ValuEngine cut shares of GTT Communications (NYSE:GTT) from a buy rating to a hold rating in a research report report published on Monday, February 4th.
Several other equities research analysts also recently issued reports on the stock. Raymond James lowered their price objective on shares of GTT Communications from $53.00 to $40.00 and set an outperform rating for the company in a research report on Wednesday, December 19th. Oppenheimer lowered their price objective on shares of GTT Communications to $50.00 and set an outperform rating for the company in a research report on Friday, November 9th. Cowen reissued a buy rating and set a $54.00 price objective on shares of GTT Communications in a research report on Friday, November 9th. Finally, Zacks Investment Research raised shares of GTT Communications from a hold rating to a buy rating and set a $30.00 price objective for the company in a research report on Thursday, January 24th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have assigned a buy rating to the company. GTT Communications presently has a consensus rating of Buy and a consensus target price of $43.78.
Shares of GTT stock traded up $1.41 during trading hours on Monday, hitting $32.67. 447,050 shares of the company were exchanged, compared to its average volume of 448,701. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 6.62. GTT Communications has a 52 week low of $21.68 and a 52 week high of $62.32. The company has a market capitalization of $1.76 billion, a price-to-earnings ratio of -20.55, a P/E/G ratio of 1.82 and a beta of 1.51.
In other GTT Communications news, major shareholder Spruce House Partnership Lp bought 135,000 shares of the firm’s stock in a transaction that occurred on Friday, January 18th. The stock was acquired at an average price of $27.27 per share, with a total value of $3,681,450.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Michael Sicoli sold 1,902 shares of the firm’s stock in a transaction on Monday, February 25th. The shares were sold at an average price of $32.43, for a total transaction of $61,681.86. Following the completion of the transaction, the chief financial officer now directly owns 376,614 shares of the company’s stock, valued at approximately $12,213,592.02. The disclosure for this sale can be found here. In the last ninety days, insiders purchased 1,103,000 shares of company stock valued at $29,177,130 and sold 28,249 shares valued at $803,573. 23.01% of the stock is currently owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Cannell Capital LLC acquired a new stake in GTT Communications in the fourth quarter valued at $82,000. Parallel Advisors LLC acquired a new stake in GTT Communications in the third quarter valued at $100,000. Citigroup Inc. lifted its stake in GTT Communications by 1,180.1% in the fourth quarter. Citigroup Inc. now owns 5,159 shares of the technology company’s stock valued at $122,000 after acquiring an additional 4,756 shares during the last quarter. Bessemer Group Inc. lifted its stake in GTT Communications by 69.9% in the fourth quarter. Bessemer Group Inc. now owns 7,400 shares of the technology company’s stock valued at $175,000 after acquiring an additional 3,045 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its stake in GTT Communications by 16.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 7,582 shares of the technology company’s stock valued at $179,000 after acquiring an additional 1,044 shares during the last quarter. 85.37% of the stock is owned by institutional investors and hedge funds.
About GTT Communications
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.
To view ValuEngine’s full report, visit ValuEngine’s official website.
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