PC Connection (NASDAQ:CNXN) Rating Lowered to Hold at Zacks Research

PC Connection (NASDAQ:CNXN) was downgraded by research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report released on Monday, Zacks reports.

Separately, Weiss Ratings lowered shares of PC Connection from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, September 16th. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, PC Connection currently has a consensus rating of “Moderate Buy”.

PC Connection Trading Down 0.2%

CNXN opened at $89.49 on Monday. The company has a market cap of $2.26 billion, a price-to-earnings ratio of 23.67, a price-to-earnings-growth ratio of 2.15 and a beta of 0.85. The stock has a fifty day simple moving average of $83.11 and a two-hundred day simple moving average of $72.66. PC Connection has a 12-month low of $54.97 and a 12-month high of $90.67.

PC Connection (NASDAQ:CNXN) last announced its earnings results on Wednesday, July 29th. The company reported $1.31 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.31. The firm had revenue of $854.00 million for the quarter, compared to analysts’ expectations of $764.79 million. PC Connection had a net margin of 3.21% and a return on equity of 10.90%. On average, analysts predict that PC Connection will post 4.18 EPS for the current year.

Insider Buying and Selling at PC Connection

In other news, Chairman Patricia Gallup sold 7,142 shares of PC Connection stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $85.42, for a total value of $610,069.64. Following the completion of the transaction, the chairman owned 6,934,901 shares of the company’s stock, valued at $592,379,243.42. The trade was a 0.10% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 35,710 shares of company stock worth $2,872,655 in the last ninety days. 56.60% of the stock is owned by company insiders.

Institutional Trading of PC Connection

Institutional investors and hedge funds have recently bought and sold shares of the company. Parallel Advisors LLC increased its position in shares of PC Connection by 200.4% during the 1st quarter. Parallel Advisors LLC now owns 709 shares of the company’s stock valued at $41,000 after purchasing an additional 473 shares during the last quarter. Meeder Asset Management Inc. bought a new stake in shares of PC Connection during the 1st quarter valued at $44,000. Principal Financial Group Inc. raised its holdings in PC Connection by 2.0% during the first quarter. Principal Financial Group Inc. now owns 55,201 shares of the company’s stock valued at $3,227,000 after acquiring an additional 1,071 shares during the period. Quantbot Technologies LP purchased a new stake in shares of PC Connection during the second quarter worth about $105,000. Finally, Bank of New York Mellon Corp boosted its stake in PC Connection by 1.2% in the 1st quarter. Bank of New York Mellon Corp now owns 138,286 shares of the company’s stock worth $8,084,000 after purchasing an additional 1,650 shares during the period. 42.85% of the stock is currently owned by institutional investors.

About PC Connection

PC Connection, Inc (NASDAQ: CNXN) is an information technology solutions provider serving businesses, government agencies, educational institutions and other organizations. The company supplies technology products and provides services designed to help customers plan, implement and manage their IT environments.

Its offerings include computers and mobile devices, servers, storage systems, networking equipment, software, peripherals and communications products. PC Connection also provides professional and lifecycle services, including consulting, systems integration, cloud and data-center solutions, cybersecurity, managed services, deployment, configuration and technical support.

Founded in 1982, the company operates primarily in the United States through brands and business units that include Connection, GovConnection and MoreDirect.