PC Connection (NASDAQ:CNXN) Shares Up 0.3% – Here’s Why

PC Connection, Inc. (NASDAQ:CNXN) shot up 0.3% during mid-day trading on Wednesday . The stock traded as high as $75.07 and last traded at $74.79. 6,549 shares traded hands during trading, a decline of 92% from the average session volume of 79,489 shares. The stock had previously closed at $74.53.

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 Stock Performance

The stock has a market cap of $1.95 billion, a price-to-earnings ratio of 21.93, a P/E/G ratio of 2.23 and a beta of 0.66. The business has a 50-day simple moving average of $72.15 and a two-hundred day simple moving average of $69.48.

PC Connection Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Tuesday, November 12th were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.54%. The ex-dividend date of this dividend was Tuesday, November 12th. PC Connection’s payout ratio is currently 11.73%.

Insider Activity at PC Connection

In other news, Director Negrini David Beffa sold 5,000 shares of PC Connection stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $70.00, for a total transaction of $350,000.00. Following 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 56.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On PC Connection

Several institutional investors have recently added to or reduced their stakes in CNXN. Point72 DIFC Ltd acquired a new position in PC Connection in the third quarter valued at approximately $28,000. Signaturefd LLC raised its position in shares of PC Connection by 328.1% during the third quarter. Signaturefd LLC now owns 488 shares of the company’s stock worth $37,000 after purchasing an additional 374 shares during the period. Innealta Capital LLC acquired a new position in shares of PC Connection during the second quarter worth approximately $60,000. CWM LLC raised its position in shares of PC Connection by 125.5% during the third quarter. CWM LLC now owns 850 shares of the company’s stock worth $64,000 after purchasing an additional 473 shares during the period. Finally, nVerses Capital LLC grew its holdings in PC Connection by 1,000.0% during the third quarter. nVerses Capital LLC now owns 1,100 shares of the company’s stock worth $83,000 after buying an additional 1,000 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.