PC Connection (NASDAQ:CNXN) Downgraded by ValuEngine to Hold

PC Connection (NASDAQ:CNXN) was downgraded by equities research analysts at ValuEngine from a “buy” rating to a “hold” rating in a research note issued on Monday, April 1st, ValuEngine reports.

Other analysts have also recently issued reports about the company. BidaskClub cut PC Connection from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, March 20th. Zacks Investment Research upgraded PC Connection from a “hold” rating to a “buy” rating and set a $38.00 price target on the stock in a research note on Friday, February 8th. Finally, Sidoti cut PC Connection from a “buy” rating to a “neutral” rating and set a $40.00 price target on the stock. in a research note on Friday, February 15th. Four equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $39.33.

NASDAQ:CNXN traded up $0.78 during midday trading on Monday, reaching $37.01. The company had a trading volume of 75,128 shares, compared to its average volume of 67,733. PC Connection has a 12-month low of $26.45 and a 12-month high of $43.05. The firm has a market cap of $940.38 million, a PE ratio of 15.62, a price-to-earnings-growth ratio of 1.83 and a beta of 1.08.

PC Connection (NASDAQ:CNXN) last posted its quarterly earnings results on Thursday, February 7th. The company reported $0.76 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.62 by $0.14. PC Connection had a return on equity of 12.41% and a net margin of 2.39%. The company had revenue of $709.50 million for the quarter, compared to analysts’ expectations of $693.49 million. During the same period last year, the firm earned $0.77 earnings per share. PC Connection’s quarterly revenue was down 6.9% on a year-over-year basis. Equities analysts anticipate that PC Connection will post 2.44 earnings per share for the current fiscal year.

In other news, Director Jack L. Ferguson sold 3,000 shares of PC Connection stock in a transaction dated Tuesday, February 19th. The stock was sold at an average price of $41.65, for a total transaction of $124,950.00. Following the sale, the director now owns 87,680 shares in the company, valued at $3,651,872. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Negrini David Beffa sold 12,300 shares of PC Connection stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $40.14, for a total value of $493,722.00. Following the sale, the director now owns 109,500 shares in the company, valued at approximately $4,395,330. The disclosure for this sale can be found here. 57.10% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently bought and sold shares of the company. PNC Financial Services Group Inc. increased its position in PC Connection by 11.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 3,075 shares of the company’s stock valued at $91,000 after acquiring an additional 318 shares during the period. Legal & General Group Plc boosted its holdings in PC Connection by 23.6% in the 4th quarter. Legal & General Group Plc now owns 2,255 shares of the company’s stock valued at $67,000 after purchasing an additional 431 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in PC Connection by 4.1% in the 4th quarter. Victory Capital Management Inc. now owns 13,528 shares of the company’s stock valued at $402,000 after purchasing an additional 528 shares in the last quarter. Citigroup Inc. boosted its holdings in PC Connection by 17.6% in the 4th quarter. Citigroup Inc. now owns 3,702 shares of the company’s stock valued at $110,000 after purchasing an additional 554 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. boosted its holdings in PC Connection by 4.9% in the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 22,849 shares of the company’s stock valued at $679,000 after purchasing an additional 1,067 shares in the last quarter. Institutional investors and hedge funds own 41.50% of the company’s stock.

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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