Zacks Research Upgrades PC Connection (NASDAQ:CNXN) to Hold

PC Connection (NASDAQ:CNXN) was upgraded by equities researchers at Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued on Monday,Zacks.com reports.

Separately, Weiss Ratings reiterated a “hold (c)” rating on shares of PC Connection in a research note on Monday. Two research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock presently has a consensus rating of “Hold”.

PC Connection Price Performance

PC Connection stock opened at $58.42 on Monday. The firm has a market cap of $1.48 billion, a PE ratio of 18.09, a price-to-earnings-growth ratio of 1.73 and a beta of 0.81. The stock’s fifty day moving average price is $59.22 and its two-hundred day moving average price is $62.01. PC Connection has a one year low of $54.97 and a one year high of $74.84.

PC Connection (NASDAQ:CNXN) last released its earnings results on Wednesday, October 29th. The company reported $0.97 earnings per share for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.04). PC Connection had a net margin of 2.91% and a return on equity of 9.61%. The company had revenue of $709.07 million for the quarter, compared to the consensus estimate of $749.81 million. Sell-side analysts expect that PC Connection will post 3.33 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of CNXN. Parallel Advisors LLC lifted its holdings in shares of PC Connection by 74.3% in the second quarter. Parallel Advisors LLC now owns 448 shares of the company’s stock worth $29,000 after acquiring an additional 191 shares during the last quarter. Vident Advisory LLC increased its position in PC Connection by 3.2% during the 1st quarter. Vident Advisory LLC now owns 7,157 shares of the company’s stock worth $447,000 after purchasing an additional 223 shares in the last quarter. Prudential Financial Inc. lifted its stake in PC Connection by 0.9% in the 2nd quarter. Prudential Financial Inc. now owns 31,255 shares of the company’s stock valued at $2,189,000 after purchasing an additional 264 shares during the last quarter. State of Alaska Department of Revenue boosted its position in PC Connection by 3.9% in the second quarter. State of Alaska Department of Revenue now owns 7,113 shares of the company’s stock valued at $467,000 after buying an additional 266 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of PC Connection by 4.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,900 shares of the company’s stock worth $431,000 after buying an additional 312 shares during the last quarter. Institutional investors own 42.85% of the company’s stock.

About PC Connection

PC Connection, Inc (NASDAQ: CNXN), now operating under the trade name Connection, is a value-added provider of information technology solutions founded in 1982 and headquartered in Merrimack, New Hampshire. The company offers a broad portfolio of hardware and software products sourced from leading technology vendors, alongside professional services designed to help organizations design, deploy and maintain IT environments.

Connection’s product offerings encompass desktop and notebook computers, servers and storage systems, networking and cybersecurity solutions, as well as cloud and virtualization technologies.