GTT Communications (NYSE:GTT)‘s stock had its “buy” rating restated by equities researchers at Cowen in a note issued to investors on Friday. They presently have a $54.00 price target on the technology company’s stock. Cowen’s price target points to a potential upside of 56.25% from the stock’s current price.

A number of other brokerages have also weighed in on GTT. ValuEngine lowered shares of GTT Communications from a “strong-buy” rating to a “buy” rating in a research note on Monday, October 22nd. BWS Financial initiated coverage on shares of GTT Communications in a research note on Monday, August 6th. They issued a “sell” rating and a $5.00 target price for the company. Zacks Investment Research lowered shares of GTT Communications from a “hold” rating to a “strong sell” rating in a research note on Thursday, July 12th. Raymond James reaffirmed a “buy” rating and issued a $53.00 target price on shares of GTT Communications in a research note on Monday, August 20th. Finally, William Blair reaffirmed a “buy” rating on shares of GTT Communications in a research note on Monday, August 6th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $49.80.

Shares of GTT stock opened at $34.56 on Friday. GTT Communications has a 12-month low of $31.44 and a 12-month high of $62.32. The company has a debt-to-equity ratio of 6.29, a quick ratio of 0.69 and a current ratio of 0.69.

GTT Communications (NYSE:GTT) last announced its quarterly earnings results on Thursday, November 8th. The technology company reported ($0.43) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.61) by $0.18. GTT Communications had a negative net margin of 18.67% and a negative return on equity of 14.99%. The company had revenue of $448.60 million during the quarter, compared to analyst estimates of $456.19 million. During the same quarter in the previous year, the business earned ($0.23) EPS. The firm’s revenue was up 121.4% on a year-over-year basis. As a group, sell-side analysts anticipate that GTT Communications will post -1.43 EPS for the current fiscal year.

In other GTT Communications news, insider Richard Calder sold 2,206 shares of the business’s stock in a transaction dated Thursday, August 16th. The shares were sold at an average price of $40.05, for a total transaction of $88,350.30. Following the sale, the insider now directly owns 1,220,702 shares of the company’s stock, valued at approximately $48,889,115.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Spruce House Partnership Lp purchased 327,000 shares of the business’s stock in a transaction on Wednesday, October 24th. The shares were acquired at an average cost of $33.13 per share, for a total transaction of $10,833,510.00. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 3,318,392 shares of company stock valued at $128,448,440 and sold 11,417 shares valued at $491,901. 23.01% of the stock is currently owned by corporate insiders.

A number of large investors have recently modified their holdings of the business. California Public Employees Retirement System boosted its holdings in GTT Communications by 278.4% during the 1st quarter. California Public Employees Retirement System now owns 17,279 shares of the technology company’s stock valued at $980,000 after acquiring an additional 12,713 shares during the period. Principal Financial Group Inc. boosted its holdings in GTT Communications by 13.5% during the 1st quarter. Principal Financial Group Inc. now owns 24,996 shares of the technology company’s stock valued at $1,417,000 after acquiring an additional 2,977 shares during the period. Legal & General Group Plc boosted its holdings in GTT Communications by 52.1% during the 1st quarter. Legal & General Group Plc now owns 12,184 shares of the technology company’s stock valued at $691,000 after acquiring an additional 4,174 shares during the period. Brown Advisory Inc. boosted its holdings in GTT Communications by 62.3% during the 1st quarter. Brown Advisory Inc. now owns 8,115 shares of the technology company’s stock valued at $460,000 after acquiring an additional 3,115 shares during the period. Finally, Amalgamated Bank boosted its holdings in GTT Communications by 28.8% during the 2nd quarter. Amalgamated Bank now owns 5,340 shares of the technology company’s stock valued at $240,000 after acquiring an additional 1,194 shares during the period. 75.85% of the stock is currently owned by hedge funds and other institutional investors.

GTT Communications Company Profile

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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Analyst Recommendations for GTT Communications (NYSE:GTT)

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