GTT Communications (NYSE:GTT) Cut to “Market Perform” at Raymond James

Raymond James downgraded shares of GTT Communications (NYSE:GTT) from an outperform rating to a market perform rating in a research report released on Monday morning, 24/7 WallStreet reports. They currently have $11.50 price objective on the technology company’s stock.

Several other equities analysts have also issued reports on GTT. Cowen lowered their target price on shares of GTT Communications from $37.00 to $21.00 and set an outperform rating for the company in a report on Friday, August 9th. SunTrust Banks lowered their target price on shares of GTT Communications from $42.00 to $9.00 and set a buy rating for the company in a report on Friday, August 9th. ValuEngine upgraded shares of GTT Communications from a sell rating to a hold rating in a report on Thursday, August 1st. Oppenheimer lowered their target price on shares of GTT Communications from $42.00 to $12.00 and set an outperform rating for the company in a report on Friday, August 9th. Finally, Zacks Investment Research lowered shares of GTT Communications from a buy rating to a hold rating in a report on Tuesday, May 7th. Five analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock currently has an average rating of Hold and an average target price of $29.31.

GTT Communications stock opened at $7.96 on Monday. The stock’s 50 day simple moving average is $13.63 and its two-hundred day simple moving average is $26.66. The company has a debt-to-equity ratio of 9.77, a quick ratio of 0.60 and a current ratio of 0.60. The stock has a market cap of $457.09 million, a price-to-earnings ratio of -5.01 and a beta of 1.56. GTT Communications has a fifty-two week low of $4.90 and a fifty-two week high of $47.20.

GTT Communications (NYSE:GTT) last posted its quarterly earnings data on Thursday, August 8th. The technology company reported ($0.59) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.04) by ($0.55). The firm had revenue of $433.80 million for the quarter, compared to the consensus estimate of $447.66 million. GTT Communications had a negative net margin of 7.66% and a negative return on equity of 12.53%. The business’s revenue was up 32.7% compared to the same quarter last year. During the same period in the previous year, the firm posted ($2.83) earnings per share. On average, analysts predict that GTT Communications will post -1.19 earnings per share for the current year.

In related news, General Counsel Chris Mckee sold 954 shares of the business’s stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $26.75, for a total value of $25,519.50. Following the completion of the transaction, the general counsel now directly owns 484,545 shares in the company, valued at approximately $12,961,578.75. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Richard Calder sold 1,533 shares of the business’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $26.75, for a total transaction of $41,007.75. Following the completion of the transaction, the insider now owns 1,333,527 shares of the company’s stock, valued at $35,671,847.25. The disclosure for this sale can be found here. Over the last quarter, insiders have bought 1,087,840 shares of company stock valued at $9,866,424 and have sold 23,789 shares valued at $424,266. 40.84% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in GTT. AlphaOne Investment Services LLC raised its holdings in GTT Communications by 67.6% in the 1st quarter. AlphaOne Investment Services LLC now owns 2,900 shares of the technology company’s stock worth $101,000 after acquiring an additional 1,170 shares during the last quarter. Athena Capital Advisors LLC purchased a new position in GTT Communications in the 2nd quarter worth approximately $189,000. First Business Financial Services Inc. purchased a new position in GTT Communications in the 2nd quarter worth approximately $222,000. Balyasny Asset Management LLC purchased a new position in GTT Communications in the 2nd quarter worth approximately $277,000. Finally, Bessemer Group Inc. raised its holdings in GTT Communications by 42.6% in the 2nd quarter. Bessemer Group Inc. now owns 16,735 shares of the technology company’s stock worth $295,000 after acquiring an additional 5,000 shares during the last quarter. Institutional investors own 86.62% of the company’s stock.

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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