PC Connection (NASDAQ:CNXN) Rating Lowered to Buy at BidaskClub

BidaskClub lowered shares of PC Connection (NASDAQ:CNXN) from a strong-buy rating to a buy rating in a report released on Saturday morning, BidAskClub reports.

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.

PC Connection (NASDAQ:CNXN) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.90 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.57 by $0.33. The firm had revenue of $729.41 million during the quarter, compared to analysts’ expectations of $688.20 million. PC Connection had a net margin of 2.90% and a return on equity of 14.68%. The business’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same quarter last year, the business earned $0.51 earnings per share. Equities research analysts expect that PC Connection will post 3.05 EPS for the current fiscal year.

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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