PC Connection (NASDAQ:CNXN) Lifted to Strong-Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of PC Connection (NASDAQ:CNXNGet Rating) from a hold rating to a strong-buy rating in a research note released on Monday morning, Zacks.com reports. Zacks Investment Research currently has $55.00 price target 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. “

A number of other equities analysts also recently commented on CNXN. Sidoti raised shares of PC Connection from a neutral rating to a buy rating and set a $55.00 price objective for the company in a report on Monday, January 24th. StockNews.com began coverage on shares of PC Connection in a report on Thursday, March 31st. They set a strong-buy rating for the company.

NASDAQ CNXN opened at $47.65 on Monday. The firm has a market cap of $1.25 billion, a price-to-earnings ratio of 15.37 and a beta of 0.65. The stock has a fifty day moving average of $51.48. PC Connection has a 52-week low of $40.08 and a 52-week high of $54.79.

PC Connection (NASDAQ:CNXNGet Rating) last released its quarterly earnings data on Thursday, May 5th. The company reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.19. PC Connection had a net margin of 2.68% and a return on equity of 12.02%. During the same quarter in the prior year, the business posted $0.39 earnings per share. Equities research analysts forecast that PC Connection will post 3.2 earnings per share for the current year.

In related news, Chairman Patricia Gallup sold 2,700 shares of the stock in a transaction that occurred on Wednesday, April 13th. The stock was sold at an average price of $52.65, for a total transaction of $142,155.00. Following the sale, the chairman now directly owns 7,165,345 shares in the company, valued at approximately $377,255,414.25. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders sold 22,387 shares of company stock valued at $1,127,632 in the last quarter. 58.00% of the stock is currently owned by corporate insiders.

Several hedge funds have recently made changes to their positions in CNXN. Goldman Sachs Group Inc. raised its holdings in shares of PC Connection by 570.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 213,333 shares of the company’s stock valued at $9,201,000 after buying an additional 181,529 shares during the last quarter. Invesco Ltd. grew its holdings in PC Connection by 95.1% during the 3rd quarter. Invesco Ltd. now owns 313,512 shares of the company’s stock worth $13,804,000 after acquiring an additional 152,809 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in PC Connection in the 4th quarter valued at about $4,044,000. Mawer Investment Management Ltd. raised its stake in shares of PC Connection by 4.2% in the first quarter. Mawer Investment Management Ltd. now owns 1,976,093 shares of the company’s stock worth $103,528,000 after acquiring an additional 78,958 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted its position in shares of PC Connection by 186.9% during the fourth quarter. Assenagon Asset Management S.A. now owns 72,750 shares of the company’s stock worth $3,138,000 after purchasing an additional 47,393 shares in the last quarter. Institutional investors own 41.32% of the company’s stock.

About PC Connection (Get Rating)

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.

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