Patricia Gallup Sells 7,142 Shares of PC Connection (NASDAQ:CNXN) Stock

PC Connection, Inc. (NASDAQ:CNXN) Chairman Patricia Gallup sold 7,142 shares of the firm’s stock in a transaction on Monday, July 6th. The shares were sold at an average price of $72.86, for a total value of $520,366.12. Following the sale, the chairman directly owned 7,006,321 shares of the company’s stock, valued at $510,480,548.06. This represents a 0.10% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Patricia Gallup also recently made the following trade(s):

• On Tuesday, June 23rd, Patricia Gallup sold 7,142 shares of PC Connection stock. The shares were sold at an average price of $69.73, for a total transaction of $498,011.66.
• On Tuesday, June 9th, Patricia Gallup sold 7,384 shares of PC Connection stock. The shares were sold at an average price of $71.91, for a total transaction of $530,983.44.
• On Monday, June 8th, Patricia Gallup sold 6,924 shares of PC Connection stock. The stock was sold at an average price of $72.09, for a total transaction of $499,151.16.

PC Connection Stock Performance

NASDAQ CNXN opened at $76.37 on Friday. The stock has a market cap of $1.93 billion, a PE ratio of 22.20, a P/E/G ratio of 1.91 and a beta of 0.88. The firm has a 50-day moving average of $69.26 and a 200-day moving average of $63.53. PC Connection, Inc. has a 52-week low of $54.97 and a 52-week high of $76.52.

PC Connection (NASDAQ:CNXN) last announced its quarterly earnings results on Wednesday, April 29th. The company reported $0.77 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.15. The business had revenue of $721.87 million for the quarter, compared to analyst estimates of $696.09 million. PC Connection had a net margin of 3.02% and a return on equity of 10.17%. As a group, analysts predict that PC Connection, Inc. will post 3.93 EPS for the current fiscal year.

PC Connection Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Tuesday, May 12th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date was Tuesday, May 12th. PC Connection’s dividend payout ratio is presently 23.26%.

Institutional Investors Weigh In On PC Connection

Several institutional investors and hedge funds have recently made changes to their positions in CNXN. Qube Research & Technologies Ltd increased its holdings in PC Connection by 71.3% in the third quarter. Qube Research & Technologies Ltd now owns 165,573 shares of the company’s stock worth $10,264,000 after purchasing an additional 68,906 shares in the last quarter. UBS Group AG boosted its holdings in shares of PC Connection by 189.9% during the 4th quarter. UBS Group AG now owns 89,814 shares of the company’s stock worth $5,188,000 after buying an additional 58,831 shares in the last quarter. Millennium Management LLC grew its position in shares of PC Connection by 98.8% during the 1st quarter. Millennium Management LLC now owns 115,237 shares of the company’s stock worth $7,193,000 after buying an additional 57,257 shares during the period. Invesco Ltd. increased its stake in shares of 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 acquiring an additional 39,716 shares in the last quarter. Finally, Engineers Gate Manager LP bought a new stake in shares of PC Connection in the 2nd quarter valued at $2,585,000. Institutional investors own 42.85% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on CNXN shares. Weiss Ratings raised shares of PC Connection from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, June 3rd. Wall Street Zen raised PC Connection from a “hold” rating to a “buy” rating in a report on Saturday, May 2nd. One research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy”.

About PC Connection

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.