PC Connection (NASDAQ:CNXN) Lowered to “Hold” at Zacks Investment Research

Zacks Investment Research cut shares of PC Connection (NASDAQ:CNXN) from a buy rating to a hold rating in a research note released on Wednesday morning, Zacks.com reports.

According to Zacks, “PC Connection, Inc. is a direct marketer of brand-name personal computers and related peripherals, software, and networking products to business, education, government, and consumer end users located primarily in the United States. “

Several other research analysts have also recently issued reports on the company. ValuEngine cut PC Connection from a hold rating to a sell rating in a research report on Thursday, August 1st. Sidoti upgraded PC Connection from a neutral rating to a buy rating and set a $44.00 price objective for the company in a research report on Friday, August 2nd. Finally, BidaskClub cut PC Connection from a buy rating to a hold rating in a research report on Saturday, October 12th.

Shares of PC Connection stock traded up $0.62 during trading hours on Wednesday, hitting $39.42. 2,261 shares of the company were exchanged, compared to its average volume of 82,437. PC Connection has a 1 year low of $27.04 and a 1 year high of $42.49. The company has a current ratio of 2.35, a quick ratio of 1.80 and a debt-to-equity ratio of 0.02. The business has a 50-day moving average of $37.46 and a 200-day moving average of $35.65. The stock has a market capitalization of $1.02 billion, a price-to-earnings ratio of 16.56, a P/E/G ratio of 1.77 and a beta of 1.10.

PC Connection (NASDAQ:CNXN) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.89 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.70 by $0.19. The business had revenue of $741.10 million during the quarter, compared to analysts’ expectations of $719.44 million. PC Connection had a return on equity of 13.23% and a net margin of 2.61%. The company’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.68 earnings per share. As a group, research analysts anticipate that PC Connection will post 2.73 earnings per share for the current fiscal year.

Several hedge funds have recently made changes to their positions in CNXN. Wells Fargo & Company MN boosted its stake in shares of PC Connection by 61.9% during the second quarter. Wells Fargo & Company MN now owns 273,322 shares of the company’s stock valued at $9,561,000 after acquiring an additional 104,482 shares during the last quarter. AQR Capital Management LLC boosted its stake in PC Connection by 72.0% in the 2nd quarter. AQR Capital Management LLC now owns 243,496 shares of the company’s stock worth $8,517,000 after buying an additional 101,914 shares during the last quarter. BlackRock Inc. boosted its stake in PC Connection by 7.2% in the 2nd quarter. BlackRock Inc. now owns 1,059,321 shares of the company’s stock worth $37,056,000 after buying an additional 71,194 shares during the last quarter. Municipal Employees Retirement System of Michigan acquired a new stake in PC Connection in the 2nd quarter worth about $1,504,000. Finally, Denali Advisors LLC boosted its stake in PC Connection by 138.1% in the 3rd quarter. Denali Advisors LLC now owns 56,019 shares of the company’s stock worth $2,179,000 after buying an additional 32,487 shares during the last quarter. Institutional investors and hedge funds own 41.29% 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.

Read More: What does a hold rating mean?

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