PC Connection (NASDAQ:CNXN) Rating Increased to Strong-Buy at StockNews.com

PC Connection (NASDAQ:CNXN) was upgraded by equities researchers at StockNews.com from a “buy” rating to a “strong-buy” rating in a research note issued to investors on Thursday.

PC Connection Stock Up 0.3 %

NASDAQ:CNXN traded up $0.19 during trading hours on Thursday, reaching $65.93. 83,414 shares of the stock were exchanged, compared to its average volume of 76,466. PC Connection has a twelve month low of $37.76 and a twelve month high of $70.55. The business has a 50-day moving average of $65.97 and a two-hundred day moving average of $61.67. The company has a market capitalization of $1.74 billion, a price-to-earnings ratio of 20.86, a PEG ratio of 1.85 and a beta of 0.66.

PC Connection (NASDAQ:CNXN) last announced its earnings results on Wednesday, February 14th. The company reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.02. The company had revenue of $696.47 million during the quarter, compared to analysts’ expectations of $673.51 million. PC Connection had a return on equity of 10.55% and a net margin of 2.92%. On average, research analysts forecast that PC Connection will post 3.5 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in CNXN. Coppell Advisory Solutions Corp. acquired a new stake in PC Connection in the fourth quarter valued at about $25,000. Point72 Middle East FZE acquired a new stake in shares of PC Connection in the 4th quarter valued at approximately $28,000. Russell Investments Group Ltd. purchased a new stake in shares of PC Connection in the first quarter valued at approximately $28,000. Tower Research Capital LLC TRC grew its holdings in PC Connection by 62.4% during the third quarter. Tower Research Capital LLC TRC now owns 755 shares of the company’s stock worth $35,000 after acquiring an additional 290 shares during the period. Finally, Covestor Ltd raised its position in PC Connection by 2,189.7% in the first quarter. Covestor Ltd now owns 893 shares of the company’s stock worth $47,000 after acquiring an additional 854 shares in the last quarter. 42.85% of the stock is currently owned by institutional investors and hedge funds.

PC Connection Company Profile

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.