ValuEngine Upgrades GTT Communications (GTT) to Buy

GTT Communications (NYSE:GTT) was upgraded by equities research analysts at ValuEngine from a “hold” rating to a “buy” rating in a report issued on Monday, ValuEngine reports.

A number of other equities research analysts also recently weighed in on the stock. BTIG Research lowered their target price on shares of GTT Communications to $49.00 and set a “buy” rating on the stock in a research note on Monday, April 8th. Zacks Investment Research downgraded shares of GTT Communications from a “buy” rating to a “hold” rating in a research note on Wednesday, March 6th. KeyCorp lowered their target price on shares of GTT Communications from $57.00 to $45.00 and set an “overweight” rating on the stock in a research note on Friday, March 1st. Finally, Raymond James lowered their target price on shares of GTT Communications from $53.00 to $40.00 and set an “outperform” rating on the stock in a research note on Wednesday, December 19th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have assigned a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $40.63.

GTT traded up $0.92 on Monday, reaching $41.71. The company had a trading volume of 311,121 shares, compared to its average volume of 409,621. The company has a market capitalization of $2.24 billion, a P/E ratio of -26.23 and a beta of 1.43. The company has a debt-to-equity ratio of 7.68, a current ratio of 0.62 and a quick ratio of 0.62. GTT Communications has a 52-week low of $21.68 and a 52-week high of $53.10.

In other GTT Communications news, insider Richard Calder sold 1,321 shares of the stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $39.30, for a total transaction of $51,915.30. Following the transaction, the insider now directly owns 1,342,677 shares in the company, valued at $52,767,206.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Spruce House Partnership Lp purchased 450,000 shares of GTT Communications stock in a transaction on Wednesday, January 16th. The shares were acquired at an average price of $24.40 per share, for a total transaction of $10,980,000.00. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 1,103,000 shares of company stock worth $29,177,130 and have sold 33,525 shares worth $985,151. 23.01% of the stock is owned by company insiders.

Institutional investors have recently modified their holdings of the company. Virginia Retirement Systems ET AL grew its holdings in shares of GTT Communications by 2.6% in the fourth quarter. Virginia Retirement Systems ET AL now owns 15,500 shares of the technology company’s stock worth $367,000 after purchasing an additional 400 shares during the last quarter. MetLife Investment Advisors LLC grew its holdings in shares of GTT Communications by 82.9% in the third quarter. MetLife Investment Advisors LLC now owns 29,369 shares of the technology company’s stock worth $1,275,000 after purchasing an additional 13,310 shares during the last quarter. Alliancebernstein L.P. grew its holdings in shares of GTT Communications by 14.1% in the third quarter. Alliancebernstein L.P. now owns 51,000 shares of the technology company’s stock worth $2,213,000 after purchasing an additional 6,300 shares during the last quarter. United Services Automobile Association grew its holdings in shares of GTT Communications by 27.8% in the third quarter. United Services Automobile Association now owns 88,910 shares of the technology company’s stock worth $3,859,000 after purchasing an additional 19,350 shares during the last quarter. Finally, Phoenician Capital LLC bought a new position in shares of GTT Communications in the fourth quarter worth approximately $9,348,000. Hedge funds and other institutional investors own 87.74% of the company’s stock.

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.

Further Reading: Limitations of the P/E Growth ratio

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Analyst Recommendations for GTT Communications (NYSE:GTT)

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