GTT Communications’ (GTT) “Buy” Rating Reiterated at Craig Hallum

GTT Communications (NYSE:GTT)‘s stock had its “buy” rating reiterated by research analysts at Craig Hallum in a research report issued to clients and investors on Monday, The Fly reports. They currently have a $50.00 price objective on the technology company’s stock, up from their previous price objective of $40.00. Craig Hallum’s target price points to a potential upside of 17.92% from the company’s previous close.

Other equities analysts have also issued research reports about the company. Oppenheimer lifted their price target on GTT Communications from $39.00 to $52.00 and gave the company an “outperform” rating in a research note on Wednesday, December 20th. Zacks Investment Research lowered GTT Communications from a “hold” rating to a “sell” rating in a research note on Wednesday, December 27th. One analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $41.83.

GTT Communications (NYSE GTT) opened at $42.40 on Monday. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 4.08. GTT Communications has a 52 week low of $22.95 and a 52 week high of $47.75. The firm has a market capitalization of $1,842.50, a PE ratio of -65.23, a P/E/G ratio of 16.71 and a beta of 1.48.

GTT Communications (NYSE:GTT) last announced its quarterly earnings results on Thursday, November 2nd. The technology company reported $0.04 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.03) by $0.07. GTT Communications had a positive return on equity of 1.89% and a negative net margin of 3.78%. research analysts forecast that GTT Communications will post -0.77 earnings per share for the current year.

In other GTT Communications news, Director S Joseph Bruno sold 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 22nd. The stock was sold at an average price of $40.50, for a total transaction of $40,500.00. Following the completion of the sale, the director now directly owns 108,467 shares in the company, valued at approximately $4,392,913.50. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Richard Calder sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $36.33, for a total value of $363,300.00. Following the sale, the insider now owns 1,113,679 shares of the company’s stock, valued at $40,459,958.07. The disclosure for this sale can be found here. In the last 90 days, insiders sold 50,000 shares of company stock valued at $1,341,960. 25.70% of the stock is owned by company insiders.

Large investors have recently bought and sold shares of the business. California State Teachers Retirement System grew its position in shares of GTT Communications by 5.8% in the second quarter. California State Teachers Retirement System now owns 54,900 shares of the technology company’s stock valued at $1,738,000 after purchasing an additional 2,990 shares in the last quarter. Spruce House Investment Management LLC purchased a new stake in shares of GTT Communications in the third quarter valued at approximately $59,723,000. Nordea Investment Management AB grew its position in shares of GTT Communications by 79.2% in the third quarter. Nordea Investment Management AB now owns 8,600 shares of the technology company’s stock valued at $272,000 after purchasing an additional 3,800 shares in the last quarter. Vanguard Group Inc. grew its position in shares of GTT Communications by 11.4% in the second quarter. Vanguard Group Inc. now owns 1,228,307 shares of the technology company’s stock valued at $38,876,000 after purchasing an additional 126,032 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its position in shares of GTT Communications by 1.4% in the third quarter. Bank of New York Mellon Corp now owns 330,103 shares of the technology company’s stock valued at $10,448,000 after purchasing an additional 4,715 shares in the last quarter. Institutional investors own 65.24% of the company’s stock.

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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.

The Fly

Analyst Recommendations for GTT Communications (NYSE:GTT)

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