GTT Communications (NYSE:GTT) had its price target dropped by equities research analysts at Oppenheimer to $50.00 in a report released on Friday, The Fly reports. The firm currently has an “outperform” rating on the technology company’s stock. Oppenheimer’s target price would suggest a potential upside of 44.26% from the stock’s previous close.
A number of other research firms also recently commented on GTT. ValuEngine downgraded shares of GTT Communications from a “strong-buy” rating to a “buy” rating in a research note on Monday, October 22nd. BWS Financial started coverage on shares of GTT Communications in a report on Monday, August 6th. They set a “sell” rating and a $5.00 target price on the stock. Cowen reissued a “buy” rating and set a $54.00 target price on shares of GTT Communications in a report on Friday. Zacks Investment Research cut shares of GTT Communications from a “hold” rating to a “strong sell” rating in a report on Thursday, July 12th. Finally, Raymond James reissued a “buy” rating and set a $53.00 target price on shares of GTT Communications in a report on Monday, August 20th. One analyst has rated the stock with a sell rating, two have issued a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $49.80.
NYSE GTT traded down $0.33 during trading hours on Friday, reaching $34.66. 444,788 shares of the company traded hands, compared to its average volume of 704,746. GTT Communications has a 12 month low of $31.44 and a 12 month high of $62.32. The company has a debt-to-equity ratio of 6.29, a current ratio of 0.69 and a quick ratio of 0.69. The company has a market capitalization of $2.04 billion, a price-to-earnings ratio of 144.42 and a beta of 1.14.
GTT Communications (NYSE:GTT) last posted its quarterly earnings data on Thursday, November 8th. The technology company reported ($0.43) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.61) by $0.18. GTT Communications had a negative net margin of 21.82% and a negative return on equity of 45.46%. The firm had revenue of $448.60 million for the quarter, compared to the consensus estimate of $456.19 million. During the same period in the prior year, the firm posted ($0.23) EPS. The firm’s revenue was up 121.4% compared to the same quarter last year. As a group, analysts anticipate that GTT Communications will post -1.43 EPS for the current year.
In other GTT Communications news, major shareholder Spruce House Partnership Lp bought 426,915 shares of the company’s stock in a transaction on Monday, August 13th. The shares were bought at an average cost of $33.73 per share, with a total value of $14,399,842.95. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Chris Mckee sold 7,000 shares of the stock in a transaction on Thursday, September 20th. The stock was sold at an average price of $45.00, for a total transaction of $315,000.00. Following the sale, the general counsel now directly owns 399,854 shares in the company, valued at $17,993,430. The disclosure for this sale can be found here. Over the last three months, insiders have acquired 3,318,392 shares of company stock worth $128,448,440 and have sold 11,417 shares worth $491,901. 23.01% of the stock is currently owned by corporate insiders.
Several large investors have recently modified their holdings of the business. Parallel Advisors LLC acquired a new stake in shares of GTT Communications in the 3rd quarter worth about $100,000. PNC Financial Services Group Inc. increased its holdings in shares of GTT Communications by 148.8% in the 2nd quarter. PNC Financial Services Group Inc. now owns 2,928 shares of the technology company’s stock worth $133,000 after acquiring an additional 1,751 shares during the period. Bessemer Group Inc. acquired a new stake in shares of GTT Communications in the 3rd quarter worth about $189,000. Public Employees Retirement Association of Colorado acquired a new stake in shares of GTT Communications in the 3rd quarter worth about $212,000. Finally, Tower Research Capital LLC TRC acquired a new stake in shares of GTT Communications in the 2nd quarter worth about $213,000. 75.85% of the stock is currently owned by institutional investors.
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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