Goldman Sachs Group Inc. raised its stake in PC Connection, Inc. (NASDAQ:CNXN) by 11.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 38,886 shares of the company’s stock after purchasing an additional 3,975 shares during the quarter. Goldman Sachs Group Inc. owned about 0.15% of PC Connection worth $1,052,000 at the end of the most recent quarter.
Other large investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. acquired a new stake in shares of PC Connection during the first quarter valued at about $14,873,000. Renaissance Technologies LLC acquired a new position in PC Connection in the first quarter worth about $5,374,000. Geode Capital Management LLC acquired a new position in PC Connection in the first quarter worth about $4,707,000. Tributary Capital Management LLC grew 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 purchasing an additional 156,106 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in PC Connection in the first quarter worth about $2,374,000. 41.63% of the stock is currently owned by institutional investors.
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A number of research firms recently commented on CNXN. ValuEngine downgraded PC Connection from a “buy” rating to a “hold” rating in a research note on Friday, November 10th. Zacks Investment Research downgraded PC Connection from a “hold” rating to a “sell” rating in a research note on Friday, October 20th. Finally, Roth Capital set a $33.00 target price on PC Connection and gave the company a “buy” rating in a research note on Friday, July 28th.
Shares of PC Connection, Inc. (NASDAQ:CNXN) opened at $26.08 on Wednesday. The firm has a market capitalization of $695.60, a P/E ratio of 14.18, a PEG ratio of 1.79 and a beta of 1.60. PC Connection, Inc. has a twelve month low of $23.52 and a twelve month high of $30.48.
PC Connection (NASDAQ:CNXN) last released its quarterly earnings results on Thursday, October 26th. The company reported $0.49 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.49. The company had revenue of $729.23 million for the quarter, compared to analysts’ expectations of $727.84 million. PC Connection had a return on equity of 10.84% and a net margin of 1.63%. The business’s revenue for the quarter was up 2.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.53 earnings per share. sell-side analysts predict that PC Connection, Inc. will post 1.81 earnings per share for the current fiscal year.
In related news, Director Negrini David Beffa sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $26.00, for a total transaction of $520,000.00. Following the sale, the director now owns 129,800 shares of the company’s stock, valued at $3,374,800. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 57.30% of the company’s stock.
PC Connection Company Profile
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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