A number of other brokerages have also recently issued reports on CNXN. ValuEngine cut shares of PC Connection from a hold rating to a sell rating in a research report on Saturday. Zacks Investment Research upgraded shares of PC Connection from a hold rating to a strong-buy rating and set a $56.00 target price for the company in a research report on Friday, November 1st. Finally, Sidoti lifted their target price on shares of PC Connection from $53.00 to $60.00 and gave the stock a buy rating in a research report on Thursday, November 14th.
Shares of NASDAQ CNXN opened at $49.86 on Friday. The company has a quick ratio of 2.27, a current ratio of 2.76 and a debt-to-equity ratio of 0.02. PC Connection has a 52 week low of $27.11 and a 52 week high of $51.88. The firm has a 50-day moving average price of $45.03 and a 200 day moving average price of $37.67. The stock has a market capitalization of $1.26 billion, a price-to-earnings ratio of 21.04, a price-to-earnings-growth ratio of 1.96 and a beta of 1.12.
In other PC Connection news, Director Negrini David Beffa sold 1,463 shares of PC Connection stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $51.89, for a total transaction of $75,915.07. Following the completion of the transaction, the director now owns 110,926 shares in the company, valued at $5,755,950.14. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Timothy J. Mcgrath sold 12,845 shares of PC Connection stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $51.09, for a total transaction of $656,251.05. Following the transaction, the chief executive officer now owns 244,207 shares of the company’s stock, valued at approximately $12,476,535.63. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 31,777 shares of company stock valued at $1,629,374. 57.70% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Wells Fargo & Company MN raised its position in shares of PC Connection by 61.9% in the second quarter. Wells Fargo & Company MN now owns 273,322 shares of the company’s stock valued at $9,561,000 after buying an additional 104,482 shares during the last quarter. AQR Capital Management LLC raised its position in shares of PC Connection by 72.0% in the second quarter. AQR Capital Management LLC now owns 243,496 shares of the company’s stock valued at $8,517,000 after buying an additional 101,914 shares during the last quarter. BlackRock Inc. raised its position in shares of PC Connection by 7.2% in the second quarter. BlackRock Inc. now owns 1,059,321 shares of the company’s stock valued at $37,056,000 after buying an additional 71,194 shares during the last quarter. Municipal Employees Retirement System of Michigan acquired a new position in shares of PC Connection in the second quarter valued at approximately $1,504,000. Finally, Cadence Capital Management LLC acquired a new position in shares of PC Connection in the third quarter valued at approximately $1,502,000. Institutional investors own 41.13% 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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