PC Connection (CNXN) Updates Q3 Earnings Guidance

PC Connection (NASDAQ:CNXN) updated its third quarter earnings guidance on Thursday. The company provided earnings per share guidance of $0.49-0.51 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.67. The company issued revenue guidance of $657-659 million, compared to the consensus revenue estimate of $701.42 million.

Several research firms have recently commented on CNXN. BidaskClub raised PC Connection from a hold rating to a buy rating in a research note on Tuesday, June 26th. ValuEngine raised PC Connection from a hold rating to a buy rating in a research note on Friday, June 22nd. Zacks Investment Research cut PC Connection from a buy rating to a hold rating in a research note on Wednesday, July 4th. Sidoti cut PC Connection from a buy rating to a neutral rating in a research note on Monday, July 16th. Finally, Roth Capital set a $40.00 target price on PC Connection and gave the company a buy rating in a research note on Friday, August 3rd. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. PC Connection currently has a consensus rating of Buy and a consensus target price of $36.50.

Shares of PC Connection stock traded down $0.36 during trading on Thursday, reaching $37.46. 54,800 shares of the company were exchanged, compared to its average volume of 55,295. PC Connection has a twelve month low of $22.66 and a twelve month high of $43.05. The stock has a market cap of $1.04 billion, a PE ratio of 20.36, a price-to-earnings-growth ratio of 1.94 and a beta of 1.35.

PC Connection (NASDAQ:CNXN) last announced its quarterly earnings data on Thursday, August 2nd. The company reported $0.68 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.05. PC Connection had a return on equity of 11.73% and a net margin of 2.24%. The business had revenue of $706.57 million during the quarter, compared to analysts’ expectations of $696.68 million. During the same period in the previous year, the firm earned $0.51 earnings per share. The firm’s quarterly revenue was down 5.8% compared to the same quarter last year. As a group, research analysts predict that PC Connection will post 2.51 earnings per share for the current fiscal year.

In other PC Connection news, Director Negrini David Beffa sold 6,523 shares of the business’s stock in a transaction dated Monday, August 13th. The stock was sold at an average price of $37.14, for a total value of $242,264.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Barbara Duckett sold 2,000 shares of the business’s stock in a transaction dated Friday, September 14th. The shares were sold at an average price of $41.46, for a total value of $82,920.00. Following the completion of the transaction, the director now directly owns 12,877 shares of the company’s stock, valued at $533,880.42. The disclosure for this sale can be found here. 57.10% of the stock is owned by insiders.

An institutional investor recently raised its position in PC Connection stock. Bank of New York Mellon Corp raised its holdings in PC Connection, Inc. (NASDAQ:CNXN) by 2.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 82,800 shares of the company’s stock after acquiring an additional 1,783 shares during the period. Bank of New York Mellon Corp owned about 0.31% of PC Connection worth $2,749,000 as of its most recent filing with the Securities and Exchange Commission. 41.31% of the stock is owned by 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.

Read More: Earnings Per Share (EPS) Explained

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