PC Connection (NASDAQ:CNXN) Downgraded to Sell at BidaskClub

BidaskClub lowered shares of PC Connection (NASDAQ:CNXN) from a hold rating to a sell rating in a report issued on Friday morning, BidAskClub reports.

Other analysts also recently issued research reports about the company. Sidoti raised PC Connection from a neutral rating to a buy rating and set a $44.00 price target on the stock in a research note on Friday, August 2nd. ValuEngine downgraded PC Connection from a hold rating to a sell rating in a research note on Thursday, August 1st. Finally, Zacks Investment Research raised PC Connection from a hold rating to a strong-buy rating and set a $46.00 price target on the stock in a research note on Monday, August 5th.

Shares of CNXN traded up $0.60 during midday trading on Friday, hitting $35.10. The stock had a trading volume of 68,800 shares, compared to its average volume of 62,199. The company has a 50 day simple moving average of $34.94 and a two-hundred day simple moving average of $35.97. PC Connection has a twelve month low of $27.04 and a twelve month high of $43.05. The firm has a market cap of $923.83 million, a price-to-earnings ratio of 14.81, a price-to-earnings-growth ratio of 1.61 and a beta of 1.16. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.35 and a quick ratio of 1.80.

PC Connection (NASDAQ:CNXN) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.89 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.70 by $0.19. PC Connection had a return on equity of 13.23% and a net margin of 2.61%. The firm had revenue of $741.10 million for the quarter, compared to the consensus estimate of $719.44 million. During the same quarter last year, the business posted $0.68 EPS. The company’s revenue for the quarter was up 4.9% on a year-over-year basis. Analysts forecast that PC Connection will post 2.73 EPS for the current fiscal year.

Several large investors have recently added to or reduced their stakes in CNXN. New York State Teachers Retirement System acquired a new position in PC Connection during the first quarter worth approximately $37,000. Legal & General Group Plc increased its position in PC Connection by 23.6% during the fourth quarter. Legal & General Group Plc now owns 2,255 shares of the company’s stock worth $67,000 after buying an additional 431 shares during the last quarter. Assetmark Inc. increased its position in PC Connection by 30.4% during the second quarter. Assetmark Inc. now owns 2,294 shares of the company’s stock worth $80,000 after buying an additional 535 shares during the last quarter. BNP Paribas Arbitrage SA increased its position in PC Connection by 345.9% during the first quarter. BNP Paribas Arbitrage SA now owns 2,399 shares of the company’s stock worth $88,000 after buying an additional 1,861 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC increased its position in PC Connection by 249.8% during the first quarter. O Shaughnessy Asset Management LLC now owns 2,487 shares of the company’s stock worth $91,000 after buying an additional 1,776 shares during the last quarter. 41.80% of the stock is currently owned by institutional investors and hedge funds.

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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