PC Connection (NASDAQ:CNXN) Downgraded to “Buy” Rating by StockNews.com

PC Connection (NASDAQ:CNXN) was downgraded by equities researchers at StockNews.com from a “strong-buy” rating to a “buy” rating in a research report issued on Friday.

PC Connection Price Performance

CNXN opened at $69.06 on Friday. PC Connection has a fifty-two week low of $56.82 and a fifty-two week high of $77.19. The company’s 50-day moving average is $62.28 and its 200 day moving average is $67.37. The firm has a market capitalization of $1.75 billion, a P/E ratio of 20.99, a PEG ratio of 1.96 and a beta of 0.67.

PC Connection (NASDAQ:CNXN) last announced its earnings results on Wednesday, April 30th. The company reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.42 by $0.18. The firm had revenue of $701.05 million for the quarter, compared to the consensus estimate of $646.37 million. PC Connection had a return on equity of 9.74% and a net margin of 3.11%. On average, equities research analysts expect that PC Connection will post 3.33 earnings per share for the current year.

Hedge Funds Weigh In On PC Connection

A number of hedge funds and other institutional investors have recently made changes to their positions in CNXN. Vanguard Group Inc. raised its position in PC Connection by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 1,118,289 shares of the company’s stock worth $77,464,000 after acquiring an additional 8,723 shares during the period. Barclays PLC raised its holdings in shares of PC Connection by 178.7% in the 3rd quarter. Barclays PLC now owns 36,002 shares of the company’s stock worth $2,717,000 after purchasing an additional 23,084 shares during the period. Magnetar Financial LLC bought a new stake in shares of PC Connection in the 4th quarter worth approximately $448,000. JPMorgan Chase & Co. lifted its stake in PC Connection by 59.3% in the third quarter. JPMorgan Chase & Co. now owns 33,870 shares of the company’s stock valued at $2,555,000 after purchasing an additional 12,608 shares during the last quarter. Finally, KLP Kapitalforvaltning AS bought a new position in PC Connection during the fourth quarter valued at $436,000. 42.85% of the stock is owned by hedge funds and other institutional investors.

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.