PC Connection (CNXN) Lowered to “Sell” at ValuEngine

PC Connection (NASDAQ:CNXN) was downgraded by ValuEngine from a “hold” rating to a “sell” rating in a research report issued on Friday.

CNXN has been the topic of a number of other research reports. BidaskClub cut PC Connection from a “strong-buy” rating to a “buy” rating in a report on Thursday, September 20th. Roth Capital set a $40.00 price target on PC Connection and gave the stock a “buy” rating in a report on Friday, August 3rd. Zacks Investment Research cut PC Connection from a “buy” rating to a “hold” rating in a report on Wednesday, October 3rd. Finally, Sidoti cut PC Connection from a “buy” rating to a “neutral” rating in a report on Monday, July 16th. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $36.50.

Shares of CNXN traded down $10.39 on Friday, reaching $27.07. The stock had a trading volume of 397,000 shares, compared to its average volume of 56,978. The stock has a market cap of $1.01 billion, a P/E ratio of 14.71, a P/E/G ratio of 1.89 and a beta of 1.35. PC Connection has a twelve month low of $22.66 and a twelve month high of $43.05.

PC Connection (NASDAQ:CNXN) last released its quarterly earnings results on Thursday, August 2nd. The company reported $0.68 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.05. The business had revenue of $706.57 million for the quarter, compared to analysts’ expectations of $696.68 million. PC Connection had a return on equity of 11.73% and a net margin of 2.24%. The company’s revenue was down 5.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.51 EPS. As a group, equities analysts expect that PC Connection will post 2.51 earnings per share for the current fiscal year.

In related news, Director Barbara Duckett sold 2,000 shares of the company’s stock in a transaction that occurred on Friday, September 14th. The stock was sold at an average price of $41.46, for a total value of $82,920.00. Following the sale, the director now owns 12,877 shares of the company’s stock, valued at approximately $533,880.42. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Negrini David Beffa sold 6,523 shares of the company’s stock in a transaction that occurred on Monday, August 13th. The shares were sold at an average price of $37.14, for a total value of $242,264.22. The disclosure for this sale can be found here. Corporate insiders own 57.10% of the company’s stock.

Hedge funds have recently bought and sold shares of the stock. First Trust Advisors LP lifted its stake in PC Connection by 14.0% in the 2nd quarter. First Trust Advisors LP now owns 13,002 shares of the company’s stock valued at $432,000 after buying an additional 1,596 shares in the last quarter. Chicago Equity Partners LLC purchased a new stake in PC Connection in the 2nd quarter valued at approximately $444,000. Victory Capital Management Inc. lifted its stake in PC Connection by 15.9% in the 2nd quarter. Victory Capital Management Inc. now owns 14,892 shares of the company’s stock valued at $494,000 after buying an additional 2,043 shares in the last quarter. Acadian Asset Management LLC lifted its stake in PC Connection by 135.4% in the 2nd quarter. Acadian Asset Management LLC now owns 17,006 shares of the company’s stock valued at $564,000 after buying an additional 9,781 shares in the last quarter. Finally, Aperio Group LLC lifted its stake in PC Connection by 66.8% in the 2nd quarter. Aperio Group LLC now owns 19,450 shares of the company’s stock valued at $646,000 after buying an additional 7,791 shares in the last quarter. 41.31% of the stock is currently owned by hedge funds and other institutional investors.

PC Connection Company Profile

PC Connection, Inc, together with its subsidiaries, provides a range of information technology (IT) solutions. The company operates through three segments: Business Solutions, Enterprise Solutions, and Public Sector Solutions. It offers IT products, such as computer systems, software and peripheral equipment, networking communications, and other products and accessories.

Read More: Price to Earnings Ratio (PE)

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