BidaskClub lowered shares of PC Connection (NASDAQ:CNXN) from a strong-buy rating to a buy rating in a research note released on Wednesday.
A number of other brokerages also recently weighed in on CNXN. Zacks Investment Research downgraded PC Connection from a buy rating to a hold rating in a report on Wednesday, October 3rd. Roth Capital set a $40.00 price target on PC Connection and gave the company a buy rating in a report on Friday, August 3rd. Sidoti downgraded PC Connection from a buy rating to a neutral rating in a report on Monday, July 16th. Finally, ValuEngine upgraded PC Connection from a hold rating to a buy rating in a report on Thursday, November 1st. One research analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. The stock has a consensus rating of Buy and an average price target of $36.50.
Shares of CNXN stock traded up $0.06 on Wednesday, reaching $31.43. 98,187 shares of the company’s stock traded hands, compared to its average volume of 118,038. PC Connection has a 12-month low of $22.66 and a 12-month high of $43.05. The company has a market capitalization of $837.99 million, a price-to-earnings ratio of 17.08, a P/E/G ratio of 1.76 and a beta of 1.25.
In other PC Connection news, Director Barbara Duckett sold 2,000 shares of the business’s stock in a transaction dated Friday, September 14th. The stock was sold at an average price of $41.46, for a total value of $82,920.00. Following the transaction, the director now owns 12,877 shares in the company, valued at $533,880.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David Beffa-Negrini sold 6,523 shares of the business’s stock in a transaction dated Monday, August 13th. The shares were sold at an average price of $37.14, for a total value of $242,264.22. The disclosure for this sale can be found here. Insiders own 57.10% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the business. Janus Henderson Group PLC purchased a new position in PC Connection in the third quarter valued at about $255,000. First Trust Advisors LP grew its stake in PC Connection by 14.0% in the second quarter. First Trust Advisors LP now owns 13,002 shares of the company’s stock valued at $432,000 after purchasing an additional 1,596 shares in the last quarter. Chicago Equity Partners LLC purchased a new position in PC Connection in the second quarter valued at about $444,000. Victory Capital Management Inc. grew its stake in PC Connection by 15.9% in the second quarter. Victory Capital Management Inc. now owns 14,892 shares of the company’s stock valued at $494,000 after purchasing an additional 2,043 shares in the last quarter. Finally, Acadian Asset Management LLC lifted its position in shares of PC Connection by 135.4% in the second quarter. Acadian Asset Management LLC now owns 17,006 shares of the company’s stock worth $564,000 after buying an additional 9,781 shares during the last quarter. Hedge funds and other institutional investors own 41.20% 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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