PC Connection (NASDAQ:CNXN) Sets New 52-Week High – Should You Buy?

PC Connection, Inc. (NASDAQ:CNXN)’s share price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $84.19 and last traded at $83.00, with a volume of 3241 shares. The stock had previously closed at $81.23.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on CNXN. Weiss Ratings upgraded shares of PC Connection from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, June 3rd. Wall Street Zen raised PC Connection from a “hold” rating to a “buy” rating in a research report on Saturday, May 2nd. One analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, PC Connection has an average rating of “Moderate Buy”.

PC Connection Trading Up 2.3%

The firm has a market cap of $2.10 billion, a PE ratio of 24.17, a price-to-earnings-growth ratio of 2.07 and a beta of 0.88. The company has a 50-day simple moving average of $73.15 and a 200 day simple moving average of $65.46.

PC Connection (NASDAQ:CNXN) last posted its earnings results on Wednesday, April 29th. The company reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.15. PC Connection had a net margin of 3.02% and a return on equity of 10.17%. The firm had revenue of $721.87 million during the quarter, compared to analyst estimates of $696.09 million. On average, equities analysts expect that PC Connection, Inc. will post 3.93 earnings per share for the current year.

Insider Buying and Selling

In related news, Chairman Patricia Gallup sold 7,142 shares of the firm’s stock in a transaction on Monday, July 6th. The shares were sold at an average price of $72.86, for a total transaction of $520,366.12. Following the sale, the chairman owned 7,006,321 shares in the company, valued at approximately $510,480,548.06. This trade represents a 0.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold a total of 28,592 shares of company stock worth $2,048,512 in the last quarter. 56.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On PC Connection

Hedge funds have recently modified their holdings of the company. EverSource Wealth Advisors LLC increased its stake in shares of PC Connection by 625.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 580 shares of the company’s stock valued at $38,000 after purchasing an additional 500 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in PC Connection by 196.7% during the third quarter. PNC Financial Services Group Inc. now owns 629 shares of the company’s stock worth $39,000 after purchasing an additional 417 shares in the last quarter. Parallel Advisors LLC boosted its position in PC Connection by 200.4% during the first quarter. Parallel Advisors LLC now owns 709 shares of the company’s stock worth $41,000 after purchasing an additional 473 shares in the last quarter. Meeder Asset Management Inc. acquired a new stake in PC Connection in the first quarter valued at approximately $44,000. Finally, Quarry LP acquired a new stake in PC Connection in the third quarter valued at approximately $75,000. 42.85% of the stock is owned by hedge funds and other institutional investors.

About PC Connection

PC Connection, Inc (NASDAQ: CNXN), now operating under the trade name Connection, is a value-added provider of information technology solutions founded in 1982 and headquartered in Merrimack, New Hampshire. The company offers a broad portfolio of hardware and software products sourced from leading technology vendors, alongside professional services designed to help organizations design, deploy and maintain IT environments.

Connection’s product offerings encompass desktop and notebook computers, servers and storage systems, networking and cybersecurity solutions, as well as cloud and virtualization technologies.