Zacks Investment Research downgraded shares of GTT Communications (NYSE:GTT) from a hold rating to a strong sell rating in a report published on Wednesday, July 25th.
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. “
Several other research analysts have also weighed in on GTT. ValuEngine raised GTT Communications from a buy rating to a strong-buy rating in a research report on Wednesday, May 2nd. Raymond James assumed coverage on GTT Communications in a research report on Monday, April 30th. They issued an outperform rating and a $60.00 price objective for the company. KeyCorp raised GTT Communications from a sector weight rating to an overweight rating and set a $57.00 price objective for the company in a research report on Friday, May 4th. Finally, William Blair restated a buy rating on shares of GTT Communications in a research note on Wednesday, March 28th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and eight have assigned a buy rating to the stock. GTT Communications currently has an average rating of Buy and an average price target of $52.11.
GTT Communications (NYSE:GTT) last announced its earnings results on Friday, August 3rd. The technology company reported ($0.42) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.17) by ($0.25). The company had revenue of $326.80 million for the quarter, compared to the consensus estimate of $297.68 million. GTT Communications had a negative return on equity of 0.40% and a negative net margin of 9.96%. The firm’s revenue for the quarter was up 71.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.02 earnings per share. research analysts predict that GTT Communications will post -1.35 EPS for the current year.
In other news, CEO Richard Calder sold 6,000 shares of the business’s stock in a transaction that occurred on Monday, July 16th. The stock was sold at an average price of $46.11, for a total value of $276,660.00. Following the transaction, the chief executive officer now owns 1,231,189 shares in the company, valued at approximately $56,770,124.79. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Chris Mckee sold 7,000 shares of the business’s stock in a transaction that occurred on Monday, July 16th. The stock was sold at an average price of $46.10, for a total value of $322,700.00. Following the completion of the transaction, the executive vice president now owns 422,428 shares in the company, valued at approximately $19,473,930.80. The disclosure for this sale can be found here. Insiders have sold a total of 40,000 shares of company stock valued at $1,955,510 in the last quarter. Company insiders own 23.01% of the company’s stock.
Large investors have recently bought and sold shares of the stock. SG Americas Securities LLC bought a new stake in shares of GTT Communications in the 1st quarter worth approximately $123,000. PNC Financial Services Group Inc. raised its holdings in GTT Communications by 148.8% during the 2nd 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 during the period. FCG Advisors LLC bought a new stake in GTT Communications during the 1st quarter valued at $220,000. Amalgamated Bank bought a new stake in GTT Communications during the 1st quarter valued at $235,000. Finally, California Public Employees Retirement System bought a new stake in GTT Communications during the 4th quarter valued at $214,000. 64.56% of the stock is currently 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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