StockNews.com Downgrades PC Connection (NASDAQ:CNXN) to Hold

PC Connection (NASDAQ:CNXN) was downgraded by research analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued on Wednesday.

PC Connection Price Performance

Shares of CNXN stock traded up $0.49 during trading hours on Wednesday, hitting $70.38. The stock had a trading volume of 59,331 shares, compared to its average volume of 80,429. The firm has a market capitalization of $1.85 billion, a PE ratio of 20.64, a PEG ratio of 2.07 and a beta of 0.63. The stock’s 50 day moving average is $72.28 and its 200 day moving average is $68.95. PC Connection has a twelve month low of $57.47 and a twelve month high of $77.19.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of CNXN. Pacer Advisors Inc. lifted its holdings in shares of PC Connection by 23.6% during the second quarter. Pacer Advisors Inc. now owns 1,258,275 shares of the company’s stock worth $80,781,000 after purchasing an additional 240,312 shares during the period. Vanguard Group Inc. raised its position in PC Connection by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 1,040,881 shares of the company’s stock worth $68,625,000 after buying an additional 14,838 shares during the last quarter. State Street Corp lifted its position in PC Connection by 7.4% in the third quarter. State Street Corp now owns 495,611 shares of the company’s stock valued at $37,384,000 after purchasing an additional 34,248 shares during the period. Geode Capital Management LLC boosted its stake in shares of PC Connection by 7.2% in the third quarter. Geode Capital Management LLC now owns 346,130 shares of the company’s stock valued at $26,113,000 after buying an additional 23,358 shares in the last quarter. Finally, American Century Companies Inc. boosted its position in shares of PC Connection by 31.1% during the 2nd quarter. American Century Companies Inc. now owns 262,993 shares of the company’s stock worth $16,884,000 after purchasing an additional 62,398 shares in the last quarter. 42.85% of the stock is currently owned by hedge funds and other institutional investors.

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.