Patricia Gallup, who serves as both Chairman and Chief Administrative Officer at PC Connection Inc. (NASDAQ: CNXN), has completed a series of share sales amounting to $1,049,626. The transactions were facilitated through the David Hall Trust 2003, an irrevocable trust where Gallup acts as the sole trustee and primary beneficiary. The sales took place over two days, July 6 and July 7, 2026, with the weighted average purchase prices for the shares ranging between $72.17 and $74.11. This activity comes as CNXN trades close to its 52-week high of $75.30, a level reached after a substantial 29% price increase over the preceding six months.
The sales were carried out in accordance with a Rule 10b5-1 trading plan that the David Hall Trust 2003 adopted on March 9, 2026. On July 6, 2026, the trust liquidated 1,245 shares at a weighted average price of $72.17. These specific shares were sold across multiple transactions with individual prices varying from $71.60 to $72.58. Later that same day, an additional 5,897 shares were sold at a weighted average price of $73.00, with transaction prices falling between $72.70 and $73.26. The following day, July 7, 2026, the trust disposed of 7,142 shares at a weighted average price of $74.11, with prices for these transactions ranging from $73.46 to $74.45.
Following these dispositions, Gallup's indirect ownership through the David Hall Trust 2003 stands at 6,999,179 shares. Her direct ownership of CNXN common stock remains at 533,258 shares. Furthermore, Gallup maintains significant indirect interests through several other trusts where she serves as the sole trustee. These include 906,837 shares held via the Abbott Brook Trust, 275,000 shares through the North Branch Trust, 1,000,000 shares via the Comack Trust-B, 2,000,000 shares through the Abbott Brook Trust-B, and another 2,000,000 shares held in the Abbott Brook Trust II. Additionally, an indirect holding of 15,133 shares is associated with her spouse, though Gallup disclaims beneficial ownership of these securities except to the extent of her pecuniary interest therein.
The timing of these transactions follows a strong financial performance report from PC Connection for the first quarter of 2026. The company reported an earnings per share (EPS) of $0.77, significantly surpassing the anticipated $0.63. Revenue also exceeded market expectations, reaching $721.9 million compared to the forecasted $698.84 million. These results have been cited as evidence of robust operational execution and market confidence. Analysts have noted the company's ability to outperform projections, indicating a positive start to the year. The stock remained stable following the earnings release, reflecting investor satisfaction with the quarterly outcomes.