Equities research analysts predict that GTT Communications (NYSE:GTT) will announce sales of $265.44 million for the current quarter, according to Zacks Investment Research. Six analysts have made estimates for GTT Communications’ earnings, with estimates ranging from $263.29 million to $266.70 million. GTT Communications reported sales of $186.20 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 42.6%. The company is scheduled to report its next earnings report on Thursday, August 2nd.
According to Zacks, analysts expect that GTT Communications will report full-year sales of $1.49 billion for the current fiscal year, with estimates ranging from $1.47 billion to $1.51 billion. For the next financial year, analysts expect that the company will post sales of $1.96 billion per share, with estimates ranging from $1.92 billion to $2.01 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover GTT Communications.
GTT Communications (NYSE:GTT) last released its quarterly earnings results on Thursday, May 3rd. The technology company reported ($0.69) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.67). The business had revenue of $260.70 million for the quarter, compared to analysts’ expectations of $253.61 million. GTT Communications had a negative return on equity of 0.40% and a negative net margin of 9.96%. The business’s revenue for the quarter was up 40.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.42) earnings per share.
GTT has been the subject of a number of research analyst reports. Oppenheimer increased their price target on GTT Communications from $52.00 to $68.00 in a report on Tuesday, February 27th. William Blair reiterated a “buy” rating on shares of GTT Communications in a report on Wednesday, March 28th. Craig Hallum reiterated a “buy” rating and set a $60.00 price target (up from $50.00) on shares of GTT Communications in a report on Monday, February 26th. SunTrust Banks increased their price target on GTT Communications to $60.00 and gave the stock a “buy” rating in a report on Friday, March 2nd. Finally, Jefferies Group increased their price target on GTT Communications to $62.00 and gave the stock a “buy” rating in a report on Friday, March 2nd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. GTT Communications currently has an average rating of “Buy” and an average price target of $57.22.
Shares of NYSE GTT traded down $0.45 during mid-day trading on Friday, reaching $50.55. 396,451 shares of the company’s stock were exchanged, compared to its average volume of 384,040. The stock has a market cap of $2.29 billion, a PE ratio of 210.63 and a beta of 1.13. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 5.96. GTT Communications has a 52-week low of $28.30 and a 52-week high of $62.32.
In related news, insider Richard Calder sold 6,000 shares of the stock in a transaction dated Thursday, March 15th. The stock was sold at an average price of $60.01, for a total transaction of $360,060.00. Following the transaction, the insider now owns 1,215,263 shares of the company’s stock, valued at approximately $72,927,932.63. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Elizabeth Satin bought 4,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 1st. The shares were purchased at an average cost of $51.22 per share, for a total transaction of $204,880.00. Following the purchase, the director now owns 23,013 shares in the company, valued at approximately $1,178,725.86. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 11,200 shares of company stock worth $575,976 and have sold 39,000 shares worth $2,079,720. 25.70% of the stock is currently owned by corporate insiders.
Hedge funds have recently bought and sold shares of the business. SG Americas Securities LLC acquired a new stake in GTT Communications in the 1st quarter valued at about $123,000. FCG Advisors LLC acquired a new stake in GTT Communications in the 1st quarter valued at about $220,000. Wealthsource Partners LLC acquired a new stake in GTT Communications in the 4th quarter valued at about $203,000. California Public Employees Retirement System acquired a new stake in GTT Communications in the 4th quarter valued at about $214,000. Finally, Commonwealth Equity Services LLC acquired a new stake in GTT Communications in the 1st quarter valued at about $269,000. 66.30% 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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