hedge funds have recently bought and sold shares of the company. Catalyst Capital Advisors LLC bought a new stake in shares of Insight Enterprises during the third quarter worth about $1,166,000. Van ECK Associates Corp boosted its position in Insight Enterprises by 40.0% during the 3rd quarter. Van ECK Associates Corp now owns 16,294 shares of the software maker’s stock worth $3,438,000 after buying an additional 4,656 shares during the period. Harbor Capital Advisors Inc. grew its holdings in Insight Enterprises by 65.0% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 23,578 shares of the software maker’s stock worth $5,078,000 after acquiring an additional 9,289 shares during the last quarter. Tevis Investment Management increased its position in Insight Enterprises by 13.6% in the 3rd quarter. Tevis Investment Management now owns 2,015 shares of the software maker’s stock valued at $434,000 after acquiring an additional 241 shares during the period. Finally, Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Insight Enterprises by 10.0% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 1,182 shares of the software maker’s stock worth $255,000 after purchasing an additional 107 shares during the period.

Insight Enterprises Trading Down 10.5 %

The company has a market cap of $5.95 billion, a P/E ratio of 22.96, a PEG ratio of 1.63 and a beta of 1.45. The firm’s 50 day moving average is $212.44 and its two-hundred day moving average is $203.91. The company has a quick ratio of 1.19, a current ratio of 1.22 and a debt-to-equity ratio of 0.36.

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.