PC Connection, Inc. (NASDAQ:CNXN) Sees Significant Decline in Short Interest

PC Connection, Inc. (NASDAQ:CNXN) was the recipient of a significant decrease in short interest in the month of July. As of July 15th, there was short interest totalling 183,400 shares, a decrease of 8.6% from the June 30th total of 200,600 shares. Based on an average daily volume of 79,000 shares, the days-to-cover ratio is currently 2.3 days. Currently, 1.5% of the shares of the stock are sold short.

Wall Street Analyst Weigh In

Separately, StockNews.com lowered shares of PC Connection from a “strong-buy” rating to a “buy” rating in a report on Friday, April 26th.

Insider Buying and Selling

In related news, Director Barbara Duckett sold 1,000 shares of the business’s stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $68.08, for a total transaction of $68,080.00. Following the completion of the transaction, the director now directly owns 13,877 shares in the company, valued at $944,746.16. The transaction was disclosed in a document filed with the SEC, which is available through this link. 56.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of CNXN. Vanguard Group Inc. lifted its holdings in shares of PC Connection by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 1,040,881 shares of the company’s stock worth $68,625,000 after acquiring an additional 14,838 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in PC Connection by 1.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 232,936 shares of the company’s stock worth $15,656,000 after purchasing an additional 3,812 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in shares of PC Connection by 9.5% in the second quarter. Allspring Global Investments Holdings LLC now owns 104,387 shares of the company’s stock worth $6,702,000 after purchasing an additional 9,029 shares during the last quarter. Principal Financial Group Inc. boosted its position in PC Connection by 10.5% during the 1st quarter. Principal Financial Group Inc. now owns 65,079 shares of the company’s stock valued at $4,291,000 after buying an additional 6,185 shares during the period. Finally, SG Americas Securities LLC bought a new stake in PC Connection in the 1st quarter worth $1,701,000. 42.85% of the stock is currently owned by institutional investors.

PC Connection Stock Performance

CNXN traded up $3.50 during trading on Thursday, reaching $75.07. The stock had a trading volume of 158,717 shares, compared to its average volume of 75,819. The business has a 50-day moving average of $65.61 and a 200-day moving average of $65.38. PC Connection has a one year low of $48.29 and a one year high of $76.39. The stock has a market cap of $1.98 billion, a PE ratio of 23.52, a PEG ratio of 2.10 and a beta of 0.61.

PC Connection (NASDAQ:CNXN) last announced its quarterly earnings data on Wednesday, May 1st. The company reported $0.50 EPS for the quarter, missing the consensus estimate of $0.64 by ($0.14). The firm had revenue of $632.03 million for the quarter, compared to the consensus estimate of $694.19 million. PC Connection had a net margin of 2.98% and a return on equity of 10.10%. During the same quarter last year, the company posted $0.56 earnings per share. Equities research analysts forecast that PC Connection will post 3.35 EPS for the current fiscal year.

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.