San Francisco-based investment company ValueAct Capital, which owns more than 10% shares of Insight Enterprises (NASDAQ:NSIT), has been raising its stakes in the cloud infrastructure technology company. According to SEC filings, ValueAct Capital has purchased NSIT shares worth $23.77 million so far in August.
The activist investor bought 253,412 shares between August 15 and August 29 at a price per share ranging from $92.73 to $94.92. Interestingly, a partner at ValueAct, Alex Baum, joined Insight Enterprises’ board in February after both companies signed a nomination and support agreement.
NSIT stock rose 1.9% to $94.17 in yesterday’s extended trading session.
Moving on, another insider transaction worth mentioning is from Kathleen S. Pushor, who is also a Director of Insight Enterprises. She sold 2,000 NSIT shares at $95.78 per share on August 19.
According to TipRanks, which provides a comprehensive list of daily insider transactions, various corporate insiders have bought and sold NSIT stock in the last three months.
Insider Confidence Signal is Positive on NSIT
TipRanks’ Insider Trading Activity tool shows that insiders are currently bullish on NSIT stock, as corporate insiders have bought NSIT stock worth $31.5 million in the last three months.
Interestingly, TipRanks also provides a list of hot stocks that boasts of either a Very Positive or Positive insider confidence signal.
Is NSIT a Good Stock to Buy?
Insight Enterprises seems to be a decent stock to grab now. According to TipRanks, the Street has a Moderate Buy consensus rating on the stock, which is based on one Buy and one Hold.
However, TipRanks data shows that financial bloggers are 100% Bullish on NSIT, in line with the sector average. Further, hedge funds have bought 622,200 shares of NSIT stock in the last quarter.
Key Takeaways for NSIT Investors
As of now, corporate insiders are mostly seen taking advantage of the company’s weak stock price, which has fallen 14.2% so far this year. It could be the right time to gain exposure to the company. This is because NSIT stock’s average price forecast of $106 reflects 14.7% upside potential.
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