PC Connection (NASDAQ:CNXN) Downgraded to Buy at StockNews.com

StockNews.com cut shares of PC Connection (NASDAQ:CNXNGet Rating) from a strong-buy rating to a buy rating in a research note published on Monday morning.

PC Connection Stock Down 0.3 %

CNXN stock opened at $45.57 on Monday. The firm has a market cap of $1.20 billion, a PE ratio of 13.40 and a beta of 0.62. The business has a 50 day moving average of $48.12 and a 200-day moving average of $48.02. PC Connection has a 12-month low of $40.08 and a 12-month high of $54.79.

Insider Activity

In other news, Chairman Patricia Gallup sold 2,029 shares of the company’s stock in a transaction that occurred on Tuesday, July 26th. The stock was sold at an average price of $46.62, for a total value of $94,591.98. Following the completion of the transaction, the chairman now directly owns 2,081,702 shares of the company’s stock, valued at $97,048,947.24. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other PC Connection news, Director Jack L. Ferguson sold 4,000 shares of the stock in a transaction on Wednesday, September 14th. The stock was sold at an average price of $46.36, for a total transaction of $185,440.00. Following the completion of the transaction, the director now directly owns 77,680 shares of the company’s stock, valued at $3,601,244.80. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman Patricia Gallup sold 2,029 shares of the stock in a transaction on Tuesday, July 26th. The shares were sold at an average price of $46.62, for a total value of $94,591.98. Following the transaction, the chairman now directly owns 2,081,702 shares of the company’s stock, valued at $97,048,947.24. The disclosure for this sale can be found here. Insiders sold a total of 14,370 shares of company stock valued at $650,945 over the last three months. Corporate insiders own 57.50% of the company’s stock.

Hedge Funds Weigh In On PC Connection

Institutional investors and hedge funds have recently bought and sold shares of the company. Lazard Asset Management LLC bought a new position in PC Connection during the second quarter valued at $28,000. KBC Group NV bought a new position in PC Connection during the second quarter valued at $41,000. Covestor Ltd grew its holdings in PC Connection by 2,189.7% during the first quarter. Covestor Ltd now owns 893 shares of the company’s stock valued at $47,000 after purchasing an additional 854 shares during the period. Mutual of America Capital Management LLC grew its holdings in PC Connection by 16.9% during the second quarter. Mutual of America Capital Management LLC now owns 1,853 shares of the company’s stock valued at $82,000 after purchasing an additional 268 shares during the period. Finally, National Bank of Canada FI bought a new position in PC Connection during the second quarter valued at $92,000. 41.32% of the stock is owned by institutional investors.

PC Connection Company Profile

(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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