PC Connection (CNXN) Cut to Sell at BidaskClub

BidaskClub cut shares of PC Connection (NASDAQ:CNXN) from a hold rating to a sell rating in a research note released on Wednesday, BidAskClub reports.

A number of other equities analysts have also issued reports on CNXN. Zacks Investment Research raised PC Connection from a hold rating to a buy rating and set a $38.00 target price on the stock in a research report on Friday, February 8th. Sidoti lowered PC Connection from a buy rating to a neutral rating and set a $40.00 target price on the stock. in a research report on Friday, February 15th. Finally, ValuEngine lowered PC Connection from a buy rating to a hold rating in a research report on Monday, April 1st. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company’s stock. PC Connection has an average rating of Hold and a consensus price target of $40.00.

Shares of CNXN opened at $33.45 on Wednesday. PC Connection has a 52-week low of $27.04 and a 52-week high of $43.05. The company has a market capitalization of $881.71 million, a price-to-earnings ratio of 14.11, a price-to-earnings-growth ratio of 1.71 and a beta of 1.06. The company has a current ratio of 2.60, a quick ratio of 2.07 and a debt-to-equity ratio of 0.02.



PC Connection (NASDAQ:CNXN) last announced its earnings results on Thursday, May 2nd. The company reported $0.50 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.46 by $0.04. PC Connection had a return on equity of 12.51% and a net margin of 2.44%. The company had revenue of $632.92 million for the quarter, compared to analyst estimates of $647.08 million. During the same period in the prior year, the company posted $0.42 EPS. PC Connection’s quarterly revenue was up 1.3% on a year-over-year basis. Sell-side analysts expect that PC Connection will post 2.5 earnings per share for the current fiscal year.

In related news, Director Negrini David Beffa sold 12,300 shares of the company’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $40.14, for a total transaction of $493,722.00. Following the sale, the director now directly owns 109,500 shares of the company’s stock, valued at approximately $4,395,330. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 57.70% of the company’s stock.

Several hedge funds have recently bought and sold shares of the stock. PNC Financial Services Group Inc. raised its position in shares of PC Connection by 11.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 3,075 shares of the company’s stock valued at $91,000 after acquiring an additional 318 shares in the last quarter. Metropolitan Life Insurance Co NY raised its position in shares of PC Connection by 9.4% during the 1st quarter. Metropolitan Life Insurance Co NY now owns 4,782 shares of the company’s stock valued at $48,000 after acquiring an additional 409 shares in the last quarter. Legal & General Group Plc raised its position in shares of PC Connection by 23.6% during the 4th quarter. Legal & General Group Plc now owns 2,255 shares of the company’s stock valued at $67,000 after acquiring an additional 431 shares in the last quarter. Victory Capital Management Inc. raised its position in shares of PC Connection by 4.1% during the 4th quarter. Victory Capital Management Inc. now owns 13,528 shares of the company’s stock valued at $402,000 after acquiring an additional 528 shares in the last quarter. Finally, Citigroup Inc. raised its position in shares of PC Connection by 17.6% during the 4th quarter. Citigroup Inc. now owns 3,702 shares of the company’s stock valued at $110,000 after acquiring an additional 554 shares in the last quarter. 41.15% of the stock is currently owned by institutional investors and hedge funds.

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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