Allspring Global Investments Holdings LLC Acquires 35,358 Shares of PC Connection, Inc. $CNXN

Allspring Global Investments Holdings LLC grew its position in shares of PC Connection, Inc. (NASDAQ:CNXN - Free Report) by 137.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 61,038 shares of the company's stock after buying an additional 35,358 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.24% of PC Connection worth $3,661,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CNXN. Amundi bought a new position in shares of PC Connection during the first quarter worth $519,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in PC Connection by 4.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,900 shares of the company's stock worth $431,000 after acquiring an additional 312 shares in the last quarter. Millennium Management LLC increased 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 valued at $7,193,000 after purchasing an additional 57,257 shares during the last quarter. Invesco Ltd. increased its position in PC Connection by 2.4% during the second quarter. Invesco Ltd. now owns 179,487 shares of the company's stock valued at $11,807,000 after acquiring an additional 4,146 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its position in PC Connection by 625.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 580 shares of the company's stock worth $38,000 after purchasing an additional 500 shares during the period. Institutional investors own 42.85% of the company's stock.

PC Connection Trading Up 1.5%

NASDAQ:CNXN opened at $81.23 on Friday. The stock has a fifty day moving average price of $72.44 and a 200 day moving average price of $65.07. The firm has a market cap of $2.05 billion, a PE ratio of 23.61, a price-to-earnings-growth ratio of 2.04 and a beta of 0.88. PC Connection, Inc. has a 12-month low of $54.97 and a 12-month high of $82.38.

PC Connection (NASDAQ:CNXN - Get Free Report) last released its quarterly earnings data on Wednesday, April 29th. The company reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.15. PC Connection had a net margin of 3.02% and a return on equity of 10.17%. The company had revenue of $721.87 million during the quarter, compared to the consensus estimate of $696.09 million. Equities analysts forecast that PC Connection, Inc. will post 3.93 EPS for the current year.

PC Connection Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Tuesday, May 12th were given a $0.20 dividend. The ex-dividend date was Tuesday, May 12th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.0%. PC Connection's dividend payout ratio (DPR) is currently 23.26%.

Insiders Place Their Bets

In other news, Chairman Patricia Gallup sold 7,384 shares of the firm's stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $71.91, for a total transaction of $530,983.44. Following the sale, the chairman owned 7,027,747 shares in the company, valued at $505,365,286.77. This trade represents a 0.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders sold a total of 28,592 shares of company stock worth $2,048,512 over the last ninety days. Company insiders own 56.60% of the company's stock.

Analysts Set New Price Targets

A number of research firms have weighed in on CNXN. Weiss Ratings upgraded PC Connection from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday, June 3rd. Wall Street Zen upgraded PC Connection from a "hold" rating to a "buy" rating in a research note on Saturday, May 2nd. One analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy".

PC Connection Profile

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.

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