BidaskClub Lowers PC Connection (CNXN) to Buy

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.

PC Connection (NASDAQ:CNXN) last issued its quarterly earnings results on Thursday, November 1st. The company reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.50 by $0.01. PC Connection had a return on equity of 11.54% and a net margin of 2.33%. The business had revenue of $658.50 million for the quarter, compared to the consensus estimate of $673.10 million. During the same quarter in the previous year, the company posted $0.49 earnings per share. PC Connection’s revenue for the quarter was down 9.7% compared to the same quarter last year. On average, analysts anticipate that PC Connection will post 2.23 EPS for the current fiscal year.

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.

Featured Story: What are Institutional Investors?

Receive News & Ratings for PC Connection Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PC Connection and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply