PC Connection (CNXN) Cut to Sell at BidaskClub

BidaskClub cut shares of PC Connection (NASDAQ:CNXN) from a hold rating to a sell rating in a research report sent to investors on Wednesday morning, BidAskClub reports.

Several other equities research analysts also recently commented on the company. Sidoti downgraded PC Connection from a buy rating to a neutral rating and set a $40.00 target price for the company. in a report on Friday, February 15th. Zacks Investment Research raised PC Connection from a hold rating to a buy rating and set a $38.00 target price for the company in a report on Friday, February 8th. Finally, ValuEngine downgraded PC Connection from a buy rating to a hold rating in a report on Monday, April 1st. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the stock. The company has a consensus rating of Hold and an average target price of $40.00.

Shares of CNXN stock opened at $33.45 on Wednesday. PC Connection has a fifty-two week low of $27.04 and a fifty-two week high of $43.05. The stock has a market cap of $881.71 million, a P/E ratio of 14.11, a PEG ratio of 1.71 and a beta of 1.06. The company has a quick ratio of 2.07, a current ratio of 2.60 and a debt-to-equity ratio of 0.02.

PC Connection (NASDAQ:CNXN) last announced its earnings results on Thursday, May 2nd. The company reported $0.50 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.46 by $0.04. PC Connection had a return on equity of 12.51% and a net margin of 2.44%. The business had revenue of $632.92 million during the quarter, compared to analysts’ expectations of $647.08 million. During the same quarter last year, the business posted $0.42 earnings per share. The company’s quarterly revenue was up 1.3% on a year-over-year basis. As a group, sell-side analysts predict that PC Connection will post 2.5 EPS for the current fiscal year.

In other news, Director Negrini David Beffa sold 12,300 shares of the company’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $40.14, for a total transaction of $493,722.00. Following the completion of the sale, the director now directly owns 109,500 shares of the company’s stock, valued at $4,395,330. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 57.70% of the company’s stock.

A number of institutional investors have recently made changes to their positions in the stock. Nordea Investment Management AB lifted its stake in PC Connection by 3.5% in the 1st quarter. Nordea Investment Management AB now owns 68,700 shares of the company’s stock worth $2,519,000 after acquiring an additional 2,300 shares in the last quarter. Hotchkis & Wiley Capital Management LLC lifted its stake in PC Connection by 41.3% in the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 142,341 shares of the company’s stock worth $5,220,000 after acquiring an additional 41,580 shares in the last quarter. Metropolitan Life Insurance Co NY lifted its stake in PC Connection by 9.4% in the 1st quarter. Metropolitan Life Insurance Co NY now owns 4,782 shares of the company’s stock worth $48,000 after acquiring an additional 409 shares in the last quarter. SEI Investments Co lifted its stake in PC Connection by 161.0% in the 1st quarter. SEI Investments Co now owns 33,523 shares of the company’s stock worth $1,223,000 after acquiring an additional 20,680 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in PC Connection by 2.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 150,658 shares of the company’s stock worth $5,525,000 after acquiring an additional 2,957 shares in the last quarter. 41.15% of the stock is owned by hedge funds and other institutional investors.

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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