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

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

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

PC Connection Stock Down 0.2%

CNXN opened at $89.49 on Monday. The firm’s fifty day simple moving average is $83.11 and its two-hundred day simple moving average is $72.66. PC Connection has a 52-week low of $54.97 and a 52-week high of $90.67. The company has a market cap of $2.26 billion, a price-to-earnings ratio of 23.67, a PEG ratio of 2.15 and a beta of 0.85.

PC Connection (NASDAQ:CNXN) last released its earnings results on Wednesday, July 29th. The company reported $1.31 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.31. The business had revenue of $854.00 million during 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, research analysts forecast that PC Connection will post 4.18 EPS for the current year.

Insider Buying and Selling

In other PC Connection news, Chairman Patricia Gallup sold 7,142 shares of the business’s stock in a transaction on Monday, September 14th. The stock was sold at an average price of $85.42, for a total transaction of $610,069.64. Following the transaction, the chairman owned 6,934,901 shares of the company’s stock, valued at approximately $592,379,243.42. The trade was a 0.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders sold a total of 35,710 shares of company stock worth $2,872,655 in the last quarter. Company insiders own 56.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Parallel Advisors LLC boosted 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 acquiring an additional 473 shares during the last quarter. Meeder Asset Management Inc. acquired a new stake in PC Connection during the first quarter worth about $44,000. Quantbot Technologies LP purchased a new position in PC Connection during the second quarter worth about $105,000. Fifth Third Bancorp raised its stake in PC Connection by 1,551.2% during the first quarter. Fifth Third Bancorp now owns 2,675 shares of the company’s stock worth $156,000 after purchasing an additional 2,513 shares during the period. Finally, Arizona State Retirement System acquired a new position in PC Connection in the 2nd quarter valued at about $229,000. Hedge funds and other institutional investors own 42.85% of the company’s stock.

PC Connection Company Profile

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.