Zacks Investment Research Upgrades GTT Communications (GTT) to Hold
GTT Communications (NYSE:GTT) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research report issued on Thursday.
According to Zacks, “GTT Communications, Inc. offers cloud networking; high bandwidth IP transit for content delivery and hosting as well as network-to-network carrier interconnects solutions and data connectivity solutions. The company’s network consists of a layer 2 switched Ethernet and IP transit or dedicated internet access. It operates primarily in North America, Europe and Asia. GTT Communications, Inc., formerly known as Global Telecom & Technology, Inc., is headquartered in McLean, Virginia. “
Other research analysts also recently issued research reports about the company. ValuEngine downgraded GTT Communications from a “strong-buy” rating to a “buy” rating in a report on Monday, October 22nd. KeyCorp set a $57.00 price target on GTT Communications and gave the company a “buy” rating in a report on Tuesday, August 21st. Raymond James reissued a “buy” rating and issued a $53.00 price target on shares of GTT Communications in a report on Monday, August 20th. William Blair reissued a “buy” rating on shares of GTT Communications in a report on Monday, August 6th. Finally, SunTrust Banks reissued a “buy” rating and issued a $52.00 price target on shares of GTT Communications in a report on Friday, August 3rd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $49.80.
GTT Communications (NYSE:GTT) last issued its earnings results on Thursday, November 8th. The technology company reported ($0.43) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.61) by $0.18. GTT Communications had a negative return on equity of 45.46% and a negative net margin of 21.82%. The company had revenue of $448.60 million during the quarter, compared to the consensus estimate of $456.19 million. During the same quarter in the prior year, the business earned ($0.23) earnings per share. The company’s revenue was up 121.4% compared to the same quarter last year. As a group, sell-side analysts predict that GTT Communications will post -1.43 EPS for the current fiscal year.
In other GTT Communications news, major shareholder Spruce House Partnership Lp purchased 426,915 shares of GTT Communications stock in a transaction that occurred on Monday, August 13th. The stock was purchased at an average price of $33.73 per share, with a total value of $14,399,842.95. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel Chris Mckee sold 7,000 shares of the stock in a transaction dated Thursday, September 20th. The shares were sold at an average price of $45.00, for a total value of $315,000.00. Following the completion of the transaction, the general counsel now directly owns 399,854 shares of the company’s stock, valued at approximately $17,993,430. The disclosure for this sale can be found here. In the last three months, insiders purchased 3,318,392 shares of company stock valued at $128,448,440 and sold 11,417 shares valued at $491,901. Corporate insiders own 23.01% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Parallel Advisors LLC acquired a new stake in GTT Communications during the third quarter valued at approximately $100,000. PNC Financial Services Group Inc. raised its stake in GTT Communications by 148.8% during the second quarter. PNC Financial Services Group Inc. now owns 2,928 shares of the technology company’s stock valued at $133,000 after buying an additional 1,751 shares in the last quarter. Bessemer Group Inc. acquired a new stake in GTT Communications during the third quarter valued at approximately $189,000. Tower Research Capital LLC TRC acquired a new stake in GTT Communications during the second quarter valued at approximately $213,000. Finally, Public Employees Retirement Association of Colorado acquired a new stake in GTT Communications during the third quarter valued at approximately $212,000. Hedge funds and other institutional investors own 75.85% 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.
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