Insight Enterprises, Inc. (NSIT) Bolsters Credit Line to $2 Billion & Approves $299 Buyback Program

Insight Enterprises Inc. (NASDAQ:NSIT) is one of the best beaten-down technology stocks to buy according to hedge funds. On December 19, Insight Enterprises Inc. (NASDAQ:NSIT) amended its asset-based lending credit agreement by entering into an amendment with JPMorgan and other syndicate lenders.

The amendment increased the company’s credit facility from $1.8 billion to $2 billion, with $1.65 billion available to US borrowers and $350 million available in multiple currencies. The company also successfully extended the facility’s maturity to December 19, 2030, which is expected to offer flexibility in the sale of receivables.

The expanded credit facility strengthens the company’s liquidity, extends its funding runway, and enhances its financial flexibility to finance operations and support international growth. Meanwhile, on December 17, the company’s board approved a $299 million stock repurchase program. The new program includes $149 million carried over from the prior repurchase authorization.

Cannaccord analyst Luke Morrison initiated coverage of the stock with a Hold rating and a $100 price target on November 19. The stock has a consensus Hold rating from three Wall Street analysts. The average price target on the stock is $103.33, implying 29.53% upside potential from current levels.

Insight Enterprises, Inc. (NASDAQ:NSIT) is a global IT solutions provider that helps businesses digitally transform by offering hardware, software, and services such as cloud, data/AI, cybersecurity, and managed IT.

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Disclosure: None. This article is originally published at Insider Monkey.