PC Connection (NASDAQ:CNXN) Stock Passes Above Two Hundred Day Moving Average – Here’s Why

PC Connection, Inc. (NASDAQ:CNXN)’s share price crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $62.08 and traded as high as $71.18. PC Connection shares last traded at $69.64, with a volume of 128,816 shares traded.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Wall Street Zen upgraded shares of PC Connection from a “hold” rating to a “buy” rating in a research note on Saturday, May 2nd. Weiss Ratings upgraded shares of PC Connection from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, June 3rd. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy”.

PC Connection Price Performance

The firm has a fifty day simple moving average of $66.66 and a 200-day simple moving average of $62.17. The firm has a market cap of $1.78 billion, a P/E ratio of 20.51, a price-to-earnings-growth ratio of 1.77 and a beta of 0.88.

PC Connection (NASDAQ:CNXN) last posted its earnings results on Wednesday, April 29th. The company reported $0.77 EPS for the quarter, topping the consensus estimate of $0.62 by $0.15. The company had revenue of $721.87 million during the quarter, compared to the consensus estimate of $696.09 million. PC Connection had a net margin of 3.02% and a return on equity of 10.17%. On average, equities analysts predict that PC Connection, Inc. will post 3.93 earnings per share for the current year.

PC Connection Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Tuesday, May 12th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date was Tuesday, May 12th. PC Connection’s dividend payout ratio (DPR) is currently 23.26%.

Insider Activity

In related news, Chairman Patricia Gallup sold 7,384 shares of the company’s stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $71.91, for a total transaction of $530,983.44. Following the completion of the sale, the chairman owned 7,027,747 shares in the company, valued at approximately $505,365,286.77. This represents a 0.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 56.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On PC Connection

A number of hedge funds have recently bought and sold shares of the company. Qube Research & Technologies Ltd raised its holdings in shares of PC Connection by 71.3% in the third quarter. Qube Research & Technologies Ltd now owns 165,573 shares of the company’s stock valued at $10,264,000 after purchasing an additional 68,906 shares during the last quarter. UBS Group AG grew its position in PC Connection by 189.9% in the 4th quarter. UBS Group AG now owns 89,814 shares of the company’s stock worth $5,188,000 after purchasing an additional 58,831 shares in the last quarter. Millennium Management LLC grew its position in PC Connection by 98.8% in the 1st quarter. Millennium Management LLC now owns 115,237 shares of the company’s stock worth $7,193,000 after purchasing an additional 57,257 shares in the last quarter. Invesco Ltd. increased its stake in PC Connection by 22.1% in the 4th quarter. Invesco Ltd. now owns 219,220 shares of the company’s stock valued at $12,662,000 after buying an additional 39,716 shares during the last quarter. Finally, Engineers Gate Manager LP purchased a new stake in PC Connection in the 2nd quarter valued at about $2,585,000. 42.85% of the stock is owned by hedge funds and other institutional investors.

PC Connection Company Profile

PC Connection, Inc (NASDAQ: CNXN), now operating under the trade name Connection, is a value-added provider of information technology solutions founded in 1982 and headquartered in Merrimack, New Hampshire. The company offers a broad portfolio of hardware and software products sourced from leading technology vendors, alongside professional services designed to help organizations design, deploy and maintain IT environments.

Connection’s product offerings encompass desktop and notebook computers, servers and storage systems, networking and cybersecurity solutions, as well as cloud and virtualization technologies.