GTT Communications (NYSE:GTT) Downgraded to Market Perform at Raymond James

Raymond James downgraded shares of GTT Communications (NYSE:GTT) from an outperform rating to a market perform rating in a research report sent to investors on Monday, 24/7 WallStreet reports. They currently have $11.50 price target on the technology company’s stock.

GTT has been the topic of several other research reports. Craig Hallum downgraded shares of GTT Communications from a buy rating to a hold rating in a research report on Friday. Oppenheimer dropped their target price on shares of GTT Communications from $42.00 to $12.00 and set an outperform rating on the stock in a research report on Friday. BTIG Research downgraded shares of GTT Communications from a buy rating to a neutral rating in a research report on Wednesday, May 8th. Cowen decreased their price objective on shares of GTT Communications from $37.00 to $21.00 and set an outperform rating for the company in a research note on Friday. Finally, SunTrust Banks decreased their price objective on shares of GTT Communications from $42.00 to $9.00 and set a buy rating for the company in a research note on Friday. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. GTT Communications presently has an average rating of Hold and an average target price of $29.31.

NYSE:GTT traded up $1.56 during trading hours on Monday, hitting $9.67. 1,478,391 shares of the company were exchanged, compared to its average volume of 1,140,422. The stock has a market cap of $508.24 million, a PE ratio of -6.08 and a beta of 1.56. GTT Communications has a 52-week low of $4.90 and a 52-week high of $47.20. The company has a debt-to-equity ratio of 9.77, a current ratio of 0.60 and a quick ratio of 0.60. The company’s 50 day moving average is $14.29.



GTT Communications (NYSE:GTT) last released its earnings results on Thursday, August 8th. The technology company reported ($0.59) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.55). The company had revenue of $433.80 million for the quarter, compared to analysts’ expectations of $447.66 million. GTT Communications had a negative return on equity of 12.53% and a negative net margin of 7.66%. The firm’s revenue for the quarter was up 32.7% on a year-over-year basis. During the same period in the prior year, the firm posted ($2.83) EPS. As a group, equities research analysts predict that GTT Communications will post -0.39 EPS for the current year.

In other news, CEO Richard Calder bought 20,000 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The stock was purchased at an average cost of $6.57 per share, for a total transaction of $131,400.00. Following the purchase, the chief executive officer now directly owns 1,347,850 shares in the company, valued at approximately $8,855,374.50. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, General Counsel Chris Mckee sold 954 shares of the business’s stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $26.75, for a total transaction of $25,519.50. Following the completion of the transaction, the general counsel now owns 484,545 shares of the company’s stock, valued at $12,961,578.75. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 23,789 shares of company stock valued at $424,266. Company insiders own 40.84% of the company’s stock.

A number of large investors have recently bought and sold shares of GTT. Third Point LLC acquired a new position in shares of GTT Communications in the 2nd quarter valued at approximately $53,945,000. Jupiter Asset Management Ltd. raised its position in shares of GTT Communications by 27.8% in the 2nd quarter. Jupiter Asset Management Ltd. now owns 159,794 shares of the technology company’s stock valued at $2,953,000 after purchasing an additional 34,713 shares in the last quarter. Oppenheimer Asset Management Inc. raised its position in shares of GTT Communications by 28.1% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 21,679 shares of the technology company’s stock valued at $382,000 after purchasing an additional 4,752 shares in the last quarter. Athena Capital Advisors LLC acquired a new position in shares of GTT Communications in the 2nd quarter valued at approximately $189,000. Finally, Russell Investments Group Ltd. raised its position in shares of GTT Communications by 15.9% in the 2nd quarter. Russell Investments Group Ltd. now owns 54,870 shares of the technology company’s stock valued at $966,000 after purchasing an additional 7,539 shares in the last quarter. Institutional investors own 86.62% 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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