PC Connection (NASDAQ:CNXN) Shares Gap Down – What’s Next?

PC Connection, Inc. (NASDAQ:CNXN) shares gapped down prior to trading 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 traded.

Analysts Set New Price Targets

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

PC Connection Trading Up 1.4 %

The firm has a fifty day moving average price of $71.73 and a 200 day moving average price of $71.29. The firm has a market capitalization of $1.95 billion, a price-to-earnings ratio of 21.77, a P/E/G ratio of 2.01 and a beta of 0.67.

Insider Buying and Selling

In other news, Director Negrini David Beffa sold 5,000 shares of PC Connection stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $70.00, for a total value of $350,000.00. Following the completion of the sale, the director now directly owns 71,750 shares of the company’s stock, valued at approximately $5,022,500. This trade represents a 6.51 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 56.90% of the stock is owned by corporate insiders.

Institutional Trading of PC Connection

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CNXN. Victory Capital Management Inc. boosted its stake in shares of PC Connection by 27.5% in the 3rd quarter. Victory Capital Management Inc. now owns 47,772 shares of the company’s stock valued at $3,603,000 after purchasing an additional 10,314 shares during the last quarter. GSA Capital Partners LLP bought a new position in PC Connection in the third quarter valued at approximately $591,000. Geode Capital Management LLC grew its holdings in PC Connection by 7.2% during the 3rd quarter. Geode Capital Management LLC now owns 346,130 shares of the company’s stock worth $26,113,000 after acquiring an additional 23,358 shares during the period. Millennium Management LLC grew its holdings in PC Connection by 108.0% during the 2nd quarter. Millennium Management LLC now owns 64,774 shares of the company’s stock worth $4,158,000 after acquiring an additional 33,626 shares during the period. Finally, Jane Street Group LLC raised its position in shares of PC Connection by 195.9% during the 3rd quarter. Jane Street Group LLC now owns 24,040 shares of the company’s stock valued at $1,813,000 after acquiring an additional 15,916 shares during the last quarter. 42.85% of the stock is currently owned by institutional investors and hedge funds.

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.