PC Connection (NASDAQ:CNXN) Lifted to Strong-Buy at StockNews.com

PC Connection (NASDAQ:CNXN) was upgraded by StockNews.com from a “buy” rating to a “strong-buy” rating in a research note issued on Thursday.

PC Connection Trading Up 1.5 %

Shares of CNXN opened at $73.08 on Thursday. The company has a market cap of $1.93 billion, a price-to-earnings ratio of 23.42, a PEG ratio of 1.94 and a beta of 0.61. PC Connection has a 1-year low of $51.63 and a 1-year high of $76.39. The company’s fifty day simple moving average is $67.50 and its 200 day simple moving average is $66.09.

PC Connection (NASDAQ:CNXN) last released its quarterly earnings data on Wednesday, July 31st. The company reported $1.00 EPS for the quarter, topping analysts’ consensus estimates of $0.83 by $0.17. PC Connection had a net margin of 3.22% and a return on equity of 10.51%. The firm had revenue of $736.48 million during the quarter, compared to analysts’ expectations of $703.50 million. As a group, research analysts forecast that PC Connection will post 3.55 earnings per share for the current year.

Insiders Place Their Bets

In other PC Connection news, CEO Timothy J. Mcgrath sold 15,377 shares of PC Connection stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $70.18, for a total transaction of $1,079,157.86. Following the completion of the transaction, the chief executive officer now directly owns 277,691 shares of the company’s stock, valued at $19,488,354.38. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 56.90% of the company’s stock.

Institutional Investors Weigh In On PC Connection

A number of institutional investors have recently modified their holdings of CNXN. Truist Financial Corp bought a new stake in shares of PC Connection in the fourth quarter valued at about $352,000. Charles Schwab Investment Management Inc. boosted its position in shares of PC Connection by 1.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 232,936 shares of the company’s stock valued at $15,656,000 after acquiring an additional 3,812 shares during the period. TD Asset Management Inc boosted its position in shares of PC Connection by 4.5% in the fourth quarter. TD Asset Management Inc now owns 16,100 shares of the company’s stock valued at $1,082,000 after acquiring an additional 700 shares during the period. Campbell & CO Investment Adviser LLC boosted its position in shares of PC Connection by 80.7% in the fourth quarter. Campbell & CO Investment Adviser LLC now owns 24,577 shares of the company’s stock valued at $1,652,000 after acquiring an additional 10,979 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its position in shares of PC Connection by 34.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 95,358 shares of the company’s stock valued at $6,287,000 after acquiring an additional 24,539 shares during the period. Institutional investors own 42.85% of the company’s stock.

PC Connection Company Profile

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.