PC Connection, Inc. (NASDAQ:CNXN) Sees Large Growth in Short Interest

PC Connection, Inc. (NASDAQ:CNXNGet Rating) saw a significant increase in short interest in April. As of April 30th, there was short interest totalling 265,400 shares, an increase of 23.7% from the April 15th total of 214,500 shares. Based on an average trading volume of 45,400 shares, the short-interest ratio is currently 5.8 days. Approximately 2.4% of the shares of the stock are short sold.

CNXN has been the subject of several recent research reports. Zacks Investment Research raised shares of PC Connection from a “hold” rating to a “strong-buy” rating and set a $55.00 price target for the company in a research note on Monday, May 9th. Sidoti upgraded PC Connection from a “neutral” rating to a “buy” rating and set a $55.00 price target on the stock in a research report on Monday, January 24th. Finally, StockNews.com initiated coverage on PC Connection in a research report on Thursday, March 31st. They issued a “strong-buy” rating for the company.

Shares of NASDAQ:CNXN traded up $0.15 during midday trading on Tuesday, hitting $46.69. 969 shares of the stock traded hands, compared to its average volume of 50,548. The business’s 50 day moving average is $51.07 and its two-hundred day moving average is $47.53. The stock has a market capitalization of $1.23 billion, a PE ratio of 15.01 and a beta of 0.64. PC Connection has a one year low of $40.08 and a one year high of $54.79.

PC Connection (NASDAQ:CNXNGet Rating) last announced its quarterly earnings results on Thursday, May 5th. The company reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.64 by $0.19. PC Connection had a return on equity of 11.90% and a net margin of 2.68%. During the same quarter in the prior year, the firm posted $0.39 EPS. Sell-side analysts expect that PC Connection will post 3.2 earnings per share for the current year.

In related news, Chairman Patricia Gallup sold 1,444 shares of the stock in a transaction on Thursday, March 3rd. The stock was sold at an average price of $49.78, for a total value of $71,882.32. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In the last ninety days, insiders have sold 21,387 shares of company stock valued at $1,076,424. 58.00% of the stock is owned by corporate insiders.

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

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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