PC Connection (NASDAQ:CNXN) Upgraded by Zacks Investment Research to Buy

Zacks Investment Research upgraded shares of PC Connection (NASDAQ:CNXN) from a hold rating to a buy rating in a research report released on Tuesday morning, Zacks.com reports. They currently have $50.00 target price on the stock.

According to Zacks, “PC Connection, Inc. is a direct marketer of brand-name personal computers and related peripherals, software, and networking products to business, education, government, and consumer end users located primarily in the United States. “

Shares of CNXN opened at $44.19 on Tuesday. The stock has a market capitalization of $1.16 billion, a price-to-earnings ratio of 18.19 and a beta of 0.70. PC Connection has a 1-year low of $40.91 and a 1-year high of $55.21. The firm’s fifty day moving average is $45.71.

PC Connection (NASDAQ:CNXN) last posted its quarterly earnings results on Thursday, November 4th. The company reported $0.76 EPS for the quarter, beating the consensus estimate of $0.71 by $0.05. PC Connection had a net margin of 2.31% and a return on equity of 9.69%. The company had revenue of $751.37 million for the quarter, compared to analyst estimates of $725.17 million. During the same period in the prior year, the company earned $0.64 earnings per share. As a group, equities research analysts anticipate that PC Connection will post 2.46 earnings per share for the current fiscal year.

The firm also recently declared a dividend, which was paid on Friday, December 3rd. Shareholders of record on Thursday, November 18th were issued a $1.00 dividend. This is a positive change from PC Connection’s previous dividend of $0.32. The ex-dividend date was Wednesday, November 17th.

In other news, Chairman Patricia Gallup sold 4,399 shares of the stock in a transaction dated Monday, December 20th. The shares were sold at an average price of $42.59, for a total transaction of $187,353.41. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Negrini David Beffa sold 5,000 shares of the 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 disclosure for this sale can be found here. Over the last three months, insiders have sold 22,548 shares of company stock worth $1,023,747. Corporate insiders own 58.00% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in CNXN. Metropolitan Life Insurance Co NY raised its position in shares of PC Connection by 99,000.0% during the 2nd quarter. Metropolitan Life Insurance Co NY now owns 2,973 shares of the company’s stock worth $138,000 after purchasing an additional 2,970 shares during the last quarter. Ensign Peak Advisors Inc raised its holdings in PC Connection by 70.0% in the 2nd quarter. Ensign Peak Advisors Inc now owns 3,400 shares of the company’s stock valued at $157,000 after acquiring an additional 1,400 shares during the last quarter. Louisiana State Employees Retirement System raised its holdings in PC Connection by 6.0% in the 3rd quarter. Louisiana State Employees Retirement System now owns 5,300 shares of the company’s stock valued at $233,000 after acquiring an additional 300 shares during the last quarter. Squarepoint Ops LLC acquired a new stake in PC Connection in the 2nd quarter valued at about $247,000. Finally, UBS Asset Management Americas Inc. raised its holdings in PC Connection by 17.5% in the 2nd quarter. UBS Asset Management Americas Inc. now owns 5,425 shares of the company’s stock valued at $251,000 after acquiring an additional 808 shares during the last quarter. Hedge funds and other institutional investors own 41.32% of the company’s stock.

PC Connection Company Profile

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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