Insight Enterprises, Inc. (NASDAQ:NSIT) Short Interest Up 44.5% in August
Insight Enterprises, Inc. (NASDAQ:NSIT) saw a large growth in short interest during the month of 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. Based on an average trading volume of 229,300 shares, the short-interest ratio is presently 8.1 days. Currently, 5.3% of the shares of the stock are short sold.
Large investors have recently made changes to their positions in the stock. Wells Fargo & Company MN raised its position in Insight Enterprises by 34.3% during the 2nd quarter. Wells Fargo & Company MN now owns 215,687 shares of the software maker’s stock worth $12,554,000 after purchasing an additional 55,039 shares during the last quarter. Acadian Asset Management LLC raised its position in Insight Enterprises by 3.6% during the 2nd quarter. Acadian Asset Management LLC now owns 288,308 shares of the software maker’s stock worth $16,780,000 after purchasing an additional 10,016 shares during the last quarter. Hennessy Advisors Inc. bought a new position in Insight Enterprises during the 2nd quarter worth $2,997,000. Janus Henderson Group PLC bought a new position in Insight Enterprises during the 1st quarter worth $474,000. Finally, Bessemer Group Inc. raised its position in Insight Enterprises by 0.5% during the 2nd quarter. Bessemer Group Inc. now owns 74,000 shares of the software maker’s stock worth $4,307,000 after purchasing an additional 400 shares during the last quarter. 99.29% of the stock is owned by institutional investors and hedge funds.
Shares of NSIT traded up $0.78 during trading hours on Friday, reaching $52.37. The stock had a trading volume of 337,964 shares, compared to its average volume of 221,665. Insight Enterprises has a 12 month low of $37.77 and a 12 month high of $60.10. The stock has a market capitalization of $1.77 billion, a PE ratio of 11.31 and a beta of 1.21. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.29 and a current ratio of 1.38. The company’s 50-day moving average is $50.57 and its two-hundred day moving average is $54.64.
A number of research analysts have recently commented on the company. BidaskClub cut Insight Enterprises from a “hold” rating to a “sell” rating in a research note on Saturday, August 17th. Stifel Nicolaus increased their price target on Insight Enterprises from $54.00 to $60.00 and gave the company a “hold” rating in a research note on Monday, June 24th. JPMorgan Chase & Co. assumed coverage on Insight Enterprises in a research note on Thursday. They issued an “overweight” rating and a $68.00 price target for the company. Zacks Investment Research upgraded Insight Enterprises from a “hold” rating to a “buy” rating and set a $58.00 price target for the company in a research note on Friday, August 9th. Finally, ValuEngine cut Insight Enterprises from a “hold” rating to a “sell” rating in a research note on Friday, August 2nd. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $61.25.
Insight Enterprises Company Profile
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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