GTT Communications (NYSE:GTT) Price Target Cut to $21.00

GTT Communications (NYSE:GTT) had its price target decreased by Cowen from $37.00 to $21.00 in a report published on Friday, The Fly reports. Cowen currently has an outperform rating on the technology company’s stock.

GTT has been the subject of a number of other research reports. Craig Hallum downgraded shares of GTT Communications from a buy rating to a hold rating in a research report on Friday. Oppenheimer cut their target price on shares of GTT Communications from $50.00 to $42.00 and set an outperform rating for the company in a research report on Thursday, May 9th. BTIG Research downgraded shares of GTT Communications from a buy rating to a neutral rating in a research report on Wednesday, May 8th. SunTrust Banks cut their target price on shares of GTT Communications from $42.00 to $9.00 and set a buy rating for the company in a research report on Friday. Finally, ValuEngine raised shares of GTT Communications from a sell rating to a hold rating in a research report on Thursday, August 1st. Five equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock has a consensus rating of Hold and a consensus price target of $29.31.

Shares of GTT opened at $8.05 on Friday. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 9.77. The firm’s 50 day moving average price is $14.29. GTT Communications has a twelve month low of $4.90 and a twelve month high of $47.20.

GTT Communications (NYSE:GTT) last announced its quarterly earnings results on Thursday, August 8th. The technology company reported ($0.59) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.04) by ($0.55). The firm had revenue of $433.80 million for the quarter, compared to the consensus estimate of $447.66 million. GTT Communications had a negative net margin of 7.66% and a negative return on equity of 12.53%. GTT Communications’s revenue was up 32.7% on a year-over-year basis. During the same period last year, the business earned ($2.83) EPS. On average, sell-side analysts anticipate that GTT Communications will post -0.39 EPS for the current fiscal year.

In other GTT Communications news, EVP Chris Mckee purchased 12,840 shares of the company’s stock in a transaction dated Monday, August 12th. The shares were acquired at an average price of $7.79 per share, for a total transaction of $100,023.60. Following the purchase, the executive vice president now directly owns 494,662 shares of the company’s stock, valued at approximately $3,853,416.98. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Richard Calder sold 1,533 shares of GTT Communications stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $26.75, for a total transaction of $41,007.75. Following the transaction, the insider now owns 1,333,527 shares in the company, valued at approximately $35,671,847.25. The disclosure for this sale can be found here. In the last ninety days, insiders sold 23,789 shares of company stock valued at $424,266. 40.84% of the stock is currently owned by insiders.

Institutional investors have recently modified their holdings of the company. Cheyne Capital Management UK LLP purchased a new position in shares of GTT Communications during the 1st quarter worth $2,763,000. Phoenician Capital LLC boosted its stake in shares of GTT Communications by 47.5% during the 1st quarter. Phoenician Capital LLC now owns 582,767 shares of the technology company’s stock worth $20,222,000 after acquiring an additional 187,688 shares during the last quarter. Bessemer Group Inc. boosted its stake in shares of GTT Communications by 42.6% during the 2nd quarter. Bessemer Group Inc. now owns 16,735 shares of the technology company’s stock worth $295,000 after acquiring an additional 5,000 shares during the last quarter. Boston Financial Mangement LLC boosted its stake in shares of GTT Communications by 51.2% during the 1st quarter. Boston Financial Mangement LLC now owns 177,249 shares of the technology company’s stock worth $6,151,000 after acquiring an additional 60,014 shares during the last quarter. Finally, Williams Jones & Associates LLC boosted its stake in shares of GTT Communications by 7.4% during the 1st quarter. Williams Jones & Associates LLC now owns 657,810 shares of the technology company’s stock worth $22,826,000 after acquiring an additional 45,101 shares during the last quarter. Institutional investors and hedge funds own 86.62% of the company’s stock.

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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