PC Connection (NASDAQ:CNXN) Releases Earnings Results, Beats Estimates By $0.20 EPS

PC Connection (NASDAQ:CNXN) released its earnings results on Wednesday. The company reported $1.24 earnings per share for the quarter, beating the consensus estimate of $1.04 by $0.20, FiscalAI reports. PC Connection had a net margin of 3.21% and a return on equity of 10.90%. The business had revenue of $874.31 million during the quarter, compared to analysts’ expectations of $773.74 million.

PC Connection Stock Performance

Shares of NASDAQ CNXN traded down $2.12 during trading hours on Wednesday, reaching $86.46. 245,714 shares of the stock were exchanged, compared to its average volume of 118,556. PC Connection has a 52 week low of $54.97 and a 52 week high of $96.90. The firm has a market capitalization of $2.18 billion, a price-to-earnings ratio of 22.87, a P/E/G ratio of 2.12 and a beta of 0.81. The stock’s fifty day simple moving average is $86.29 and its 200 day simple moving average is $71.91.

Insider Buying and Selling at PC Connection

In related news, Director David Beffa-Negrini sold 5,000 shares of the stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $81.05, for a total value of $405,250.00. Following the completion of the transaction, the director owned 60,875 shares of the company’s stock, valued at $4,933,918.75. This represents a 7.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman Patricia Gallup sold 7,192 shares of the stock in a transaction dated Wednesday, October 21st. The shares were sold at an average price of $87.20, for a total value of $627,142.40. Following the completion of the transaction, the chairman owned 6,899,191 shares of the company’s stock, valued at $601,609,455.20. This represents a 0.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 62,136 shares of company stock worth $5,312,310. 56.60% of the stock is currently owned by insiders.

Analyst Ratings Changes

CNXN has been the topic of several analyst reports. Zacks Research lowered PC Connection from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 28th. Weiss Ratings upgraded shares of PC Connection from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, October 8th. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, PC Connection currently has an average rating of “Moderate Buy”.

PC Connection Company Profile

PC Connection, Inc is an information technology solutions provider that supplies technology products, services and expertise to businesses, government agencies, educational institutions and other organizations. The company helps customers plan, acquire, deploy and manage IT environments across workplace, data center, networking, security and cloud infrastructure.

Its offerings include computers, servers, storage systems, networking equipment, software, peripherals and related technology accessories.