PC Connection (NASDAQ:CNXN) was upgraded by research analysts at BidaskClub from a “buy” rating to a “strong-buy” rating in a research note issued to investors on Thursday.
CNXN has been the subject of several other reports. ValuEngine downgraded shares of PC Connection from a “hold” rating to a “sell” rating in a research report on Friday, October 19th. Zacks Investment Research downgraded shares of PC Connection from a “buy” rating to a “hold” rating in a research report on Wednesday, October 3rd. Roth Capital set a $40.00 price objective on shares of PC Connection and gave the company a “buy” rating in a research report on Friday, August 3rd. Finally, Sidoti upgraded shares of PC Connection from a “neutral” rating to a “buy” rating in a research report on Tuesday, October 23rd. One equities research analyst has rated the stock with a sell rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $36.50.
Shares of CNXN stock traded down $2.37 during trading on Thursday, hitting $30.52. The company had a trading volume of 100,619 shares, compared to its average volume of 108,285. The stock has a market cap of $884.92 million, a P/E ratio of 16.59, a price-to-earnings-growth ratio of 1.70 and a beta of 1.25. PC Connection has a one year low of $22.66 and a one year high of $43.05.
PC Connection (NASDAQ:CNXN) last issued its quarterly earnings results on Thursday, November 1st. The company reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.01. The business had revenue of $658.50 million during the quarter, compared to analysts’ expectations of $673.10 million. PC Connection had a return on equity of 11.73% and a net margin of 2.24%. The firm’s revenue for the quarter was down 9.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.49 earnings per share. On average, equities research analysts predict that PC Connection will post 2.44 earnings per share for the current fiscal year.
In other PC Connection news, Director David Beffa-Negrini sold 6,523 shares of the business’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 transaction of $242,264.22. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Barbara Duckett sold 2,000 shares of the business’s stock in a transaction that occurred on Friday, September 14th. The shares were sold at an average price of $41.46, for a total transaction of $82,920.00. Following the transaction, the director now owns 12,877 shares of the company’s stock, valued at $533,880.42. The disclosure for this sale can be found here. 57.10% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. First Trust Advisors LP raised its position in PC Connection by 14.0% during the second quarter. First Trust Advisors LP now owns 13,002 shares of the company’s stock valued at $432,000 after purchasing an additional 1,596 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of PC Connection by 2.2% during the second quarter. Bank of New York Mellon Corp now owns 82,800 shares of the company’s stock worth $2,749,000 after buying an additional 1,783 shares in the last quarter. Russell Investments Group Ltd. increased its holdings in shares of PC Connection by 2.6% during the second quarter. Russell Investments Group Ltd. now owns 73,444 shares of the company’s stock worth $2,439,000 after buying an additional 1,837 shares in the last quarter. Victory Capital Management Inc. increased its holdings in shares of PC Connection by 15.9% during the second quarter. Victory Capital Management Inc. now owns 14,892 shares of the company’s stock worth $494,000 after buying an additional 2,043 shares in the last quarter. Finally, GSA Capital Partners LLP increased its holdings in shares of PC Connection by 7.8% during the second quarter. GSA Capital Partners LLP now owns 34,112 shares of the company’s stock worth $1,133,000 after buying an additional 2,478 shares in the last quarter. Institutional investors and hedge funds own 40.97% of the company’s stock.
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.
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