Negrini David Beffa Sells 5,000 Shares of PC Connection, Inc. (NASDAQ:CNXN) Stock

PC Connection, Inc. (NASDAQ:CNXN) Director Negrini David Beffa sold 5,000 shares of PC Connection stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $70.00, for a total transaction of $350,000.00. Following the completion of the sale, the director now owns 71,750 shares in the company, valued at approximately $5,022,500. This trade represents a 6.51 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

PC Connection Stock Performance

CNXN stock opened at $72.74 on Friday. PC Connection, Inc. has a fifty-two week low of $57.47 and a fifty-two week high of $77.19. The business’s 50 day moving average price is $72.29 and its two-hundred day moving average price is $69.04. The company has a market capitalization of $1.91 billion, a price-to-earnings ratio of 21.33, a price-to-earnings-growth ratio of 2.12 and a beta of 0.63.

PC Connection Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Tuesday, November 12th will be paid a $0.10 dividend. The ex-dividend date is Tuesday, November 12th. This represents a $0.40 annualized dividend and a yield of 0.55%. PC Connection’s payout ratio is 11.73%.

Analysts Set New Price Targets

Separately, StockNews.com lowered shares of PC Connection from a “buy” rating to a “hold” rating in a research note on Wednesday.

Hedge Funds Weigh In On PC Connection

A number of institutional investors have recently added to or reduced their stakes in CNXN. Pacer Advisors Inc. grew its position in shares of PC Connection by 23.6% in the 2nd quarter. Pacer Advisors Inc. now owns 1,258,275 shares of the company’s stock worth $80,781,000 after buying an additional 240,312 shares during the period. American Century Companies Inc. grew its holdings in PC Connection by 31.1% in the second quarter. American Century Companies Inc. now owns 262,993 shares of the company’s stock worth $16,884,000 after purchasing an additional 62,398 shares during the period. Hotchkis & Wiley Capital Management LLC bought a new position in shares of PC Connection during the third quarter valued at approximately $3,675,000. Allspring Global Investments Holdings LLC lifted its holdings in shares of PC Connection by 34.0% during the third quarter. Allspring Global Investments Holdings LLC now owns 139,892 shares of the company’s stock valued at $10,552,000 after purchasing an additional 35,505 shares during the last quarter. Finally, State Street Corp boosted its position in shares of PC Connection by 7.4% in the 3rd quarter. State Street Corp now owns 495,611 shares of the company’s stock worth $37,384,000 after purchasing an additional 34,248 shares in the last quarter. Institutional investors own 42.85% of the company’s stock.

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.