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

PC Connection (NASDAQ:CNXN) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Monday, Zacks.com reports. The brokerage presently has a $46.00 price objective on the stock. Zacks Investment Research‘s price target suggests a potential upside of 24.46% from the stock’s current price.

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. “

Several other brokerages have also recently weighed in on CNXN. Sidoti raised shares of PC Connection from a “neutral” rating to a “buy” rating in a report on Friday. BidaskClub cut shares of PC Connection from a “hold” rating to a “sell” rating in a report on Tuesday, July 23rd. Finally, ValuEngine cut shares of PC Connection from a “hold” rating to a “sell” rating in a report on Thursday.

Shares of CNXN traded down $2.89 during mid-day trading on Monday, reaching $36.96. The stock had a trading volume of 73,644 shares, compared to its average volume of 62,531. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.07 and a current ratio of 2.60. PC Connection has a 52-week low of $27.04 and a 52-week high of $43.05. The company has a fifty day moving average of $34.56. The stock has a market capitalization of $974.23 million, a price-to-earnings ratio of 15.59, a price-to-earnings-growth ratio of 1.99 and a beta of 1.16.

PC Connection (NASDAQ:CNXN) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.89 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.70 by $0.19. The business had revenue of $741.10 million for the quarter, compared to analysts’ expectations of $719.44 million. PC Connection had a net margin of 2.61% and a return on equity of 13.43%. The business’s quarterly revenue was up 4.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.68 earnings per share. As a group, research analysts forecast that PC Connection will post 2.62 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Tributary Capital Management LLC grew its position in shares of PC Connection by 0.3% during the second quarter. Tributary Capital Management LLC now owns 394,308 shares of the company’s stock worth $13,793,000 after acquiring an additional 1,272 shares during the last quarter. Geode Capital Management LLC grew its position in shares of PC Connection by 7.2% during the fourth quarter. Geode Capital Management LLC now owns 155,444 shares of the company’s stock worth $4,621,000 after acquiring an additional 10,468 shares during the last quarter. Pacific Ridge Capital Partners LLC grew its position in shares of PC Connection by 12.4% during the first quarter. Pacific Ridge Capital Partners LLC now owns 124,610 shares of the company’s stock worth $4,569,000 after acquiring an additional 13,732 shares during the last quarter. Martingale Asset Management L P grew its position in shares of PC Connection by 10.5% during the first quarter. Martingale Asset Management L P now owns 122,641 shares of the company’s stock worth $4,498,000 after acquiring an additional 11,700 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in shares of PC Connection by 30.1% during the fourth quarter. Bank of New York Mellon Corp now owns 111,024 shares of the company’s stock worth $3,300,000 after acquiring an additional 25,716 shares during the last quarter. Institutional investors and hedge funds own 41.25% of the company’s stock.

PC Connection Company Profile

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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