PC Connection (NASDAQ:CNXN) Upgraded by StockNews.com to “Buy” Rating

StockNews.com upgraded shares of PC Connection (NASDAQ:CNXN) from a hold rating to a buy rating in a research note published on Thursday.

PC Connection Trading Down 0.9 %

Shares of CNXN opened at $73.05 on Thursday. PC Connection has a 12-month low of $57.47 and a 12-month high of $77.19. The stock has a market cap of $1.92 billion, a P/E ratio of 21.42, a PEG ratio of 2.17 and a beta of 0.63. The company has a 50-day moving average of $72.24 and a two-hundred day moving average of $69.28.

PC Connection Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Tuesday, November 12th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.55%. The ex-dividend date is Tuesday, November 12th. PC Connection’s payout ratio is 11.73%.

Insider Transactions at PC Connection

In other PC Connection news, Director Negrini David Beffa sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $70.00, for a total transaction of $350,000.00. Following the sale, the director now directly owns 71,750 shares of the company’s stock, valued at $5,022,500. This trade represents a 6.51 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 56.50% of the company’s stock.

Hedge Funds Weigh In On PC Connection

A number of institutional investors have recently modified their holdings of CNXN. Point72 DIFC Ltd purchased a new stake in PC Connection in the 3rd quarter worth approximately $28,000. Signaturefd LLC boosted its holdings in shares of PC Connection by 328.1% during the third quarter. Signaturefd LLC now owns 488 shares of the company’s stock worth $37,000 after purchasing an additional 374 shares during the last quarter. Innealta Capital LLC purchased a new stake in shares of PC Connection in the second quarter valued at $60,000. CWM LLC grew its position in shares of PC Connection by 125.5% in the third quarter. CWM LLC now owns 850 shares of the company’s stock valued at $64,000 after purchasing an additional 473 shares during the period. Finally, nVerses Capital LLC increased its stake in PC Connection by 1,000.0% in the third quarter. nVerses Capital LLC now owns 1,100 shares of the company’s stock valued at $83,000 after purchasing an additional 1,000 shares during the last quarter. Institutional investors and hedge funds own 42.85% of the company’s stock.

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.