PC Connection (NASDAQ:CNXN) Chairman Sells $499,151.16 in Stock

PC Connection, Inc. (NASDAQ:CNXN) Chairman Patricia Gallup sold 6,924 shares of the company’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $72.09, for a total transaction of $499,151.16. Following the completion of the sale, the chairman directly owned 7,035,131 shares in the company, valued at approximately $507,162,593.79. The trade was a 0.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Patricia Gallup also recently made the following trade(s):

• On Tuesday, June 9th, Patricia Gallup sold 7,384 shares of PC Connection stock. The shares were sold at an average price of $71.91, for a total transaction of $530,983.44.

PC Connection Price Performance

NASDAQ CNXN traded up $0.83 during trading hours on Wednesday, reaching $74.11. The company’s stock had a trading volume of 176,791 shares, compared to its average volume of 86,338. The firm has a market capitalization of $1.87 billion, a price-to-earnings ratio of 21.54, a P/E/G ratio of 1.83 and a beta of 0.88. The company’s 50-day moving average is $64.95 and its two-hundred day moving average is $61.49. PC Connection, Inc. has a 1-year low of $54.97 and a 1-year high of $75.00.

PC Connection (NASDAQ:CNXN) last released its quarterly earnings results on Wednesday, April 29th. The company reported $0.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.15. The firm had revenue of $721.87 million for the quarter, compared to analysts’ expectations of $696.09 million. PC Connection had a net margin of 3.02% and a return on equity of 10.17%. Equities analysts forecast that PC Connection, Inc. will post 3.93 EPS for the current fiscal year.

PC Connection Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Tuesday, May 12th were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, May 12th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.1%. PC Connection’s payout ratio is currently 23.26%.

Institutional Investors Weigh In On PC Connection

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CNXN. EverSource Wealth Advisors LLC lifted its stake in 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 buying an additional 500 shares during the last quarter. PNC Financial Services Group Inc. raised its stake in shares of PC Connection by 196.7% during the third quarter. PNC Financial Services Group Inc. now owns 629 shares of the company’s stock worth $39,000 after purchasing an additional 417 shares during the last quarter. Parallel Advisors LLC raised its stake in shares of PC Connection by 200.4% during the first quarter. Parallel Advisors LLC now owns 709 shares of the company’s stock worth $41,000 after purchasing an additional 473 shares during the last quarter. Meeder Asset Management Inc. purchased a new stake in shares of PC Connection during the first quarter worth approximately $44,000. Finally, Quarry LP purchased a new stake in shares of PC Connection during the third quarter worth approximately $75,000. Hedge funds and other institutional investors own 42.85% of the company’s stock.

Analysts Set New Price Targets

CNXN has been the topic of a number of recent research reports. Weiss Ratings upgraded shares of PC Connection from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, June 3rd. Wall Street Zen upgraded shares of PC Connection from a “hold” rating to a “buy” rating in a report on Saturday, May 2nd. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy”.

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.