GTT Communications, Inc. (GTT) Receives Average Rating of “Buy” from Analysts
Shares of GTT Communications, Inc. (NYSE:GTT) have been assigned an average recommendation of “Buy” from the eight ratings firms that are covering the company, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell recommendation and six have issued a buy recommendation on the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $35.33.
Several brokerages have recently weighed in on GTT. BidaskClub lowered GTT Communications from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th. Cowen and Company raised their target price on GTT Communications from $40.00 to $44.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 28th. Finally, Zacks Investment Research lowered GTT Communications from a “buy” rating to a “hold” rating in a research report on Wednesday, July 19th.
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In related news, General Counsel Chris Mckee sold 7,000 shares of the firm’s stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $31.35, for a total transaction of $219,450.00. Following the transaction, the general counsel now owns 410,801 shares in the company, valued at approximately $12,878,611.35. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Richard Calder sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $31.34, for a total value of $313,400.00. Following the transaction, the insider now owns 1,141,242 shares in the company, valued at approximately $35,766,524.28. The disclosure for this sale can be found here. Insiders have sold a total of 63,000 shares of company stock worth $1,943,370 in the last 90 days. 25.70% of the stock is currently owned by company insiders.
Large investors have recently added to or reduced their stakes in the stock. BNP Paribas Arbitrage SA grew its stake in GTT Communications by 2,153.6% during the 2nd 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. ClariVest Asset Management LLC purchased a new position in GTT Communications during the 1st quarter worth approximately $117,000. Nordea Investment Management AB purchased a new position in GTT Communications during the 1st quarter worth approximately $117,000. Invictus RG purchased a new position in GTT Communications during the 1st quarter worth approximately $117,000. Finally, Fifth Third Bancorp grew its stake in GTT Communications by 11.9% during the 1st 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. Hedge funds and other institutional investors own 59.77% of the company’s stock.
Shares of GTT Communications (GTT) opened at 30.85 on Friday. GTT Communications has a 12 month low of $20.80 and a 12 month high of $34.20. The stock’s market cap is $1.28 billion. The company has a 50-day moving average price of $30.15 and a 200-day moving average price of $29.09.
GTT Communications (NYSE:GTT) last issued its earnings results on Thursday, August 3rd. The technology company reported $0.02 earnings per share for the quarter, topping the consensus estimate of ($0.03) by $0.05. GTT Communications had a positive return on equity of 4.17% and a negative net margin of 1.88%. The business had revenue of $186.20 million for the quarter, compared to analyst estimates of $186.65 million. The business’s revenue for the quarter was up 44.5% compared to the same quarter last year. On average, analysts expect that GTT Communications will post ($0.42) EPS for the current fiscal year.
GTT Communications Company Profile
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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