GTT Communications Inc (NYSE:GTT) has been assigned an average rating of “Buy” from the nine brokerages that are covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $41.00.
Several equities research analysts have issued reports on GTT shares. ValuEngine raised shares of GTT Communications from a “hold” rating to a “buy” rating in a research report on Monday, January 21st. Raymond James lowered their price objective on shares of GTT Communications from $53.00 to $40.00 and set an “outperform” rating for the company in a research report on Wednesday, December 19th. KeyCorp lowered their price objective on shares of GTT Communications from $57.00 to $45.00 and set an “overweight” rating for the company in a research report on Friday, March 1st. Finally, Zacks Investment Research cut shares of GTT Communications from a “buy” rating to a “hold” rating in a research report on Wednesday, March 6th.
GTT Communications stock traded down $1.73 during trading hours on Thursday, hitting $32.35. The company had a trading volume of 178,380 shares, compared to its average volume of 366,326. The stock has a market cap of $1.81 billion, a price-to-earnings ratio of -20.35 and a beta of 1.42. The company has a debt-to-equity ratio of 7.68, a current ratio of 0.62 and a quick ratio of 0.62. GTT Communications has a 1 year low of $21.68 and a 1 year high of $62.32.
In other news, insider Richard Calder sold 1,107 shares of the company’s stock in a transaction that occurred on Thursday, February 21st. The shares were sold at an average price of $31.06, for a total value of $34,383.42. Following the completion of the sale, the insider now owns 1,307,568 shares of the company’s stock, valued at approximately $40,613,062.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Chris Mckee sold 4,401 shares of the company’s stock in a transaction that occurred on Friday, February 1st. The stock was sold at an average price of $26.32, for a total transaction of $115,834.32. Following the completion of the sale, the general counsel now directly owns 468,606 shares of the company’s stock, valued at approximately $12,333,709.92. The disclosure for this sale can be found here. In the last ninety days, insiders bought 1,103,000 shares of company stock valued at $29,177,130 and sold 31,833 shares valued at $918,655. 23.01% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently made changes to their positions in the company. Cannell Capital LLC purchased a new stake in shares of GTT Communications in the 4th quarter worth approximately $82,000. Bessemer Group Inc. bought a new position in shares of GTT Communications during the 3rd quarter worth approximately $189,000. Citigroup Inc. raised its stake in shares of GTT Communications by 1,180.1% during the 4th quarter. Citigroup Inc. now owns 5,159 shares of the technology company’s stock worth $122,000 after acquiring an additional 4,756 shares in the last quarter. MML Investors Services LLC bought a new position in shares of GTT Communications during the 3rd quarter worth approximately $253,000. Finally, PNC Financial Services Group Inc. raised its stake in shares of GTT Communications by 123.3% during the 3rd quarter. PNC Financial Services Group Inc. now owns 6,538 shares of the technology company’s stock worth $284,000 after acquiring an additional 3,610 shares in the last quarter. 87.42% of the stock is owned by hedge funds and other institutional investors.
About GTT Communications
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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