Insider Selling: PC Connection (NASDAQ:CNXN) Chairman Sells $530,983.44 in Stock

PC Connection, Inc. (NASDAQ:CNXN) Chairman Patricia Gallup sold 7,384 shares of the business’s stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $71.91, for a total value of $530,983.44. Following the completion of the sale, the chairman directly owned 7,027,747 shares in the company, valued at approximately $505,365,286.77. This represents a 0.10% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Patricia Gallup also recently made the following trade(s):

• On Monday, June 8th, Patricia Gallup sold 6,924 shares of PC Connection stock. The stock was sold at an average price of $72.09, for a total value of $499,151.16.

PC Connection Stock Performance

PC Connection stock opened at $72.86 on Friday. The firm has a market cap of $1.84 billion, a P/E ratio of 21.18, a P/E/G ratio of 1.84 and a beta of 0.88. The business’s fifty day moving average is $65.82 and its two-hundred day moving average is $61.80. PC Connection, Inc. has a 52 week low of $54.97 and a 52 week high of $75.00.

PC Connection (NASDAQ:CNXN) last posted its quarterly earnings data on Wednesday, April 29th. The company reported $0.77 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.15. The company had revenue of $721.87 million for the quarter, compared to analyst estimates of $696.09 million. PC Connection had a return on equity of 10.17% and a net margin of 3.02%. On average, equities research analysts predict that PC Connection, Inc. will post 3.93 earnings per share for the current year.

PC Connection Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Tuesday, May 12th were paid a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, May 12th. This represents a $0.80 dividend on an annualized basis and a yield of 1.1%. PC Connection’s payout ratio is currently 23.26%.

Institutional Investors Weigh In On PC Connection

Large investors have recently modified their holdings of the business. JPMorgan Chase & Co. increased its holdings in shares of PC Connection by 63.1% in the third quarter. JPMorgan Chase & Co. now owns 46,021 shares of the company’s stock worth $2,853,000 after acquiring an additional 17,808 shares in the last quarter. Denali Advisors LLC increased its holdings in shares of PC Connection by 30.4% in the third quarter. Denali Advisors LLC now owns 86,900 shares of the company’s stock worth $5,387,000 after acquiring an additional 20,269 shares in the last quarter. Teacher Retirement System of Texas increased its holdings in shares of PC Connection by 12.0% in the fourth quarter. Teacher Retirement System of Texas now owns 114,768 shares of the company’s stock worth $6,629,000 after acquiring an additional 12,275 shares in the last quarter. SG Americas Securities LLC increased its holdings in shares of PC Connection by 88.1% in the fourth quarter. SG Americas Securities LLC now owns 28,495 shares of the company’s stock worth $1,646,000 after acquiring an additional 13,343 shares in the last quarter. Finally, Vanguard Group Inc. increased its holdings in shares of PC Connection by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 1,080,151 shares of the company’s stock worth $62,390,000 after acquiring an additional 10,218 shares in the last quarter. 42.85% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have commented on CNXN shares. Weiss Ratings raised PC Connection from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, June 3rd. Wall Street Zen upgraded PC Connection from a “hold” rating to a “buy” rating in a research report on Saturday, May 2nd. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, PC Connection presently has a consensus rating of “Moderate Buy”.

About PC Connection

PC Connection, Inc (NASDAQ: CNXN), now operating under the trade name Connection, is a value-added provider of information technology solutions founded in 1982 and headquartered in Merrimack, New Hampshire. The company offers a broad portfolio of hardware and software products sourced from leading technology vendors, alongside professional services designed to help organizations design, deploy and maintain IT environments.

Connection’s product offerings encompass desktop and notebook computers, servers and storage systems, networking and cybersecurity solutions, as well as cloud and virtualization technologies.