PC Connection (NASDAQ:CNXN) Upgraded at Zacks Research

PC Connection (NASDAQ:CNXN) was upgraded by Zacks Research from a “strong sell” rating to a “hold” rating in a note issued to investors on Monday,Zacks.com reports.

Separately, Weiss Ratings reissued a “hold (c)” rating on shares of PC Connection in a report on Monday. Two equities research analysts have rated the stock with a Hold rating, According to MarketBeat, the company has a consensus rating of “Hold”.

PC Connection Trading Down 0.8%

PC Connection stock opened at $58.42 on Monday. The company has a market capitalization of $1.48 billion, a PE ratio of 18.09, a P/E/G ratio of 1.73 and a beta of 0.81. PC Connection has a 12 month low of $54.97 and a 12 month high of $74.84. The stock has a 50-day moving average price of $59.22 and a two-hundred day moving average price of $62.01.

PC Connection (NASDAQ:CNXN) last released its quarterly earnings results on Wednesday, October 29th. The company reported $0.97 earnings per share for the quarter, missing the consensus estimate of $1.01 by ($0.04). PC Connection had a return on equity of 9.61% and a net margin of 2.91%.The firm had revenue of $709.07 million for the quarter, compared to the consensus estimate of $749.81 million. As a group, analysts predict that PC Connection will post 3.33 earnings per share for the current fiscal year.

Institutional Trading of PC Connection

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. raised its holdings in PC Connection by 6,900.0% during the 1st quarter. Russell Investments Group Ltd. now owns 980 shares of the company’s stock worth $61,000 after purchasing an additional 966 shares during the last quarter. Vident Advisory LLC raised its stake in PC Connection by 3.2% during the first quarter. Vident Advisory LLC now owns 7,157 shares of the company’s stock worth $447,000 after buying an additional 223 shares during the last quarter. Cubist Systematic Strategies LLC bought a new position in PC Connection during the first quarter worth $1,447,000. Amundi acquired a new position in PC Connection in the first quarter valued at $519,000. Finally, AQR Capital Management LLC boosted its position in PC Connection by 25.8% during the first quarter. AQR Capital Management LLC now owns 124,258 shares of the company’s stock valued at $7,756,000 after acquiring an additional 25,461 shares during the last quarter. Institutional investors and hedge funds own 42.85% of the company’s stock.

About PC Connection

PC Connection, Inc (NASDAQ: CNXN), now operating under the trade name Connection, is a value-added provider of information technology solutions founded in 1982 and headquartered in Merrimack, New Hampshire. The company offers a broad portfolio of hardware and software products sourced from leading technology vendors, alongside professional services designed to help organizations design, deploy and maintain IT environments.

Connection’s product offerings encompass desktop and notebook computers, servers and storage systems, networking and cybersecurity solutions, as well as cloud and virtualization technologies.