PC Connection (NASDAQ:CNXN) Stock Price Down 0.8% – Here’s What Happened

PC Connection, Inc. (NASDAQ:CNXN)’s stock price traded down 0.8% on Thursday . The stock traded as low as $72.83 and last traded at $73.58. 9,819 shares changed hands during trading, a decline of 88% from the average session volume of 79,450 shares. The stock had previously closed at $74.14.

Wall Street Analysts Forecast Growth

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

PC Connection Trading Up 0.3 %

The firm has a 50-day simple moving average of $72.06 and a two-hundred day simple moving average of $69.57. The company has a market capitalization of $1.93 billion, a price-to-earnings ratio of 21.56, a price-to-earnings-growth ratio of 2.19 and a beta of 0.66.

PC Connection Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Tuesday, November 12th were given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.54%. The ex-dividend date was Tuesday, November 12th. PC Connection’s payout ratio is currently 11.73%.

Insiders Place Their Bets

In other news, Director Negrini David Beffa sold 5,000 shares of the company’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $70.00, for a total transaction of $350,000.00. Following the completion of the sale, the director now owns 71,750 shares in the company, valued at approximately $5,022,500. This represents a 6.51 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 56.90% of the company’s stock.

Institutional Trading of PC Connection

Several hedge funds have recently added to or reduced their stakes in CNXN. Point72 DIFC Ltd bought a new stake in PC Connection during the 3rd quarter valued at approximately $28,000. Signaturefd LLC boosted its stake in PC Connection by 328.1% during the 3rd quarter. Signaturefd LLC now owns 488 shares of the company’s stock valued at $37,000 after purchasing an additional 374 shares during the period. Innealta Capital LLC bought a new stake in PC Connection during the 2nd quarter valued at approximately $60,000. CWM LLC boosted its stake in PC Connection by 125.5% during the 3rd quarter. CWM LLC now owns 850 shares of the company’s stock valued at $64,000 after purchasing an additional 473 shares during the period. Finally, nVerses Capital LLC boosted its stake in PC Connection by 1,000.0% during the 3rd quarter. nVerses Capital LLC now owns 1,100 shares of the company’s stock valued at $83,000 after purchasing an additional 1,000 shares during the period. Institutional investors own 42.85% of the company’s stock.

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.