PC Connection (NASDAQ:CNXN) Trading Down 7.1% Following Weak Earnings

PC Connection, Inc. (NASDAQ:CNXN) shares fell 7.1% during mid-day trading on Thursday after the company announced weaker than expected quarterly earnings. The company traded as low as $70.44 and last traded at $66.63. 1,042 shares were traded during trading, a decline of 98% from the average session volume of 66,386 shares. The stock had previously closed at $71.73.

The company reported $0.78 earnings per share for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.12). PC Connection had a net margin of 3.23% and a return on equity of 10.30%. During the same period in the previous year, the business posted $0.90 earnings per share.

Analysts Set New Price Targets

Separately, StockNews.com raised PC Connection from a “hold” rating to a “buy” rating in a report on Thursday, November 28th.

Insider Activity at PC Connection

In other news, Director Negrini David Beffa sold 5,000 shares of the firm’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $70.00, for a total value of $350,000.00. Following the completion of the transaction, the director now owns 71,750 shares in the company, valued at $5,022,500. This trade represents a 6.51 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 56.50% of the company’s stock.

Institutional Investors Weigh In On PC Connection

A number of large investors have recently added to or reduced their stakes in the business. Point72 DIFC Ltd acquired a new position in PC Connection during the third quarter worth about $28,000. Signaturefd LLC raised its position in shares of PC Connection by 328.1% during the 3rd quarter. Signaturefd LLC now owns 488 shares of the company’s stock worth $37,000 after purchasing an additional 374 shares during the last quarter. CWM LLC raised its position in shares of PC Connection by 125.5% during the 3rd quarter. CWM LLC now owns 850 shares of the company’s stock worth $64,000 after purchasing an additional 473 shares during the last quarter. nVerses Capital LLC lifted its stake in PC Connection by 1,000.0% in the 3rd quarter. nVerses Capital LLC now owns 1,100 shares of the company’s stock valued at $83,000 after buying an additional 1,000 shares in the last quarter. Finally, Intech Investment Management LLC acquired a new stake in PC Connection during the 3rd quarter valued at $243,000. 42.85% of the stock is owned by institutional investors and hedge funds.

PC Connection Price Performance

The company has a market cap of $1.71 billion, a PE ratio of 19.10, a P/E/G ratio of 2.07 and a beta of 0.67. The firm has a 50-day simple moving average of $71.67 and a two-hundred day simple moving average of $71.43.

About PC Connection

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.