Insight Enterprises, Inc. (NASDAQ:NSIT) Short Interest Up 44.5% in August

Insight Enterprises, Inc. (NASDAQ:NSIT) saw a large growth in short interest in August. As of August 31st, there was short interest totalling 1,846,200 shares, a growth of 44.5% from the July 31st total of 1,277,900 shares. Currently, 5.3% of the shares of the stock are sold short. Based on an average daily volume of 229,300 shares, the short-interest ratio is presently 8.1 days.

Several equities research analysts have recently commented on NSIT shares. Stifel Nicolaus boosted their target price on shares of Insight Enterprises from $54.00 to $60.00 and gave the company a “hold” rating in a research note on Monday, June 24th. Zacks Investment Research upgraded shares of Insight Enterprises from a “hold” rating to a “buy” rating and set a $58.00 target price on the stock in a research note on Friday, August 9th. JPMorgan Chase & Co. started coverage on shares of Insight Enterprises in a research note on Thursday. They issued an “overweight” rating and a $68.00 target price on the stock. ValuEngine downgraded shares of Insight Enterprises from a “hold” rating to a “sell” rating in a research note on Friday, August 2nd. Finally, BidaskClub downgraded shares of Insight Enterprises from a “hold” rating to a “sell” rating in a research note on Saturday, August 17th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $61.25.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Geode Capital Management LLC increased its position in shares of Insight Enterprises by 4.8% in the fourth quarter. Geode Capital Management LLC now owns 476,607 shares of the software maker’s stock worth $19,421,000 after acquiring an additional 21,729 shares in the last quarter. BNP Paribas Arbitrage SA increased its position in shares of Insight Enterprises by 97.9% in the first quarter. BNP Paribas Arbitrage SA now owns 10,073 shares of the software maker’s stock worth $555,000 after acquiring an additional 4,983 shares in the last quarter. Janus Henderson Group PLC acquired a new stake in shares of Insight Enterprises in the first quarter worth $474,000. Rhumbline Advisers increased its position in shares of Insight Enterprises by 1.7% in the first quarter. Rhumbline Advisers now owns 106,929 shares of the software maker’s stock worth $5,888,000 after acquiring an additional 1,820 shares in the last quarter. Finally, Comerica Bank increased its position in shares of Insight Enterprises by 0.8% in the first quarter. Comerica Bank now owns 79,298 shares of the software maker’s stock worth $4,621,000 after acquiring an additional 602 shares in the last quarter. Institutional investors and hedge funds own 99.29% of the company’s stock.

NASDAQ NSIT traded up $0.78 on Friday, hitting $52.37. 337,964 shares of the company were exchanged, compared to its average volume of 221,665. The firm has a 50 day moving average of $50.57 and a two-hundred day moving average of $54.64. The company has a market cap of $1.77 billion, a P/E ratio of 11.31 and a beta of 1.21. The company has a current ratio of 1.38, a quick ratio of 1.29 and a debt-to-equity ratio of 0.04. Insight Enterprises has a 1-year low of $37.77 and a 1-year high of $60.10.

Insight Enterprises (NASDAQ:NSIT) last issued its quarterly earnings results on Tuesday, August 6th. The software maker reported $1.49 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.39 by $0.10. The business had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $1.81 billion. Insight Enterprises had a net margin of 2.40% and a return on equity of 17.22%. The firm’s quarterly revenue was down .3% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.45 EPS. Research analysts anticipate that Insight Enterprises will post 4.86 EPS for the current fiscal year.

About Insight Enterprises

Insight Enterprises, Inc provides information technology (IT) hardware, software, and services solutions in the United States, Canada, Europe, the Middle East, Africa, and the Asia-Pacific. It sources, procures, stages, configures, integrates, tests, deploys, and maintains IT products spanning endpoints to infrastructure; and offers software life cycle, and hardware warranty and software maintenance services.

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