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

Insight Enterprises, Inc. (NASDAQ:NSIT - Get Free Report) shares dropped 9.7% during mid-day trading on Thursday after the company announced weaker than expected quarterly earnings. The company traded as low as $184.01 and last traded at $184.02. Approximately 100,262 shares traded hands during trading, a decline of 55% from the average daily volume of 222,340 shares. The stock had previously closed at $203.89.

The software maker reported $2.19 earnings per share 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 company had revenue of $2.09 billion during the quarter, compared to the consensus estimate of $2.34 billion. During the same quarter last year, the company posted $2.37 earnings per share. The firm's revenue for the quarter was down 7.9% on a year-over-year basis.

Analyst Ratings Changes

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

Insiders Place Their Bets

In other 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 transaction, the insider now directly 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 Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.23% of the company's stock.

Hedge Funds Weigh In On Insight Enterprises

Several large investors have recently modified their holdings of the business. Opal Wealth Advisors LLC acquired a new position in shares of Insight Enterprises during the 2nd quarter worth about $38,000. EntryPoint Capital LLC purchased a new position in shares of Insight Enterprises during the 1st quarter worth approximately $89,000. GAMMA Investing LLC raised its stake in shares of Insight Enterprises by 56.9% during the 2nd quarter. GAMMA Investing LLC now owns 452 shares of the software maker's stock worth $90,000 after buying an additional 164 shares in the last quarter. Blue Trust Inc. increased its stake in Insight Enterprises by 40.8% in the 2nd quarter. Blue Trust Inc. now owns 531 shares of the software maker's stock valued at $99,000 after purchasing an additional 154 shares in the last quarter. Finally, First Foundation Advisors purchased a new position in Insight Enterprises in the 1st quarter valued at approximately $195,000.

Insight Enterprises Stock Down 14.2 %

The company has a current ratio of 1.22, a quick ratio of 1.19 and a debt-to-equity ratio of 0.36. The firm has a 50 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 PE ratio of 21.73, a P/E/G ratio of 1.63 and a beta of 1.45.

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.