PC Connection, Inc. (NASDAQ:CNXN – Get Rating) saw a large increase in short interest in the month of February. As of February 28th, there was short interest totalling 213,000 shares, an increase of 16.5% from the February 13th total of 182,900 shares. Currently, 1.9% of the shares of the stock are sold short. Based on an average trading volume of 45,800 shares, the short-interest ratio is presently 4.7 days.
In other news, Chairman Patricia Gallup sold 1,535 shares of the company’s stock in a transaction that occurred on Tuesday, December 28th. The shares were sold at an average price of $44.19, for a total value of $67,831.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last ninety days, insiders sold 34,685 shares of company stock valued at $1,600,594. Company insiders own 58.00% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in CNXN. Goldman Sachs Group Inc. increased its stake in PC Connection by 570.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 213,333 shares of the company’s stock valued at $9,201,000 after buying an additional 181,529 shares during the period. Invesco Ltd. increased its stake in PC Connection by 95.1% in the 3rd quarter. Invesco Ltd. now owns 313,512 shares of the company’s stock valued at $13,804,000 after buying an additional 152,809 shares during the period. Allspring Global Investments Holdings LLC acquired a new position in PC Connection in the 4th quarter valued at approximately $4,044,000. Assenagon Asset Management S.A. increased its stake in PC Connection by 186.9% in the 4th quarter. Assenagon Asset Management S.A. now owns 72,750 shares of the company’s stock valued at $3,138,000 after buying an additional 47,393 shares during the period. Finally, Millennium Management LLC acquired a new position in PC Connection in the 4th quarter valued at approximately $1,623,000. Hedge funds and other institutional investors own 41.32% of the company’s stock.
CNXN stock opened at $52.75 on Friday. PC Connection has a 52-week low of $40.08 and a 52-week high of $52.90. The company’s 50 day simple moving average is $46.89 and its 200-day simple moving average is $46.05. The firm has a market capitalization of $1.38 billion, a P/E ratio of 19.83 and a beta of 0.62.
PC Connection (NASDAQ:CNXN – Get Rating) last released its quarterly earnings results on Monday, February 7th. The company reported $0.85 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.70 by $0.15. PC Connection had a net margin of 2.42% and a return on equity of 10.43%. During the same quarter last year, the company earned $0.62 EPS. Equities research analysts predict that PC Connection will post 2.9 EPS for the current fiscal year.
CNXN has been the subject of several recent research reports. Zacks Investment Research raised shares of PC Connection from a “hold” rating to a “strong-buy” rating and set a $57.00 target price for the company in a research note on Wednesday, February 9th. Sidoti upgraded shares of PC Connection from a “neutral” rating to a “buy” rating and set a $55.00 price target on the stock in a report on Monday, January 24th. Finally, StockNews.com upgraded shares of PC Connection from a “buy” rating to a “strong-buy” rating in a report on Wednesday, February 9th.
PC Connection Company Profile (Get Rating)
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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