PC Connection (NASDAQ:CNXN) Downgraded by ValuEngine

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PC Connection (NASDAQ:CNXN) was downgraded by investment analysts at ValuEngine from a “hold” rating to a “sell” rating in a research note issued to investors on Monday, ValuEngine reports.

Other research analysts also recently issued research reports about the stock. Sidoti raised shares of PC Connection from a “neutral” rating to a “buy” rating and set a $44.00 target price on the stock in a research report on Friday, August 2nd. Zacks Investment Research downgraded shares of PC Connection from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. Finally, BidaskClub downgraded shares of PC Connection from a “buy” rating to a “hold” rating in a research report on Saturday, October 12th.

CNXN traded up $0.54 on Monday, reaching $40.64. 91,615 shares of the company traded hands, compared to its average volume of 83,505. PC Connection has a one year low of $27.04 and a one year high of $42.49. The firm has a fifty day simple moving average of $37.97 and a two-hundred day simple moving average of $35.73. The company has a market cap of $1.04 billion, a P/E ratio of 17.15, a price-to-earnings-growth ratio of 1.81 and a beta of 1.10. The company has a quick ratio of 1.80, a current ratio of 2.35 and a debt-to-equity ratio of 0.02.

PC Connection (NASDAQ:CNXN) last posted its earnings results on Thursday, August 1st. The company reported $0.89 EPS for the quarter, beating analysts’ consensus estimates of $0.70 by $0.19. The business had revenue of $741.10 million for the quarter, compared to the consensus estimate of $719.44 million. PC Connection had a net margin of 2.61% and a return on equity of 13.23%. The company’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.68 EPS. On average, equities analysts forecast that PC Connection will post 2.73 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently bought and sold shares of CNXN. Nordea Investment Management AB increased its position in PC Connection by 3.5% during the 1st quarter. Nordea Investment Management AB now owns 68,700 shares of the company’s stock valued at $2,519,000 after purchasing an additional 2,300 shares during the period. Denali Advisors LLC increased its position in PC Connection by 220.9% during the 2nd quarter. Denali Advisors LLC now owns 23,532 shares of the company’s stock valued at $823,000 after purchasing an additional 16,200 shares during the period. WINTON GROUP Ltd purchased a new position in PC Connection during the 2nd quarter valued at about $424,000. Tributary Capital Management LLC increased its position in PC Connection by 0.3% during the 2nd quarter. Tributary Capital Management LLC now owns 394,308 shares of the company’s stock valued at $13,793,000 after purchasing an additional 1,272 shares during the period. Finally, Nisa Investment Advisors LLC increased its position in PC Connection by 1,600.0% during the 2nd quarter. Nisa Investment Advisors LLC now owns 4,250 shares of the company’s stock valued at $149,000 after purchasing an additional 4,000 shares during the period. 41.20% 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.

Further Reading: Mutual funds are not immune from market timing

To view ValuEngine’s full report, visit ValuEngine’s official website.

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