PC Connection (NASDAQ:CNXN) Upgraded at Zacks Investment Research


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Zacks Investment Research upgraded shares of PC Connection (NASDAQ:CNXN) from a sell rating to a hold rating in a report released on Monday morning, Zacks.com reports.

According to Zacks, “PC Connection, Inc. is a direct marketer of brand-name personal computers and related peripherals, software, and networking products to business, education, government, and consumer end users located primarily in the United States. “

Separately, BidaskClub raised shares of PC Connection from a sell rating to a hold rating in a research note on Tuesday, January 5th.

CNXN stock opened at $51.40 on Monday. PC Connection has a twelve month low of $30.10 and a twelve month high of $53.88. The stock has a market capitalization of $1.35 billion, a price-to-earnings ratio of 22.16 and a beta of 0.76. The firm’s fifty day simple moving average is $46.76 and its two-hundred day simple moving average is $45.16.

PC Connection (NASDAQ:CNXN) last posted its quarterly earnings data on Monday, November 9th. The company reported $0.64 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.66 by ($0.02). The firm had revenue of $652.75 million for the quarter, compared to the consensus estimate of $655.01 million. PC Connection had a net margin of 2.33% and a return on equity of 10.19%. The company’s revenue was down 10.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.90 EPS. Equities research analysts forecast that PC Connection will post 2.08 earnings per share for the current fiscal year.

The firm also recently disclosed a dividend, which will be paid on Friday, January 29th. Investors of record on Tuesday, January 12th will be paid a $0.32 dividend. The ex-dividend date is Monday, January 11th.

In other PC Connection news, Director Negrini David Beffa sold 2,000 shares of the stock in a transaction dated Wednesday, December 9th. The shares were sold at an average price of $46.15, for a total transaction of $92,300.00. Following the completion of the sale, the director now directly owns 94,000 shares of the company’s stock, valued at $4,338,100. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 58.10% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the business. Strs Ohio increased its holdings in shares of PC Connection by 11.9% during the third quarter. Strs Ohio now owns 14,100 shares of the company’s stock valued at $578,000 after acquiring an additional 1,500 shares in the last quarter. Matarin Capital Management LLC acquired a new position in shares of PC Connection during the third quarter valued at about $1,639,000. Cubist Systematic Strategies LLC acquired a new position in shares of PC Connection during the third quarter valued at about $395,000. Squarepoint Ops LLC acquired a new position in shares of PC Connection during the third quarter valued at about $393,000. Finally, Public Sector Pension Investment Board increased its holdings in shares of PC Connection by 7.5% during the third quarter. Public Sector Pension Investment Board now owns 26,657 shares of the company’s stock valued at $1,095,000 after acquiring an additional 1,857 shares in the last quarter. 44.02% of the stock is owned by institutional investors and hedge funds.

About PC Connection

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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