GTT Communications (GTT) Price Target Raised to $52.00
GTT Communications (NYSE:GTT) had its price objective raised by Oppenheimer from $39.00 to $52.00 in a report published on Wednesday. Oppenheimer currently has an outperform rating on the technology company’s stock.
Separately, Zacks Investment Research lowered shares of GTT Communications from a hold rating to a sell rating in a report on Wednesday, October 11th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has an average rating of Buy and an average price target of $40.20.
Shares of GTT Communications (NYSE GTT) traded up $0.10 during trading on Wednesday, hitting $44.10. 284,469 shares of the company were exchanged, compared to its average volume of 285,222. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 4.08. The firm has a market capitalization of $1,912.03, a price-to-earnings ratio of -67.85 and a beta of 1.48. GTT Communications has a fifty-two week low of $22.95 and a fifty-two week high of $47.75.
In other GTT Communications news, insider Mcmullen Family Trust bought 60,000 shares of the stock in a transaction on Tuesday, November 21st. The stock was purchased at an average price of $0.65 per share, with a total value of $39,000.00. Also, General Counsel Chris Mckee sold 7,000 shares of GTT Communications stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $31.99, for a total transaction of $223,930.00. Following the sale, the general counsel now directly owns 397,081 shares of the company’s stock, valued at approximately $12,702,621.19. The disclosure for this sale can be found here. In the last three months, insiders purchased 81,000 shares of company stock valued at $63,250 and sold 77,000 shares valued at $1,907,290. Company insiders own 25.70% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. BNP Paribas Arbitrage SA grew its holdings in GTT Communications by 2,153.6% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 3,448 shares of the technology company’s stock worth $109,000 after acquiring an additional 3,295 shares during the period. Airain ltd bought a new position in shares of GTT Communications during the second quarter worth $216,000. Legal & General Group Plc boosted its position in shares of GTT Communications by 14.1% during the second quarter. Legal & General Group Plc now owns 7,353 shares of the technology company’s stock worth $234,000 after purchasing an additional 907 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of GTT Communications by 52.2% during the third quarter. JPMorgan Chase & Co. now owns 7,950 shares of the technology company’s stock worth $250,000 after purchasing an additional 2,726 shares in the last quarter. Finally, Laurion Capital Management LP bought a new position in shares of GTT Communications during the second quarter worth $266,000. 65.41% of the stock is owned by hedge funds and other institutional investors.
GTT Communications Company Profile
GTT Communications, Inc provides cloud networking services to a range of clients. The Company offers a portfolio of global communications services, wide area network (WAN) services; Internet services; managed network and security services, and voice and unified communication services. It provides Layer 2 (Ethernet) and Layer 3 (multiprotocol label switching (MPLS)) WAN solutions for multinational clients.
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