GTT Communications (GTT) Upgraded to “Buy” at ValuEngine

ValuEngine upgraded shares of GTT Communications (NYSE:GTT) from a hold rating to a buy rating in a research note issued to investors on Monday, April 15th, ValuEngine reports.

GTT has been the subject of several other reports. Zacks Investment Research upgraded shares of GTT Communications from a hold rating to a buy rating and set a $31.00 price target for the company in a research report on Tuesday, January 8th. BTIG Research decreased their price target on shares of GTT Communications to $49.00 and set a buy rating for the company in a research note on Monday, April 8th. KeyCorp decreased their price target on shares of GTT Communications from $57.00 to $45.00 and set an overweight rating for the company in a research note on Friday, March 1st. Finally, Raymond James decreased their price target on shares of GTT Communications from $53.00 to $40.00 and set an outperform rating for the company in a research note on Wednesday, December 19th. One research analyst has rated the stock with a sell rating, one has given a hold rating and eight have issued a buy rating to the stock. The company has an average rating of Buy and a consensus target price of $42.75.

NYSE:GTT traded down $5.40 during midday trading on Monday, hitting $34.89. The company had a trading volume of 278,378 shares, compared to its average volume of 399,517. GTT Communications has a 52-week low of $21.68 and a 52-week high of $53.05. The firm has a market capitalization of $2.37 billion, a PE ratio of -21.94 and a beta of 1.50. The company has a debt-to-equity ratio of 7.68, a quick ratio of 0.62 and a current ratio of 0.62.

GTT Communications (NYSE:GTT) last posted its quarterly earnings results on Thursday, February 28th. The technology company reported ($0.22) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.27) by $0.05. GTT Communications had a negative net margin of 16.33% and a negative return on equity of 15.23%. The business had revenue of $454.80 million during the quarter, compared to analyst estimates of $453.79 million. On average, sell-side analysts forecast that GTT Communications will post -0.28 EPS for the current fiscal year.

In other GTT Communications news, insider Richard Calder sold 1,200 shares of the stock in a transaction that occurred on Tuesday, February 19th. The shares were sold at an average price of $29.49, for a total value of $35,388.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Chris Mckee sold 1,720 shares of the stock in a transaction that occurred on Monday, February 25th. The stock was sold at an average price of $32.43, for a total transaction of $55,779.60. Following the completion of the transaction, the executive vice president now owns 466,644 shares in the company, valued at $15,133,264.92. The disclosure for this sale can be found here. Insiders sold 27,421 shares of company stock worth $986,980 in the last 90 days. 23.01% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Virginia Retirement Systems ET AL raised its position in shares of GTT Communications by 2.6% during the 4th quarter. Virginia Retirement Systems ET AL now owns 15,500 shares of the technology company’s stock valued at $367,000 after purchasing an additional 400 shares during the period. D.A. Davidson & CO. increased its holdings in GTT Communications by 3.4% in the 4th quarter. D.A. Davidson & CO. now owns 21,553 shares of the technology company’s stock valued at $510,000 after acquiring an additional 700 shares during the last quarter. Legal & General Group Plc increased its holdings in GTT Communications by 1.2% in the 4th quarter. Legal & General Group Plc now owns 60,407 shares of the technology company’s stock valued at $1,430,000 after acquiring an additional 708 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in shares of GTT Communications by 16.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 7,582 shares of the technology company’s stock worth $179,000 after buying an additional 1,044 shares in the last quarter. Finally, Elk Creek Partners LLC grew its stake in shares of GTT Communications by 0.8% in the 4th quarter. Elk Creek Partners LLC now owns 283,967 shares of the technology company’s stock worth $6,719,000 after buying an additional 2,379 shares in the last quarter. Institutional investors and hedge funds own 86.24% of the company’s stock.

GTT Communications Company Profile

GTT Communications, Inc provides cloud networking services to multinational enterprises, carriers, and government customers in the United States, Europe, and internationally. The company offers private, public, and hybrid cloud network solutions; high bandwidth-Internet connectivity and IP transit, as well as broadband and wireless Internet access services; managed equipment, security, and hosting services; and voice services consisting of session initiation protocol trunking and hosted private branch exchange services.

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Analyst Recommendations for GTT Communications (NYSE:GTT)

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