Shares of GTT Communications Inc (NYSE:GTT) have been assigned a consensus rating of “Hold” from the nine brokerages that are covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $19.70.
GTT has been the topic of several recent research reports. Raymond James cut shares of GTT Communications from an “outperform” rating to a “market perform” rating and set a $11.50 target price on the stock. in a research note on Monday, August 12th. Zacks Investment Research cut shares of GTT Communications from a “hold” rating to a “sell” rating in a research report on Wednesday. SunTrust Banks lowered their price target on shares of GTT Communications from $42.00 to $9.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Cowen lowered their price target on shares of GTT Communications from $37.00 to $21.00 and set an “outperform” rating on the stock in a research report on Friday, August 9th. Finally, Oppenheimer lowered their price target 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, August 9th.
GTT traded down $0.05 on Monday, hitting $6.88. 332,097 shares of the company’s stock were exchanged, compared to its average volume of 713,450. GTT Communications has a fifty-two week low of $4.90 and a fifty-two week high of $43.35. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 9.85. The firm has a 50-day moving average price of $8.90 and a 200-day moving average price of $20.70. The stock has a market cap of $387.76 million, a price-to-earnings ratio of -4.33 and a beta of 1.56.
In other news, CFO Michael Sicoli sold 3,124 shares of the business’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $11.29, for a total transaction of $35,269.96. Following the transaction, the chief financial officer now owns 391,537 shares of the company’s stock, valued at approximately $4,420,452.73. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Howard E. Janzen acquired 2,850 shares of GTT Communications stock in a transaction that occurred on Wednesday, August 28th. The stock was bought at an average price of $8.81 per share, for a total transaction of $25,108.50. Following the completion of the acquisition, the director now owns 261,942 shares in the company, valued at approximately $2,307,709.02. The disclosure for this purchase can be found here. In the last three months, insiders have bought 1,615,690 shares of company stock worth $14,274,682 and have sold 17,115 shares worth $175,397. Insiders own 40.84% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Macquarie Group Ltd. raised its holdings in GTT Communications by 68.3% in the 2nd quarter. Macquarie Group Ltd. now owns 10,600 shares of the technology company’s stock valued at $186,000 after buying an additional 4,300 shares during the period. Nuveen Asset Management LLC purchased a new stake in GTT Communications in the 2nd quarter valued at about $2,419,000. Price T Rowe Associates Inc. MD raised its holdings in GTT Communications by 3.3% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 4,201,620 shares of the technology company’s stock valued at $73,949,000 after buying an additional 134,739 shares during the period. Jane Street Group LLC purchased a new stake in GTT Communications in the 2nd quarter valued at about $296,000. Finally, Paloma Partners Management Co purchased a new stake in GTT Communications in the 2nd quarter valued at about $677,000. Hedge funds and other institutional investors own 84.13% of the company’s stock.
About GTT Communications
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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