Engine Capital Management LP Cuts Stake in Insight Enterprises, Inc. (NASDAQ:NSIT)

Engine Capital Management LP cut its stake in shares of Insight Enterprises, Inc. (NASDAQ:NSIT) by 54.1% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 24,177 shares of the software maker’s stock after selling 28,534 shares during the period. Insight Enterprises comprises approximately 0.9% of Engine Capital Management LP’s portfolio, making the stock its 24th largest holding. Engine Capital Management LP’s holdings in Insight Enterprises were worth $4,796,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. CANADA LIFE ASSURANCE Co raised its holdings in Insight Enterprises by 17.0% during the first quarter. CANADA LIFE ASSURANCE Co now owns 27,251 shares of the software maker’s stock worth $5,050,000 after purchasing an additional 3,956 shares in the last quarter. Prudential PLC acquired a new stake in shares of Insight Enterprises during the fourth quarter worth about $1,394,000. Harbor Capital Advisors Inc. grew its stake in shares of Insight Enterprises by 288.2% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 14,289 shares of the software maker’s stock valued at $2,834,000 after purchasing an additional 10,608 shares during the last quarter. Norges Bank acquired a new position in Insight Enterprises in the 4th quarter valued at $58,687,000. Finally, Silver Lake Advisory LLC acquired a new position in shares of Insight Enterprises during the second quarter worth about $6,343,000.

Insider Transactions at Insight Enterprises

In other news, insider Jennifer M. Vasin sold 739 shares of Insight Enterprises stock in a transaction on Monday, August 19th. The stock was sold at an average price of $206.03, for a total transaction of $152,256.17. Following the transaction, the insider now owns 5,460 shares in the company, valued at $1,124,923.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.23% of the stock is owned by insiders.

Analyst Ratings Changes

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

Insight Enterprises Price Performance

Shares of NASDAQ:NSIT opened at $211.23 on Tuesday. The company has a quick ratio of 1.19, a current ratio of 1.22 and a debt-to-equity ratio of 0.36. The firm has a 50-day simple moving average of $206.74 and a 200 day simple moving average of $198.26. Insight Enterprises, Inc. has a fifty-two week low of $139.34 and a fifty-two week high of $228.07. The company has a market cap of $6.88 billion, a PE ratio of 26.57, a P/E/G ratio of 1.54 and a beta of 1.46.

Insight Enterprises (NASDAQ:NSIT) last issued its quarterly earnings data on Thursday, August 1st. The software maker reported $2.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.82 by ($0.36). The business had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.47 billion. Insight Enterprises had a return on equity of 20.38% and a net margin of 3.38%. During the same period last year, the company earned $2.56 earnings per share. The business’s quarterly revenue was down 8.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Insight Enterprises, Inc. will post 10.68 EPS for the current year.

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.