GTT Communications Inc (NYSE:GTT) Receives Consensus Rating of “Buy” from Analysts

Shares of GTT Communications Inc (NYSE:GTT) have earned an average recommendation of “Buy” from the eleven analysts that are covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $39.71.

GTT has been the topic of several analyst reports. KeyCorp reduced their target price on GTT Communications from $57.00 to $45.00 and set an “overweight” rating on the stock in a report on Friday, March 1st. BTIG Research cut GTT Communications from a “buy” rating to a “neutral” rating in a report on Wednesday, May 8th. Oppenheimer reduced their target price on GTT Communications from $50.00 to $42.00 and set an “outperform” rating on the stock in a report on Thursday, May 9th. Craig Hallum reiterated a “buy” rating and issued a $40.00 target price (down from $45.00) on shares of GTT Communications in a report on Monday, June 24th. Finally, ValuEngine cut GTT Communications from a “buy” rating to a “hold” rating in a report on Monday, May 13th.

In other GTT Communications news, CFO Michael Sicoli sold 2,778 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $41.54, for a total value of $115,398.12. Following the transaction, the chief financial officer now directly owns 396,064 shares of the company’s stock, valued at $16,452,498.56. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Richard Calder sold 1,321 shares of the business’s stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $39.30, for a total value of $51,915.30. Following the completion of the transaction, the insider now directly owns 1,342,677 shares in the company, valued at $52,767,206.10. The disclosure for this sale can be found here. Over the last three months, insiders sold 21,454 shares of company stock worth $746,385. Insiders own 40.84% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the business. Cannell Capital LLC acquired a new position in shares of GTT Communications during the fourth quarter worth approximately $82,000. AlphaOne Investment Services LLC raised its position in shares of GTT Communications by 67.6% during the first quarter. AlphaOne Investment Services LLC now owns 2,900 shares of the technology company’s stock worth $101,000 after purchasing an additional 1,170 shares during the period. Citigroup Inc. raised its position in shares of GTT Communications by 1,180.1% during the fourth quarter. Citigroup Inc. now owns 5,159 shares of the technology company’s stock worth $122,000 after purchasing an additional 4,756 shares during the period. Bessemer Group Inc. raised its position in shares of GTT Communications by 69.9% during the fourth quarter. Bessemer Group Inc. now owns 7,400 shares of the technology company’s stock worth $175,000 after purchasing an additional 3,045 shares during the period. Finally, Metropolitan Life Insurance Co. NY raised its position in shares of GTT Communications by 356.6% during the fourth quarter. Metropolitan Life Insurance Co. NY now owns 13,587 shares of the technology company’s stock worth $321,000 after purchasing an additional 10,611 shares during the period. 87.00% of the stock is currently owned by hedge funds and other institutional investors.

Shares of GTT stock opened at $17.57 on Friday. The firm has a 50 day moving average of $24.22. GTT Communications has a one year low of $17.05 and a one year high of $48.30. The company has a market capitalization of $1.09 billion, a PE ratio of -11.05 and a beta of 1.91. The company has a debt-to-equity ratio of 9.77, a current ratio of 0.60 and a quick ratio of 0.60.

GTT Communications (NYSE:GTT) last announced its earnings results on Wednesday, May 8th. The technology company reported ($0.49) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.29) by ($0.20). GTT Communications had a negative net margin of 14.28% and a negative return on equity of 16.23%. The company had revenue of $450.20 million during the quarter, compared to the consensus estimate of $456.93 million. During the same quarter in the previous year, the company earned ($0.69) earnings per share. The business’s revenue was up 72.7% on a year-over-year basis. Sell-side analysts predict that GTT Communications will post -0.35 earnings per share for the current year.

About GTT Communications

GTT Communications, Inc provides cloud networking services to multinational enterprises, carriers, and government customers in the United States, Europe, and internationally. The company offers private, public, and hybrid cloud network solutions; high bandwidth-Internet connectivity and IP transit, as well as broadband and wireless Internet access services; managed equipment, security, and hosting services; and voice services consisting of session initiation protocol trunking and hosted private branch exchange services.

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Analyst Recommendations for GTT Communications (NYSE:GTT)

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