Zacks: Analysts Anticipate PC Connection, Inc. (CNXN) Will Post Quarterly Sales of $757.89 Million
Brokerages expect PC Connection, Inc. (NASDAQ:CNXN) to report sales of $757.89 million for the current fiscal quarter, Zacks reports. Two analysts have made estimates for PC Connection’s earnings, with estimates ranging from $751.37 million to $764.40 million. PC Connection posted sales of $708.49 million during the same quarter last year, which indicates a positive year-over-year growth rate of 7%. The business is expected to issue its next earnings results on Thursday, October 26th.
According to Zacks, analysts expect that PC Connection will report full year sales of $757.89 million for the current year, with estimates ranging from $2.93 billion to $2.95 billion. For the next financial year, analysts expect that the company will post sales of $3.06 billion per share, with estimates ranging from $3.03 billion to $3.09 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that cover PC Connection.
PC Connection (NASDAQ:CNXN) last announced its quarterly earnings data on Thursday, July 27th. The company reported $0.53 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.50 by $0.03. The firm had revenue of $749.79 million during the quarter, compared to analysts’ expectations of $733.18 million. PC Connection had a return on equity of 11.39% and a net margin of 1.66%. The company’s quarterly revenue was up 10.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.49 EPS.
A number of analysts have recently commented on the company. ValuEngine lowered PC Connection from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Zacks Investment Research downgraded PC Connection from a “buy” rating to a “hold” rating in a research report on Wednesday, September 27th. Finally, Roth Capital set a $33.00 price objective on PC Connection and gave the stock a “buy” rating in a research report on Friday, July 28th.
Shares of PC Connection (NASDAQ CNXN) opened at 28.54 on Thursday. The firm’s 50-day moving average price is $26.53 and its 200 day moving average price is $26.95. The company has a market capitalization of $764.42 million, a PE ratio of 16.13 and a beta of 1.68. PC Connection has a one year low of $22.31 and a one year high of $30.48.
In other news, Director Negrini David Beffa sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, September 12th. The stock was sold at an average price of $26.00, for a total transaction of $520,000.00. Following the completion of the transaction, the director now directly owns 129,800 shares in the company, valued at $3,374,800. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Timothy J. Mcgrath sold 26,122 shares of the firm’s stock in a transaction dated Friday, August 11th. The stock was sold at an average price of $25.82, for a total value of $674,470.04. Following the transaction, the chief executive officer now owns 224,907 shares of the company’s stock, valued at $5,807,098.74. The disclosure for this sale can be found here. 57.30% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently modified their holdings of the company. Bank of New York Mellon Corp bought a new position in shares of PC Connection during the first quarter worth about $2,374,000. Russell Investments Group Ltd. bought a new position in shares of PC Connection during the first quarter worth about $1,811,000. Morgan Stanley bought a new position in shares of PC Connection during the first quarter worth about $1,870,000. Swiss National Bank bought a new position in shares of PC Connection during the first quarter worth about $593,000. Finally, Kennedy Capital Management Inc. bought a new position in shares of PC Connection during the second quarter worth about $1,922,000. Institutional investors own 41.38% of the company’s stock.
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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