PC Connection (NASDAQ:CNXN) Rating Lowered to “Hold” at StockNews.com

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

PC Connection Price Performance

NASDAQ:CNXN opened at $71.68 on Wednesday. The company has a market cap of $1.88 billion, a price-to-earnings ratio of 21.02, a PEG ratio of 2.06 and a beta of 0.63. The stock’s 50 day simple moving average is $72.28 and its two-hundred day simple moving average is $68.95. PC Connection has a 1 year low of $57.47 and a 1 year high of $77.19.

Hedge Funds Weigh In On PC Connection

A number of institutional investors have recently modified their holdings of CNXN. Martingale Asset Management L P increased its holdings in PC Connection by 0.4% during the 3rd quarter. Martingale Asset Management L P now owns 37,098 shares of the company’s stock worth $2,798,000 after purchasing an additional 140 shares during the period. Amalgamated Bank increased its stake in shares of PC Connection by 4.6% during the third quarter. Amalgamated Bank now owns 3,521 shares of the company’s stock valued at $266,000 after buying an additional 154 shares during the period. New York State Teachers Retirement System raised its holdings in shares of PC Connection by 4.9% in the third quarter. New York State Teachers Retirement System now owns 4,613 shares of the company’s stock valued at $348,000 after acquiring an additional 216 shares in the last quarter. Louisiana State Employees Retirement System lifted its stake in PC Connection by 5.3% in the third quarter. Louisiana State Employees Retirement System now owns 6,000 shares of the company’s stock worth $453,000 after acquiring an additional 300 shares during the period. Finally, Point72 DIFC Ltd purchased a new position in PC Connection during the 3rd quarter valued at about $28,000. 42.85% of the stock is owned by hedge funds and other institutional investors.

About PC Connection

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.