Goldman Sachs Group Inc. Buys Shares of 34,911 PC Connection, Inc. (NASDAQ:CNXN)
Goldman Sachs Group Inc. bought a new position in shares of PC Connection, Inc. (NASDAQ:CNXN) during the first quarter, according to its most recent disclosure with the SEC. The firm bought 34,911 shares of the company’s stock, valued at approximately $1,040,000.
A number of other hedge funds have also added to or reduced their stakes in CNXN. Legal & General Group Plc acquired a new stake in PC Connection during the first quarter worth about $102,000. Dubuque Bank & Trust Co. acquired a new stake in PC Connection during the first quarter worth about $104,000. Acadian Asset Management LLC acquired a new stake in PC Connection during the first quarter worth about $173,000. Victory Capital Management Inc. acquired a new stake in PC Connection during the first quarter worth about $175,000. Finally, First Quadrant L P CA acquired a new stake in PC Connection during the first quarter worth about $185,000. 41.22% of the stock is currently owned by hedge funds and other institutional investors.
PC Connection, Inc. (NASDAQ:CNXN) traded down 0.08% during mid-day trading on Friday, reaching $25.68. The company’s stock had a trading volume of 40,503 shares. The company has a 50 day moving average of $26.41 and a 200-day moving average of $27.36. PC Connection, Inc. has a 52-week low of $22.31 and a 52-week high of $30.48. The stock has a market cap of $687.81 million, a PE ratio of 14.52 and a beta of 1.63.
PC Connection (NASDAQ:CNXN) last posted its earnings results on Thursday, July 27th. The company reported $0.53 EPS for the quarter, beating the consensus estimate of $0.50 by $0.03. PC Connection had a return on equity of 11.39% and a net margin of 1.66%. The company had revenue of $749.79 million for the quarter, compared to the consensus estimate of $733.18 million. During the same quarter in the prior year, the business earned $0.49 earnings per share. The firm’s revenue for the quarter was up 10.9% on a year-over-year basis. Equities analysts forecast that PC Connection, Inc. will post $1.96 earnings per share for the current year.
CNXN has been the topic of a number of research analyst reports. Roth Capital reaffirmed a “buy” rating and issued a $32.00 target price on shares of PC Connection in a report on Friday, April 21st. Zacks Investment Research raised PC Connection from a “hold” rating to a “buy” rating and set a $29.00 target price on the stock in a report on Monday, July 31st.
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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