Insight Enterprises (NSIT – Research Report), the Technology sector company, was revisited by a Wall Street analyst today. Analyst Vincent Colicchio from Barrington maintained a Buy rating on the stock and has a $225.00 price target.
Vincent Colicchio’s rating is based on several strong financial metrics demonstrated by Insight Enterprises. The company’s first-quarter total net revenue of $2.38 billion not only surpassed expectations but also showed year-over-year and sequential growth, indicating a robust upward trajectory in sales. Additionally, non-GAAP earnings per share for the same period exceeded forecasts, coming in significantly higher than anticipated due to a substantial increase in services gross profit, despite some offset from elevated net interest expenses.
Moreover, Insight’s gross profit figures were impressive, outperforming predictions and showcasing double-digit year-over-year growth, particularly in services gross profit. This growth in gross profit is seen as a more reliable indicator of the company’s underlying performance compared to net revenue, which can be affected by adjustments. Based on these positive financial indicators, Colicchio has raised the 2024 non-GAAP EPS forecast, maintaining a confident outlook on the stock’s performance with an increased 12-month price target.
Colicchio covers the Technology sector, focusing on stocks such as Asure, Insight Enterprises, and Perficient. According to TipRanks, Colicchio has an average return of 9.4% and a 55.32% success rate on recommended stocks.
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Insight Enterprises (NSIT) Company Description:
Insight Enterprises, Inc. is a global information technology, which engages in the provision of helping businesses of all sizes, government organizations, and healthcare and educational institutions. It operates through the following geographical segments: North America; Europe, the Middle East and Africa; and Asia-Pacific. The company was founded by Eric J. Crown and Timothy A. Crown in 1988 and is headquartered in Tempe, AZ.
