Royce & Associates LP Sells 9,967 Shares of PC Connection, Inc. (NASDAQ:CNXN)

Key Points

• Royce & Associates LP reduced its holdings in PC Connection, Inc. by 12.4%, resulting in ownership of 70,265 shares valued at approximately $4.39 million.
• In the first quarter, other hedge funds have shown significant activity, with Farther Finance Advisors LLC increasing its holdings by 23,450% and GAMMA Investing LLC boosting its holdings by 333.4%.
• PC Connection's CEO and a director sold shares recently, leading to a 9.09% decrease and a 1.49% decrease in their respective ownerships.

Royce & Associates LP reduced its position in PC Connection, Inc. (NASDAQ:CNXN - Free Report) by 12.4% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 70,265 shares of the company's stock after selling 9,967 shares during the quarter. Royce & Associates LP owned approximately 0.27% of PC Connection worth $4,386,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. increased its stake in PC Connection by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 1,118,289 shares of the company's stock valued at $77,464,000 after purchasing an additional 8,723 shares in the last quarter. Geode Capital Management LLC raised its position in PC Connection by 2.4% during the fourth quarter. Geode Capital Management LLC now owns 354,459 shares of the company's stock valued at $24,558,000 after purchasing an additional 8,329 shares during the period. American Century Companies Inc. raised its holdings in shares of PC Connection by 1.0% in the fourth quarter. American Century Companies Inc. now owns 297,833 shares of the company's stock worth $20,631,000 after buying an additional 2,965 shares during the period. Invesco Ltd. increased its holdings in PC Connection by 8.2% during the 4th quarter. Invesco Ltd. now owns 268,455 shares of the company's stock worth $18,596,000 after purchasing an additional 20,383 shares during the period. Finally, GAMMA Investing LLC boosted its position in PC Connection by 26,952.8% during the 1st quarter. GAMMA Investing LLC now owns 135,264 shares of the company's stock valued at $8,443,000 after acquiring an additional 134,764 shares in the last quarter. Institutional investors own 42.85% of the company's stock.

Insider Buying and Selling at PC Connection

In related news, Director Jack L. Ferguson sold 1,000 shares of the firm's stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $66.32, for a total value of $66,320.00. Following the sale, the director owned 66,055 shares of the company's stock, valued at approximately $4,380,767.60. This trade represents a 1.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Timothy J. Mcgrath sold 5,440 shares of PC Connection stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $67.05, for a total value of $364,752.00. Following the transaction, the chief executive officer owned 260,387 shares in the company, valued at approximately $17,458,948.35. This trade represents a 2.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 33,005 shares of company stock worth $2,205,614 over the last 90 days. Company insiders own 55.20% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen cut PC Connection from a "strong-buy" rating to a "buy" rating in a research report on Friday, May 9th.

PC Connection Price Performance

Shares of NASDAQ:CNXN traded down $4.81 during midday trading on Thursday, hitting $59.22. The company had a trading volume of 58,138 shares, compared to its average volume of 104,859. The business's 50-day simple moving average is $65.60 and its 200-day simple moving average is $65.35. The stock has a market cap of $1.50 billion, a price-to-earnings ratio of 17.81, a price-to-earnings-growth ratio of 1.90 and a beta of 0.69. PC Connection, Inc. has a twelve month low of $56.72 and a twelve month high of $77.19.

PC Connection (NASDAQ:CNXN - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The company reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.91 by $0.06. The business had revenue of $759.69 million during the quarter, compared to analysts' expectations of $774.66 million. PC Connection had a return on equity of 9.95% and a net margin of 3.04%. As a group, sell-side analysts forecast that PC Connection, Inc. will post 3.33 EPS for the current year.

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.