PC Connection (NASDAQ:CNXN) Hits New 1-Year High – Time to Buy?

PC Connection, Inc. (NASDAQ:CNXN) shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $79.21 and last traded at $77.59, with a volume of 99470 shares changing hands. The stock had previously closed at $78.49.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on CNXN shares. Weiss Ratings upgraded shares of PC Connection from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, June 3rd. Wall Street Zen upgraded shares of PC Connection from a “hold” rating to a “buy” rating in a research note on Saturday, May 2nd. One analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, PC Connection currently has an average rating of “Moderate Buy”.

PC Connection Price Performance

The company’s 50 day simple moving average is $70.08 and its 200 day simple moving average is $63.92. The company has a market capitalization of $1.96 billion, a PE ratio of 22.56, a price-to-earnings-growth ratio of 2.00 and a beta of 0.88.

PC Connection (NASDAQ:CNXN) last issued its quarterly earnings data on Wednesday, April 29th. The company reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.15. PC Connection had a net margin of 3.02% and a return on equity of 10.17%. The business had revenue of $721.87 million during the quarter, compared to the consensus estimate of $696.09 million. On average, equities analysts forecast that PC Connection, Inc. will post 3.93 EPS for the current year.

PC Connection Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Tuesday, May 12th were given a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, May 12th. This represents a $0.80 dividend on an annualized basis and a yield of 1.0%. PC Connection’s payout ratio is 23.26%.

Insider Transactions at PC Connection

In other PC Connection news, Chairman Patricia Gallup sold 7,384 shares of the company’s stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $71.91, for a total value of $530,983.44. Following the completion of the transaction, the chairman owned 7,027,747 shares in the company, valued at $505,365,286.77. This represents a 0.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders have sold a total of 28,592 shares of company stock valued at $2,048,512 in the last three months. Corporate insiders own 56.60% of the company’s stock.

Institutional Trading of PC Connection

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Amundi purchased a new position in PC Connection during the 1st quarter worth approximately $519,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in 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 period. Millennium Management LLC lifted its stake in PC Connection by 98.8% in the first quarter. Millennium Management LLC now owns 115,237 shares of the company’s stock valued at $7,193,000 after buying an additional 57,257 shares during the last quarter. Invesco Ltd. lifted its stake in PC Connection by 2.4% in the second quarter. Invesco Ltd. now owns 179,487 shares of the company’s stock valued at $11,807,000 after buying an additional 4,146 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its holdings in shares of PC Connection by 625.0% in the second quarter. EverSource Wealth Advisors LLC now owns 580 shares of the company’s stock valued at $38,000 after acquiring an additional 500 shares during the period. Institutional investors and hedge funds own 42.85% of the company’s stock.

PC Connection Company Profile

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.