GTT Communications Inc (GTT) Receives $39.67 Average PT from Brokerages

GTT Communications Inc (NYSE:GTT) has earned an average recommendation of “Buy” from the ten brokerages that are currently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $39.67.

Several equities analysts recently commented on GTT shares. ValuEngine downgraded shares of GTT Communications from a “buy” rating to a “hold” rating in a report on Tuesday, January 15th. BTIG Research downgraded shares of GTT Communications from a “buy” rating to a “neutral” rating in a report on Wednesday, May 8th. Zacks Investment Research downgraded shares of GTT Communications from a “buy” rating to a “hold” rating in a report on Tuesday, January 15th. Finally, KeyCorp cut their price target on shares of GTT Communications from $57.00 to $45.00 and set an “overweight” rating on the stock in a report on Friday, March 1st.

In other news, EVP Chris Mckee sold 1,720 shares of the company’s stock in a transaction that occurred on Monday, February 25th. The shares were sold at an average price of $32.43, for a total value of $55,779.60. Following the completion of the sale, the executive vice president now owns 466,644 shares of the company’s stock, valued at approximately $15,133,264.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Richard Calder sold 1,107 shares of the company’s stock in a transaction that occurred on Thursday, February 21st. The stock was sold at an average price of $31.06, for a total transaction of $34,383.42. Following the completion of the sale, the insider now directly owns 1,307,568 shares of the company’s stock, valued at approximately $40,613,062.08. The disclosure for this sale can be found here. Insiders sold a total of 27,421 shares of company stock valued at $986,980 in the last ninety days. Corporate insiders own 40.84% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in GTT. Spruce House Investment Management LLC lifted its position in shares of GTT Communications by 13.4% in the 4th quarter. Spruce House Investment Management LLC now owns 10,900,000 shares of the technology company’s stock worth $257,894,000 after purchasing an additional 1,287,933 shares during the period. MFN Partners Management LP purchased a new stake in GTT Communications during the fourth quarter valued at approximately $23,660,000. Vanguard Group Inc lifted its position in GTT Communications by 27.5% during the third quarter. Vanguard Group Inc now owns 3,777,509 shares of the technology company’s stock valued at $163,944,000 after acquiring an additional 814,417 shares during the last quarter. Vanguard Group Inc. lifted its position in GTT Communications by 27.5% during the third quarter. Vanguard Group Inc. now owns 3,777,509 shares of the technology company’s stock valued at $163,944,000 after acquiring an additional 814,417 shares during the last quarter. Finally, Nantahala Capital Management LLC lifted its position in GTT Communications by 318.9% during the fourth quarter. Nantahala Capital Management LLC now owns 886,581 shares of the technology company’s stock valued at $20,977,000 after acquiring an additional 674,923 shares during the last quarter. 85.37% of the stock is owned by hedge funds and other institutional investors.

NYSE:GTT traded down $0.60 during mid-day trading on Friday, hitting $27.02. 282,357 shares of the stock traded hands, compared to its average volume of 440,926. The company has a market capitalization of $1.52 billion, a price-to-earnings ratio of -16.99 and a beta of 1.50. GTT Communications has a 52 week low of $21.68 and a 52 week high of $52.45. The company has a current ratio of 0.60, a quick ratio of 0.62 and a debt-to-equity ratio of 9.77.

GTT Communications (NYSE:GTT) last issued its quarterly earnings results on Thursday, February 28th. The technology company reported ($0.22) EPS for the quarter, beating the consensus estimate of ($0.27) by $0.05. The company had revenue of $454.80 million for the quarter, compared to the consensus estimate of $453.79 million. GTT Communications had a negative net margin of 14.28% and a negative return on equity of 16.23%. As a group, equities analysts forecast that GTT Communications will post -0.35 EPS for the current fiscal year.

GTT Communications Company Profile

GTT Communications, Inc provides cloud networking services to multinational enterprises, carriers, and government customers in the United States, Europe, and internationally. The company offers private, public, and hybrid cloud network solutions; high bandwidth-Internet connectivity and IP transit, as well as broadband and wireless Internet access services; managed equipment, security, and hosting services; and voice services consisting of session initiation protocol trunking and hosted private branch exchange services.

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Analyst Recommendations for GTT Communications (NYSE:GTT)

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