StockNews.com Lowers PC Connection (NASDAQ:CNXN) to Buy

PC Connection (NASDAQ:CNXN) was downgraded by analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a note issued to investors on Wednesday.

PC Connection Trading Down 0.2 %

Shares of NASDAQ:CNXN opened at $69.50 on Wednesday. The company has a market capitalization of $1.83 billion, a price-to-earnings ratio of 22.28, a PEG ratio of 1.87 and a beta of 0.61. The business has a 50-day moving average price of $66.34 and a 200 day moving average price of $65.78. PC Connection has a 12-month low of $51.63 and a 12-month high of $76.39.

Insider Buying and Selling at PC Connection

In other PC Connection news, CEO Timothy J. Mcgrath sold 15,377 shares of PC Connection stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $70.18, for a total value of $1,079,157.86. Following the completion of the transaction, the chief executive officer now directly owns 277,691 shares of the company’s stock, valued at approximately $19,488,354.38. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 56.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On PC Connection

Institutional investors have recently bought and sold shares of the company. Innealta Capital LLC acquired a new position in shares of PC Connection during the second quarter worth about $60,000. Lazard Asset Management LLC grew its position in shares of PC Connection by 15,593.3% during the first quarter. Lazard Asset Management LLC now owns 2,354 shares of the company’s stock worth $155,000 after buying an additional 2,339 shares in the last quarter. Acadian Asset Management LLC acquired a new position in shares of PC Connection during the first quarter worth about $281,000. Truist Financial Corp acquired a new position in shares of PC Connection during the fourth quarter worth about $352,000. Finally, Squarepoint Ops LLC grew its position in shares of PC Connection by 18.5% during the second quarter. Squarepoint Ops LLC now owns 5,638 shares of the company’s stock worth $362,000 after buying an additional 880 shares in the last quarter. 42.85% of the stock is owned by institutional investors and hedge funds.

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.