PC Connection (NASDAQ:CNXN) Shares Gap Down – Here’s Why

Shares of PC Connection, Inc. (NASDAQ:CNXN) gapped down before the market opened on Friday . The stock had previously closed at $73.20, but opened at $71.20. PC Connection shares last traded at $72.78, with a volume of 1,081 shares.

Analysts Set New Price Targets

Separately, StockNews.com raised PC Connection from a “hold” rating to a “buy” rating in a report on Thursday, November 28th.

PC Connection Price Performance

The firm has a market cap of $1.96 billion, a PE ratio of 21.85, a PEG ratio of 2.01 and a beta of 0.67. The business has a 50-day moving average price of $71.71 and a two-hundred day moving average price of $71.20.

Insider Buying and Selling at PC Connection

In other news, Director Negrini David Beffa sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $70.00, for a total value of $350,000.00. Following the completion of the transaction, the director now owns 71,750 shares of the company’s stock, valued at $5,022,500. The trade was a 6.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 56.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On PC Connection

A number of institutional investors have recently added to or reduced their stakes in CNXN. Martingale Asset Management L P lifted its stake in shares of PC Connection by 0.4% during the third quarter. Martingale Asset Management L P now owns 37,098 shares of the company’s stock worth $2,798,000 after purchasing an additional 140 shares in the last quarter. Amalgamated Bank lifted its position in PC Connection by 4.6% during the 3rd quarter. Amalgamated Bank now owns 3,521 shares of the company’s stock worth $266,000 after acquiring an additional 154 shares in the last quarter. New York State Teachers Retirement System boosted its holdings in PC Connection by 4.9% in the 3rd quarter. New York State Teachers Retirement System now owns 4,613 shares of the company’s stock worth $348,000 after acquiring an additional 216 shares during the period. Rhumbline Advisers grew its position in PC Connection by 0.4% in the fourth quarter. Rhumbline Advisers now owns 85,432 shares of the company’s stock valued at $5,918,000 after acquiring an additional 298 shares in the last quarter. Finally, Louisiana State Employees Retirement System raised its stake in shares of PC Connection by 5.3% during the third quarter. Louisiana State Employees Retirement System now owns 6,000 shares of the company’s stock valued at $453,000 after purchasing an additional 300 shares during the period. Hedge funds and other institutional investors own 42.85% of the company’s stock.

About PC Connection

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.