PC Connection (NASDAQ:CNXN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Monday.
According to Zacks, “PC Connection, Inc. is a direct marketer of brand-name personal computers and related peripherals, software, and networking products to business, education, government, and consumer end users located primarily in the United States. “
CNXN has been the topic of a number of other research reports. ValuEngine lowered shares of PC Connection from a “buy” rating to a “hold” rating in a research note on Friday, November 10th. BidaskClub lowered shares of PC Connection from a “sell” rating to a “strong sell” rating in a research note on Thursday, January 25th.
In other PC Connection news, CEO Timothy J. Mcgrath sold 9,700 shares of the stock in a transaction that occurred on Monday, January 8th. The shares were sold at an average price of $26.85, for a total transaction of $260,445.00. Following the transaction, the chief executive officer now owns 207,207 shares in the company, valued at approximately $5,563,507.95. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Timothy J. Mcgrath sold 5,805 shares of the stock in a transaction that occurred on Tuesday, November 28th. The stock was sold at an average price of $26.85, for a total transaction of $155,864.25. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 16,628 shares of company stock worth $447,259. Company insiders own 57.30% of the company’s stock.
Several large investors have recently made changes to their positions in CNXN. Alliancebernstein L.P. acquired a new position in shares of PC Connection during the 2nd quarter worth approximately $262,000. First Trust Advisors LP acquired a new position in shares of PC Connection during the 3rd quarter worth approximately $263,000. The Manufacturers Life Insurance Company grew its position in shares of PC Connection by 8.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 9,874 shares of the company’s stock worth $268,000 after purchasing an additional 790 shares in the last quarter. California Public Employees Retirement System acquired a new position in shares of PC Connection during the 3rd quarter worth approximately $275,000. Finally, JPMorgan Chase & Co. grew its position in shares of PC Connection by 141.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 10,501 shares of the company’s stock worth $291,000 after purchasing an additional 6,157 shares in the last quarter. Hedge funds and other institutional investors own 40.90% 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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