$757.89 Million in Sales Expected for PC Connection, Inc. (CNXN) This Quarter
Brokerages expect that PC Connection, Inc. (NASDAQ:CNXN) will report sales of $757.89 million for the current fiscal quarter, according to Zacks. Two analysts have provided estimates for PC Connection’s earnings, with the highest sales estimate coming in at $764.40 million and the lowest estimate coming in at $751.37 million. PC Connection reported sales of $708.49 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 7%. The business is scheduled to issue its next quarterly earnings report on Thursday, October 26th.
On average, analysts expect that PC Connection will report full year sales of $757.89 million for the current fiscal year, with estimates ranging from $2.93 billion to $2.95 billion. For the next fiscal year, analysts anticipate that the firm will post sales of $3.06 billion per share, with estimates ranging from $3.03 billion to $3.09 billion. Zacks’ sales averages are a mean average based on a survey of analysts that cover PC Connection.
PC Connection (NASDAQ:CNXN) last announced its quarterly earnings results on Thursday, July 27th. The company reported $0.53 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.50 by $0.03. The business had revenue of $749.79 million during the quarter, compared to the consensus estimate of $733.18 million. PC Connection had a net margin of 1.66% and a return on equity of 11.39%. During the same quarter last year, the firm posted $0.49 EPS. The business’s revenue was up 10.9% compared to the same quarter last year.
A number of brokerages have weighed in on CNXN. Zacks Investment Research raised shares of PC Connection from a “hold” rating to a “buy” rating and set a $29.00 price target for the company in a report on Monday, July 31st. ValuEngine downgraded shares of PC Connection from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Finally, Roth Capital set a $33.00 price target on shares of PC Connection and gave the company a “buy” rating in a report on Friday, July 28th.
In other PC Connection news, Director Negrini David Beffa sold 20,000 shares of the business’s stock in a transaction dated Tuesday, September 12th. The stock was sold at an average price of $26.00, for a total transaction of $520,000.00. Following the sale, the director now owns 129,800 shares in the company, valued at approximately $3,374,800. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Timothy J. Mcgrath sold 26,122 shares of the business’s stock in a transaction dated Friday, August 11th. The stock was sold at an average price of $25.82, for a total value of $674,470.04. Following the sale, the chief executive officer now owns 224,907 shares in the company, valued at approximately $5,807,098.74. The disclosure for this sale can be found here. 57.30% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Legal & General Group Plc acquired a new stake in PC Connection during the 1st quarter worth about $102,000. Dubuque Bank & Trust Co. raised its holdings in PC Connection by 64.9% during the 2nd quarter. Dubuque Bank & Trust Co. now owns 5,779 shares of the company’s stock worth $156,000 after buying an additional 2,275 shares during the period. Victory Capital Management Inc. acquired a new stake in PC Connection during the 1st quarter worth about $175,000. Envestnet Asset Management Inc. acquired a new stake in PC Connection during the 1st quarter worth about $188,000. Finally, Public Employees Retirement Association of Colorado acquired a new stake in PC Connection during the 1st quarter worth about $200,000. Hedge funds and other institutional investors own 41.38% of the company’s stock.
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PC Connection (CNXN) traded up 0.31% during trading on Thursday, reaching $29.23. 30,404 shares of the company’s stock traded hands. The company has a 50-day moving average of $26.83 and a 200 day moving average of $26.95. The stock has a market capitalization of $782.90 million, a P/E ratio of 16.52 and a beta of 1.68. PC Connection has a 12 month low of $22.31 and a 12 month high of $30.48.
About PC Connection
PC Connection, Inc is a provider of a range of information technology (IT) solutions. The Company conducts its business operations through three business segments: small- to medium-sized businesses (SMB), Large Account and Public Sector. The Company enables customers to design, enable, manage and service their IT environments.
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