Wall Street Zen Upgrades PC Connection (NASDAQ:CNXN) to "Buy"

Key Points

• Wall Street Zen upgraded PC Connection (NASDAQ:CNXN) from a "hold" to a "buy" in a research note issued Saturday.
• The company posted an EPS beat, reporting $0.77 per share versus a $0.62 consensus and $721.9M in revenue versus $696.1M expected, and analysts forecast about $3.86 in EPS for the current fiscal year.
• Shares trade near $64.30 with a $1.62B market cap and a P/E of 18.7 (50‑ and 200‑day SMAs ~$61.0/$60.1); several institutional investors increased holdings recently and institutions own roughly 42.85% of the stock.

PC Connection (NASDAQ:CNXN - Get Free Report) was upgraded by Wall Street Zen from a "hold" rating to a "buy" rating in a research note issued to investors on Saturday.

PC Connection Stock Performance

Shares of NASDAQ:CNXN opened at $64.30 on Friday. The business's 50 day simple moving average is $61.02 and its two-hundred day simple moving average is $60.14. The firm has a market cap of $1.62 billion, a P/E ratio of 18.69, a PEG ratio of 1.65 and a beta of 0.86. PC Connection has a 52-week low of $54.97 and a 52-week high of $71.17.

PC Connection (NASDAQ:CNXN - Get Free Report) last announced its quarterly earnings results on Wednesday, April 29th. The company reported $0.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.15. The business had revenue of $721.87 million for the quarter, compared to analyst estimates of $696.09 million. PC Connection had a return on equity of 10.17% and a net margin of 3.02%. On average, equities analysts forecast that PC Connection will post 3.86 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. Fifth Third Bancorp lifted its holdings in shares of PC Connection by 1,551.2% in the first quarter. Fifth Third Bancorp now owns 2,675 shares of the company's stock valued at $156,000 after purchasing an additional 2,513 shares in the last quarter. Moran Wealth Management LLC lifted its holdings in shares of PC Connection by 27.0% in the first quarter. Moran Wealth Management LLC now owns 34,942 shares of the company's stock valued at $2,043,000 after purchasing an additional 7,427 shares in the last quarter. Louisiana State Employees Retirement System bought a new position in shares of PC Connection in the first quarter valued at approximately $292,000. OP Asset Management Ltd bought a new position in shares of PC Connection in the first quarter valued at approximately $686,000. Finally, SG Americas Securities LLC lifted its holdings in shares of PC Connection by 115.5% in the first quarter. SG Americas Securities LLC now owns 61,407 shares of the company's stock valued at $3,590,000 after purchasing an additional 32,912 shares in the last quarter. Institutional investors own 42.85% of the company's stock.

About PC Connection

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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