PC Connection, Inc. (NASDAQ:CNXN – Get Rating) shares reached a new 52-week high during mid-day trading on Friday . The company traded as high as $51.70 and last traded at $51.70, with a volume of 109 shares changing hands. The stock had previously closed at $51.20.
A number of equities analysts recently issued reports on the company. Sidoti upgraded PC Connection from a “neutral” rating to a “buy” rating and set a $55.00 price objective for the company in a report on Monday, January 24th. Zacks Investment Research upgraded PC Connection from a “hold” rating to a “strong-buy” rating and set a $57.00 target price for the company in a report on Wednesday, February 9th. Finally, StockNews.com upgraded PC Connection from a “buy” rating to a “strong-buy” rating in a report on Wednesday, February 9th.
The stock has a market capitalization of $1.33 billion, a PE ratio of 19.10 and a beta of 0.62. The business has a 50 day moving average of $45.76 and a two-hundred day moving average of $45.79.
PC Connection (NASDAQ:CNXN – Get Rating) last issued its quarterly earnings data on Monday, February 7th. The company reported $0.85 earnings per share for the quarter, topping analysts’ consensus estimates of $0.70 by $0.15. PC Connection had a return on equity of 10.43% and a net margin of 2.42%. During the same quarter in the previous year, the company posted $0.62 earnings per share. Research analysts anticipate that PC Connection, Inc. will post 2.9 earnings per share for the current fiscal year.
In related news, Director Negrini David Beffa sold 5,000 shares of the company’s stock in a transaction dated Wednesday, December 15th. The stock was sold at an average price of $44.71, for a total transaction of $223,550.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Chairman Patricia Gallup sold 1,444 shares of the company’s stock in a transaction dated Thursday, March 3rd. The shares were sold at an average price of $49.78, for a total value of $71,882.32. The disclosure for this sale can be found here. Insiders have sold a total of 41,385 shares of company stock valued at $1,899,131 over the last 90 days. 58.00% of the stock is currently owned by company insiders.
A number of large investors have recently made changes to their positions in CNXN. Goldman Sachs Group Inc. increased its position in PC Connection by 570.8% during 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 in the last quarter. Invesco Ltd. increased its position in PC Connection by 95.1% during 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 in the last quarter. Allspring Global Investments Holdings LLC acquired a new position in shares of PC Connection in the fourth quarter valued at about $4,044,000. Assenagon Asset Management S.A. increased its holdings in shares of PC Connection by 186.9% in the fourth quarter. Assenagon Asset Management S.A. now owns 72,750 shares of the company’s stock valued at $3,138,000 after purchasing an additional 47,393 shares during the period. Finally, Millennium Management LLC acquired a new position in shares of PC Connection in the fourth quarter valued at about $1,623,000. 41.32% of the stock is currently owned by institutional investors.
About PC Connection (NASDAQ:CNXN)
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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