GTT Communications Inc (NYSE:GTT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday.

According to Zacks, “GTT Communications, Inc. offers cloud networking; high bandwidth IP transit for content delivery and hosting as well as network-to-network carrier interconnects solutions and data connectivity solutions. The company’s network consists of a layer 2 switched Ethernet and IP transit or dedicated internet access. It operates primarily in North America, Europe and Asia. GTT Communications, Inc., formerly known as Global Telecom & Technology, Inc., is headquartered in McLean, Virginia. “

Several other analysts have also recently weighed in on GTT. Cowen and Company set a $43.00 target price on shares of GTT Communications and gave the company a “buy” rating in a report on Friday. BidaskClub cut shares of GTT Communications from a “sell” rating to a “strong sell” rating in a report on Friday. Two analysts have rated the stock with a sell rating and six have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $35.14.

GTT Communications (NYSE GTT) traded down 2.04% on Tuesday, hitting $31.15. 180,533 shares of the company traded hands. The stock’s 50-day moving average is $31.28 and its 200 day moving average is $28.78. GTT Communications has a 12 month low of $19.86 and a 12 month high of $34.20. The firm’s market capitalization is $1.29 billion.

GTT Communications (NYSE:GTT) last posted its quarterly earnings data on Thursday, August 3rd. The technology company reported $0.02 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.03) by $0.05. The business had revenue of $186.20 million during the quarter, compared to analyst estimates of $186.65 million. GTT Communications had a net margin of 0.35% and a return on equity of 1.19%. The company’s revenue was up 44.5% on a year-over-year basis. Equities analysts forecast that GTT Communications will post ($0.44) EPS for the current fiscal year.

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In related news, Director Howard E. Janzen sold 6,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 1st. The shares were sold at an average price of $32.84, for a total value of $197,040.00. Following the sale, the director now owns 246,692 shares of the company’s stock, valued at $8,101,365.28. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Howard E. Janzen sold 12,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 10th. The shares were sold at an average price of $30.00, for a total transaction of $360,000.00. Following the completion of the sale, the director now directly owns 252,692 shares in the company, valued at approximately $7,580,760. The disclosure for this sale can be found here. In the last ninety days, insiders sold 81,000 shares of company stock worth $2,526,110. 25.70% of the stock is owned by corporate insiders.

A number of hedge funds have recently modified their holdings of the stock. BNP Paribas Arbitrage SA boosted its stake in GTT Communications by 2,153.6% in the second quarter. BNP Paribas Arbitrage SA now owns 3,448 shares of the technology company’s stock worth $109,000 after buying an additional 3,295 shares during the last quarter. Invictus RG bought a new stake in GTT Communications during the first quarter worth $117,000. Nordea Investment Management AB bought a new stake in GTT Communications during the first quarter worth $117,000. ClariVest Asset Management LLC bought a new stake in GTT Communications during the first quarter worth $117,000. Finally, Fifth Third Bancorp boosted its stake in GTT Communications by 11.9% in the first quarter. Fifth Third Bancorp now owns 5,034 shares of the technology company’s stock worth $123,000 after buying an additional 536 shares during the last quarter. 57.56% of the stock is currently owned by hedge funds and other institutional investors.

About GTT Communications

GTT Communications, Inc provides cloud networking services to a range of clients. The Company offers a portfolio of global communications services, wide area network (WAN) services; Internet services; managed network and security services, and voice and unified communication services. It provides Layer 2 (Ethernet) and Layer 3 (multiprotocol label switching (MPLS)) WAN solutions for multinational clients.

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Analyst Recommendations for GTT Communications (NYSE:GTT)

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