PC Connection (NASDAQ:CNXN) Stock Passes Above 200-Day Moving Average - Here's What Happened

PC Connection, Inc. (NASDAQ:CNXN - Get Free Report) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $70.77 and traded as high as $71.65. PC Connection shares last traded at $71.21, with a volume of 71,275 shares trading hands.

Wall Street Analyst Weigh In

Separately, StockNews.com raised PC Connection from a "hold" rating to a "buy" rating in a research note on Thursday, November 28th.

PC Connection Price Performance

The stock has a 50 day moving average price of $71.40 and a two-hundred day moving average price of $70.77. The firm has a market capitalization of $1.90 billion, a price-to-earnings ratio of 21.23, a PEG ratio of 1.94 and a beta of 0.67.

PC Connection Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Tuesday, November 12th were paid a dividend of $0.10 per share. The ex-dividend date was Tuesday, November 12th. This represents a $0.40 annualized dividend and a yield of 0.55%. PC Connection's payout ratio is 11.73%.

Insider Buying and Selling

In related news, Director Negrini David Beffa sold 5,000 shares of the business's stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $70.00, for a total transaction of $350,000.00. Following the completion of the transaction, the director now directly owns 71,750 shares of the company's stock, valued at $5,022,500. The trade was a 6.51 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 56.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of CNXN. State Street Corp lifted its holdings in PC Connection by 7.4% during the 3rd quarter. State Street Corp now owns 495,611 shares of the company's stock worth $37,384,000 after buying an additional 34,248 shares during the last quarter. Geode Capital Management LLC lifted its holdings in PC Connection by 7.2% during the 3rd quarter. Geode Capital Management LLC now owns 346,130 shares of the company's stock worth $26,113,000 after buying an additional 23,358 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in PC Connection by 4.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 244,818 shares of the company's stock worth $18,467,000 after buying an additional 10,925 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in PC Connection by 34.0% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 139,892 shares of the company's stock worth $10,552,000 after buying an additional 35,505 shares during the last quarter. Finally, Millennium Management LLC lifted its holdings in shares of PC Connection by 108.0% in the 2nd quarter. Millennium Management LLC now owns 64,774 shares of the company's stock valued at $4,158,000 after purchasing an additional 33,626 shares during the last quarter. 42.85% of the stock is owned by institutional investors and hedge funds.

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.