Wells Fargo & Company MN Has $1.34 Million Position in PC Connection, Inc. (CNXN)

Wells Fargo & Company MN trimmed its stake in shares of PC Connection, Inc. (NASDAQ:CNXN) by 53.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 49,530 shares of the company’s stock after selling 55,917 shares during the period. Wells Fargo & Company MN owned about 0.18% of PC Connection worth $1,340,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Rhumbline Advisers grew its holdings in PC Connection by 1.5% in the second quarter. Rhumbline Advisers now owns 13,774 shares of the company’s stock valued at $373,000 after purchasing an additional 205 shares during the period. Schwab Charles Investment Management Inc. grew its holdings in PC Connection by 0.7% in the second quarter. Schwab Charles Investment Management Inc. now owns 59,671 shares of the company’s stock valued at $1,615,000 after purchasing an additional 394 shares during the period. Bessemer Group Inc. grew its holdings in PC Connection by 2.5% in the second quarter. Bessemer Group Inc. now owns 24,900 shares of the company’s stock valued at $674,000 after purchasing an additional 600 shares during the period. Victory Capital Management Inc. grew its holdings in PC Connection by 17.6% in the second quarter. Victory Capital Management Inc. now owns 6,892 shares of the company’s stock valued at $186,000 after purchasing an additional 1,033 shares during the period. Finally, LSV Asset Management grew its holdings in PC Connection by 0.5% in the second quarter. LSV Asset Management now owns 239,600 shares of the company’s stock valued at $6,483,000 after purchasing an additional 1,205 shares during the period. 41.49% of the stock is currently owned by institutional investors.

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In related news, CEO Timothy J. Mcgrath sold 26,122 shares of the company’s stock in a transaction that occurred on Friday, August 11th. The stock was sold at an average price of $25.82, for a total value of $674,470.04. Following the sale, the chief executive officer now owns 224,907 shares in the company, valued at approximately $5,807,098.74. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Negrini David Beffa sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $26.00, for a total value of $520,000.00. Following the completion of the sale, the director now owns 129,800 shares in the company, valued at approximately $3,374,800. The disclosure for this sale can be found here. Corporate insiders own 57.30% of the company’s stock.

Shares of PC Connection, Inc. (NASDAQ CNXN) opened at 26.85 on Tuesday. PC Connection, Inc. has a one year low of $22.31 and a one year high of $30.48. The firm has a 50-day moving average price of $27.48 and a 200 day moving average price of $26.85. The firm has a market capitalization of $719.15 million, a price-to-earnings ratio of 15.18 and a beta of 1.68.

PC Connection (NASDAQ:CNXN) last issued its earnings results on Thursday, October 26th. The company reported $0.49 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.49. The business had revenue of $729.23 million during the quarter, compared to the consensus estimate of $727.84 million. PC Connection had a return on equity of 11.00% and a net margin of 1.63%. The company’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.53 EPS. Equities analysts forecast that PC Connection, Inc. will post $1.83 earnings per share for the current fiscal year.

Several brokerages have commented on CNXN. Zacks Investment Research lowered PC Connection from a “hold” rating to a “sell” rating in a report on Friday, October 20th. ValuEngine raised PC Connection from a “hold” rating to a “buy” rating in a report on Tuesday. Finally, Roth Capital set a $33.00 price objective on PC Connection and gave the company a “buy” rating in a report on Friday, July 28th.

PC Connection Company Profile

PC Connection, Inc is a provider of a range of information technology (IT) solutions. The Company conducts its business operations through three business segments: small- to medium-sized businesses (SMB), Large Account and Public Sector. The Company enables customers to design, enable, manage and service their IT environments.

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Institutional Ownership by Quarter for PC Connection (NASDAQ:CNXN)

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