Zacks Investment Research upgraded shares of PC Connection, Inc. (NASDAQ:CNXN) from a hold rating to a buy rating in a report released on Monday, July 31st. The firm currently has $29.00 target price on the stock.
According to Zacks, “PC Connection, Inc. is a direct marketer of brand-name personal computers and related peripherals, software, and networking products to business, education, government, and consumer end users located primarily in the United States. “
Separately, Roth Capital reissued a buy rating and set a $32.00 price target on shares of PC Connection in a report on Friday, April 21st.
Shares of PC Connection (NASDAQ:CNXN) opened at 24.42 on Monday. The company’s 50-day moving average is $26.13 and its 200 day moving average is $27.27. The firm has a market cap of $654.07 million, a price-to-earnings ratio of 13.80 and a beta of 1.63. PC Connection has a 1-year low of $22.31 and a 1-year high of $30.48.
PC Connection (NASDAQ:CNXN) last issued its earnings results on Thursday, July 27th. The company reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.03. PC Connection had a net margin of 1.66% and a return on equity of 11.39%. The business had revenue of $749.79 million for the quarter, compared to analyst estimates of $733.18 million. During the same period in the previous year, the business earned $0.49 EPS. The firm’s revenue was up 10.9% on a year-over-year basis. On average, equities research analysts expect that PC Connection will post $1.96 EPS for the current fiscal year.
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In related news, CEO Timothy J. Mcgrath sold 26,122 shares of PC Connection stock in a transaction dated Friday, August 11th. The shares were sold at an average price of $25.82, for a total transaction of $674,470.04. Following the completion of the transaction, the chief executive officer now directly owns 224,907 shares of the company’s stock, valued at approximately $5,807,098.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 57.30% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. Royce & Associates LP bought a new position in shares of PC Connection during the first quarter worth $55,730,000. First National Bank of Omaha bought a new position in shares of PC Connection during the first quarter worth $593,000. Boston Partners bought a new position in shares of PC Connection during the first quarter worth $2,394,000. Bank of New York Mellon Corp bought a new position in shares of PC Connection during the first quarter worth $2,374,000. Finally, Dubuque Bank & Trust Co. bought a new position in shares of PC Connection during the first quarter worth $104,000. 40.65% of the stock is owned by hedge funds and other institutional investors.
PC Connection Company Profile
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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