PC Connection, Inc. (NASDAQ:CNXN) Shares Purchased by Wells Fargo & Company MN
Wells Fargo & Company MN boosted its position in PC Connection, Inc. (NASDAQ:CNXN) by 61.9% in the 2nd quarter, HoldingsChannel reports. The firm owned 273,322 shares of the company’s stock after purchasing an additional 104,482 shares during the period. Wells Fargo & Company MN’s holdings in PC Connection were worth $9,561,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in the stock. Strs Ohio grew its holdings in shares of PC Connection by 5.2% during the 2nd quarter. Strs Ohio now owns 18,300 shares of the company’s stock worth $640,000 after purchasing an additional 900 shares during the period. New York State Teachers Retirement System purchased a new position in PC Connection in the 1st quarter worth approximately $37,000. Globeflex Capital L P boosted its holdings in PC Connection by 17.1% in the 1st quarter. Globeflex Capital L P now owns 7,726 shares of the company’s stock worth $283,000 after acquiring an additional 1,126 shares during the period. Tributary Capital Management LLC boosted its holdings in PC Connection by 0.3% in the 2nd quarter. Tributary Capital Management LLC now owns 394,308 shares of the company’s stock worth $13,793,000 after acquiring an additional 1,272 shares during the period. Finally, O Shaughnessy Asset Management LLC boosted its holdings in PC Connection by 249.8% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 2,487 shares of the company’s stock worth $91,000 after acquiring an additional 1,776 shares during the period. 41.29% of the stock is owned by hedge funds and other institutional investors.
A number of equities analysts have weighed in on the company. ValuEngine cut PC Connection from a “hold” rating to a “sell” rating in a report on Thursday, August 1st. BidaskClub cut PC Connection from a “hold” rating to a “sell” rating in a report on Friday, August 16th. Zacks Investment Research upgraded PC Connection from a “hold” rating to a “strong-buy” rating and set a $46.00 price target for the company in a report on Monday, August 5th. Finally, Sidoti upgraded PC Connection from a “neutral” rating to a “buy” rating and set a $44.00 price target for the company in a report on Friday, August 2nd.
PC Connection (NASDAQ:CNXN) last released its earnings results on Thursday, August 1st. The company reported $0.89 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.70 by $0.19. The company had revenue of $741.10 million during the quarter, compared to analysts’ expectations of $719.44 million. PC Connection had a return on equity of 13.23% and a net margin of 2.61%. The business’s revenue was up 4.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.68 EPS. As a group, sell-side analysts expect that PC Connection, Inc. will post 2.73 EPS for the current fiscal year.
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.
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