PC Connection (NASDAQ:CNXN) Shares Gap Up – Here’s What Happened

PC Connection, Inc. (NASDAQ:CNXN)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $76.71, but opened at $79.87. PC Connection shares last traded at $79.6240, with a volume of 1,735 shares.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on CNXN. Zacks Research raised PC Connection from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 30th. Wall Street Zen raised PC Connection from a “hold” rating to a “buy” rating in a research note on Saturday, May 2nd. Finally, Weiss Ratings raised shares of PC Connection from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, July 30th. One analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Strong Buy”.

PC Connection Trading Down 0.4%

The company’s 50-day moving average price is $77.84 and its two-hundred day moving average price is $68.74. The company has a market cap of $2.00 billion, a P/E ratio of 20.94, a P/E/G ratio of 1.84 and a beta of 0.86.

PC Connection (NASDAQ:CNXN) last issued its quarterly earnings results on Wednesday, July 29th. The company reported $1.31 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.31. The business had revenue of $854.00 million during the quarter, compared to the consensus estimate of $764.79 million. PC Connection had a return on equity of 10.90% and a net margin of 3.21%. As a group, analysts anticipate that PC Connection, Inc. will post 4.18 earnings per share for the current year.

PC Connection Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Tuesday, August 11th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, August 11th. This represents a $0.80 annualized dividend and a dividend yield of 1.0%. PC Connection’s payout ratio is 21.16%.

Insider Buying and Selling at PC Connection

In related news, Chairman Patricia Gallup sold 7,142 shares of the stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $78.64, for a total transaction of $561,646.88. Following the sale, the chairman owned 6,963,469 shares in the company, valued at $547,607,202.16. This represents a 0.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last ninety days, insiders have sold 42,876 shares of company stock worth $3,226,800. 56.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On PC Connection

Hedge funds and other institutional investors have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC grew its holdings in shares of PC Connection by 625.0% during the second quarter. EverSource Wealth Advisors LLC now owns 580 shares of the company’s stock valued at $38,000 after purchasing an additional 500 shares during the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of PC Connection by 196.7% in the 3rd quarter. PNC Financial Services Group Inc. now owns 629 shares of the company’s stock worth $39,000 after purchasing an additional 417 shares during the last quarter. Parallel Advisors LLC lifted its holdings in shares of PC Connection by 200.4% in the 1st quarter. Parallel Advisors LLC now owns 709 shares of the company’s stock worth $41,000 after purchasing an additional 473 shares during the last quarter. Meeder Asset Management Inc. acquired a new position in PC Connection during the 1st quarter valued at approximately $44,000. Finally, Quarry LP acquired a new position in shares of PC Connection during the third quarter valued at $75,000. 42.85% of the stock is currently owned by institutional investors and hedge funds.

PC Connection Company Profile

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.