GTT Communications (NYSE:GTT) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Thursday.
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. “
Other analysts also recently issued reports about the company. ValuEngine downgraded GTT Communications from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, August 8th. BWS Financial began coverage on GTT Communications in a research note on Monday, August 6th. They issued a “sell” rating and a $5.00 price target on the stock. William Blair restated a “buy” rating on shares of GTT Communications in a research note on Monday, August 6th. Raymond James restated a “buy” rating and issued a $53.00 price target on shares of GTT Communications in a research note on Monday, August 20th. Finally, KeyCorp set a $57.00 target price on GTT Communications and gave the stock a “buy” rating in a research report on Tuesday, August 21st. One analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. GTT Communications presently has a consensus rating of “Buy” and an average target price of $49.80.
GTT Communications stock opened at $34.56 on Thursday. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 6.29. GTT Communications has a 1-year low of $31.44 and a 1-year high of $62.32.
GTT Communications (NYSE:GTT) last posted its quarterly earnings results on Thursday, November 8th. The technology company reported ($0.43) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.61) by $0.18. GTT Communications had a negative return on equity of 45.46% and a negative net margin of 21.82%. The firm had revenue of $448.60 million for the quarter, compared to the consensus estimate of $456.19 million. During the same period in the previous year, the business earned ($0.23) earnings per share. The company’s revenue for the quarter was up 121.4% compared to the same quarter last year. On average, equities research analysts predict that GTT Communications will post -1.43 earnings per share for the current year.
In related news, major shareholder Spruce House Partnership Lp purchased 327,000 shares of the business’s stock in a transaction dated Wednesday, October 24th. The stock was bought at an average cost of $33.13 per share, with a total value of $10,833,510.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Chris Mckee sold 7,000 shares of the business’s stock in a transaction on Thursday, September 20th. The stock was sold at an average price of $45.00, for a total value of $315,000.00. Following the completion of the transaction, the general counsel now directly owns 399,854 shares of the company’s stock, valued at $17,993,430. The disclosure for this sale can be found here. Over the last quarter, insiders have acquired 3,318,392 shares of company stock worth $128,448,440 and have sold 11,417 shares worth $491,901. 23.01% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Parallel Advisors LLC acquired a new position in GTT Communications in the third quarter valued at $100,000. PNC Financial Services Group Inc. increased its stake in GTT Communications by 148.8% in the second quarter. PNC Financial Services Group Inc. now owns 2,928 shares of the technology company’s stock valued at $133,000 after purchasing an additional 1,751 shares during the last quarter. Bessemer Group Inc. acquired a new position in GTT Communications in the third quarter valued at $189,000. Public Employees Retirement Association of Colorado acquired a new position in GTT Communications in the third quarter valued at $212,000. Finally, Tower Research Capital LLC TRC acquired a new position in GTT Communications in the second quarter valued at $213,000. 75.85% of the stock is owned by 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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