PC Connection, Inc. (NASDAQ:CNXN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Monday. The brokerage currently has a $29.00 target price on the stock. Zacks Investment Research‘s price target indicates a potential upside of 12.40% from the stock’s current price.
According to Zacks, “PC Connection, Inc. is a direct marketer of brand-name personal computers and related peripherals, software, and networking products to business, education, government, and consumer end users located primarily in the United States. “
Separately, Roth Capital set a $33.00 price objective on shares of PC Connection and gave the stock a “buy” rating in a research report on Friday.
PC Connection (NASDAQ:CNXN) traded down 0.96% during mid-day trading on Monday, reaching $25.80. 60,575 shares of the company’s stock were exchanged. PC Connection has a 12 month low of $22.31 and a 12 month high of $30.48. The stock has a 50-day moving average of $26.46 and a 200-day moving average of $27.45. The firm has a market cap of $691.03 million, a price-to-earnings ratio of 14.58 and a beta of 1.64.
PC Connection (NASDAQ:CNXN) last released its quarterly earnings results on Thursday, July 27th. The company reported $0.53 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.50 by $0.03. PC Connection had a net margin of 1.66% and a return on equity of 11.53%. The firm had revenue of $749.79 million during the quarter, compared to the consensus estimate of $733.18 million. During the same quarter last year, the firm earned $0.49 earnings per share. The company’s revenue for the quarter was up 10.9% on a year-over-year basis. Analysts anticipate that PC Connection will post $1.93 earnings per share for the current year.
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Several large investors have recently bought and sold shares of CNXN. Dimensional Fund Advisors LP purchased a new stake in PC Connection during the first quarter valued at $66,560,000. Royce & Associates LP bought a new stake in PC Connection during the first quarter worth approximately $55,730,000. Vanguard Group Inc. bought a new stake in PC Connection during the first quarter worth approximately $14,873,000. Tributary Capital Management LLC boosted its stake in PC Connection by 68.2% in the second quarter. Tributary Capital Management LLC now owns 385,128 shares of the company’s stock worth $10,422,000 after buying an additional 156,106 shares during the last quarter. Finally, Fenimore Asset Management Inc. bought a new stake in PC Connection during the first quarter worth approximately $9,492,000. Institutional investors own 41.28% of the company’s stock.
About PC Connection
PC Connection, Inc is a provider of a range of information technology (IT) solutions. The Company conducts its business operations through three business segments: small- to medium-sized businesses (SMB), Large Account and Public Sector. The Company enables customers to design, enable, manage and service their IT environments.
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