GTT Communications (NYSE:GTT)‘s stock had its “buy” rating reissued by research analysts at Cowen in a research report issued on Friday, November 9th. They currently have a $54.00 price target on the technology company’s stock. Cowen’s target price would suggest a potential upside of 70.51% from the company’s current price.
Several other equities research analysts have also recently issued reports on the company. Zacks Investment Research cut GTT Communications from a “hold” rating to a “strong sell” rating in a research note on Friday, October 5th. BWS Financial assumed coverage on GTT Communications in a research note on Monday, August 6th. They issued a “sell” rating and a $5.00 price objective for the company. Raymond James reaffirmed a “buy” rating and issued a $53.00 price objective on shares of GTT Communications in a research note on Monday, August 20th. ValuEngine cut GTT Communications from a “strong-buy” rating to a “buy” rating in a research note on Monday, October 22nd. Finally, William Blair reaffirmed a “buy” rating on shares of GTT Communications in a research note on Monday, August 6th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and nine have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $49.80.
Shares of NYSE:GTT traded down $3.31 during midday trading on Friday, hitting $31.67. The company had a trading volume of 379,031 shares, compared to its average volume of 545,696. GTT Communications has a twelve month low of $30.24 and a twelve month high of $62.32. The company has a debt-to-equity ratio of 6.62, a quick ratio of 0.68 and a current ratio of 0.68. The stock has a market cap of $1.84 billion, a PE ratio of 131.96 and a beta of 1.13.
GTT Communications (NYSE:GTT) last posted its quarterly earnings results on Thursday, November 8th. The technology company reported ($0.43) EPS for the quarter, beating the consensus estimate of ($0.61) by $0.18. The firm had revenue of $448.60 million during the quarter, compared to analysts’ expectations of $456.19 million. GTT Communications had a negative return on equity of 13.27% and a negative net margin of 18.67%. The business’s revenue for the quarter was up 121.4% on a year-over-year basis. During the same quarter last year, the firm earned ($0.23) earnings per share. As a group, analysts predict that GTT Communications will post -1.12 earnings per share for the current fiscal year.
In other GTT Communications news, General Counsel Chris Mckee sold 7,000 shares of GTT Communications stock in a transaction dated Thursday, September 20th. The stock was sold at an average price of $45.00, for a total transaction of $315,000.00. Following the completion of the sale, the general counsel now directly owns 399,854 shares of the company’s stock, valued at approximately $17,993,430. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director H Brian Thompson purchased 1,200 shares of the firm’s stock in a transaction on Thursday, November 15th. The shares were acquired at an average cost of $32.71 per share, with a total value of $39,252.00. Following the completion of the acquisition, the director now directly owns 601,403 shares in the company, valued at $19,671,892.13. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 3,443,731 shares of company stock valued at $133,601,041. 23.01% of the stock is currently owned by company insiders.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Boston Financial Mangement LLC increased its position in GTT Communications by 9.9% in the 2nd quarter. Boston Financial Mangement LLC now owns 163,604 shares of the technology company’s stock valued at $7,362,000 after acquiring an additional 14,678 shares during the period. First Trust Advisors LP increased its position in GTT Communications by 11.4% in the 2nd quarter. First Trust Advisors LP now owns 68,559 shares of the technology company’s stock valued at $3,085,000 after acquiring an additional 7,031 shares during the period. Northern Trust Corp increased its position in GTT Communications by 11.2% in the 2nd quarter. Northern Trust Corp now owns 446,447 shares of the technology company’s stock valued at $20,090,000 after acquiring an additional 45,132 shares during the period. Osterweis Capital Management Inc. increased its position in GTT Communications by 69.4% in the 3rd quarter. Osterweis Capital Management Inc. now owns 212,857 shares of the technology company’s stock valued at $9,238,000 after acquiring an additional 87,210 shares during the period. Finally, Bank of America Corp DE increased its position in GTT Communications by 64.6% in the 2nd quarter. Bank of America Corp DE now owns 321,093 shares of the technology company’s stock valued at $14,449,000 after acquiring an additional 125,973 shares during the period. Institutional investors and hedge funds own 85.46% of the company’s stock.
GTT Communications Company Profile
GTT Communications, Inc provides cloud networking services to multinational enterprises, carriers, and government customers worldwide. The company provides private, public, and hybrid cloud network solutions; high bandwidth-Internet connectivity and IP transit, as well as broadband and wireless access services; managed equipment and security services; and voice and unified communications services consisting of SIP trunking and enterprise PBX services.
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