GTT Communications (NYSE:GTT) was upgraded by equities research analysts at ValuEngine from a “hold” rating to a “buy” rating in a research note issued to investors on Monday, January 21st.
A number of other equities research analysts also recently weighed in on GTT. Zacks Investment Research raised GTT Communications from a “hold” rating to a “buy” rating and set a $31.00 target price for the company in a report on Tuesday, January 8th. Cowen restated a “buy” rating and issued a $54.00 price target on shares of GTT Communications in a research report on Friday, November 9th. Oppenheimer decreased their price target on GTT Communications to $50.00 and set an “outperform” rating on the stock in a research report on Friday, November 9th. Finally, Raymond James decreased their price target on GTT Communications from $53.00 to $40.00 and set an “outperform” rating on the stock in a research report on Wednesday, December 19th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and nine have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $46.60.
Shares of GTT traded up $0.12 during midday trading on Monday, reaching $30.12. 367,856 shares of the stock were exchanged, compared to its average volume of 517,055. GTT Communications has a twelve month low of $21.68 and a twelve month high of $62.32. The company has a debt-to-equity ratio of 6.62, a quick ratio of 0.68 and a current ratio of 0.68. The company has a market capitalization of $1.65 billion, a P/E ratio of 125.50, a P/E/G ratio of 1.67 and a beta of 1.51.
In related news, General Counsel Chris Mckee sold 4,401 shares of GTT Communications stock in a transaction that occurred on Friday, February 1st. The stock was sold at an average price of $26.32, for a total value of $115,834.32. Following the transaction, the general counsel now directly owns 468,606 shares of the company’s stock, valued at $12,333,709.92. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Michael Sicoli sold 4,857 shares of GTT Communications stock in a transaction that occurred on Friday, February 1st. The stock was sold at an average price of $26.32, for a total value of $127,836.24. Following the completion of the transaction, the chief financial officer now directly owns 378,366 shares in the company, valued at $9,958,593.12. The disclosure for this sale can be found here. Over the last three months, insiders have bought 1,103,000 shares of company stock worth $29,177,130 and have sold 16,803 shares worth $442,255. Company insiders own 23.01% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of the business. Cannell Capital LLC bought a new stake in shares of GTT Communications during the fourth quarter valued at approximately $82,000. Parallel Advisors LLC bought a new stake in shares of GTT Communications during the third quarter valued at approximately $100,000. Citigroup Inc. increased its holdings in shares of GTT Communications by 1,180.1% during the fourth quarter. Citigroup Inc. now owns 5,159 shares of the technology company’s stock valued at $122,000 after acquiring an additional 4,756 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in shares of GTT Communications by 148.8% during the second quarter. PNC Financial Services Group Inc. now owns 2,928 shares of the technology company’s stock valued at $133,000 after acquiring an additional 1,751 shares in the last quarter. Finally, Bessemer Group Inc. increased its holdings in shares of GTT Communications by 69.9% during the fourth quarter. Bessemer Group Inc. now owns 7,400 shares of the technology company’s stock valued at $175,000 after acquiring an additional 3,045 shares in the last quarter. 84.74% of the stock is currently owned by hedge funds and other 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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