GTT Communications, Inc. (NYSE:GTT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Monday, July 17th. The brokerage presently has a $34.00 price objective on the technology company’s stock. Zacks Investment Research‘s price target indicates a potential upside of 15.45% from the stock’s previous close.
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. “
A number of other equities research analysts have also recently weighed in on the company. BidaskClub cut GTT Communications from a “hold” rating to a “sell” rating in a report on Wednesday, July 12th. Cowen and Company raised their price target on GTT Communications from $40.00 to $44.00 and gave the company an “outperform” rating in a report on Wednesday, June 28th. Two research analysts have rated the stock with a sell rating and six have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $35.14.
GTT Communications (NYSE GTT) opened at 29.45 on Monday. The firm has a 50-day moving average of $30.98 and a 200-day moving average of $28.84. The firm’s market cap is $1.22 billion. GTT Communications has a 52-week low of $19.86 and a 52-week high of $34.20.
GTT Communications (NYSE:GTT) last issued its earnings results on Thursday, August 3rd. The technology company reported $0.02 earnings per share (EPS) for the quarter, topping the Zacks’ 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 during the quarter, compared to analysts’ expectations of $186.65 million. The firm’s revenue was up 44.5% on a year-over-year basis. Equities analysts anticipate that GTT Communications will post ($0.44) EPS for the current year.
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In other news, Director Howard E. Janzen sold 6,000 shares of GTT Communications stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $30.32, for a total value of $181,920.00. Following the completion of the sale, the director now directly owns 240,728 shares of the company’s stock, valued at approximately $7,298,872.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Chris Mckee sold 7,000 shares of the firm’s stock in a transaction on Thursday, June 1st. The stock was sold at an average price of $32.85, for a total value of $229,950.00. Following the completion of the transaction, the general counsel now owns 433,532 shares in the company, valued at $14,241,526.20. The disclosure for this sale can be found here. Insiders sold a total of 69,000 shares of company stock valued at $2,166,110 over the last three months. Insiders own 25.70% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. State Street Corp raised its position in GTT Communications by 10.7% in the fourth quarter. State Street Corp now owns 446,332 shares of the technology company’s stock valued at $12,833,000 after buying an additional 42,989 shares in the last quarter. Dimensional Fund Advisors LP raised its position in GTT Communications by 0.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,590,122 shares of the technology company’s stock valued at $45,716,000 after buying an additional 10,559 shares in the last quarter. Renaissance Technologies LLC bought a new position in GTT Communications during the fourth quarter valued at about $1,417,000. AQR Capital Management LLC bought a new position in GTT Communications during the fourth quarter valued at about $214,000. Finally, Teachers Advisors LLC raised its position in GTT Communications by 2.3% in the fourth quarter. Teachers Advisors LLC now owns 42,851 shares of the technology company’s stock valued at $1,232,000 after buying an additional 949 shares in the last quarter. Institutional investors and hedge funds own 57.56% of the company’s stock.
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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