GTT Communications, Inc. (NYSE:GTT) was downgraded by BidaskClub from a “sell” rating to a “strong sell” rating in a report released on Friday, August 4th.
Several other equities analysts have also recently weighed in on GTT. Cowen and Company set a $40.00 target price on shares of GTT Communications and gave the company an “outperform” rating in a research note on Friday, May 5th. Zacks Investment Research cut shares of GTT Communications from a “buy” rating to a “hold” rating in a research note on Wednesday, July 19th. Two investment analysts have rated the stock with a sell rating and six have given a buy rating to the company’s stock. GTT Communications has a consensus rating of “Buy” and an average target price of $35.14.
GTT Communications (NYSE:GTT) traded up 1.54% during mid-day trading on Friday, reaching $29.75. 277,805 shares of the company’s stock traded hands. GTT Communications has a 1-year low of $20.18 and a 1-year high of $34.20. The stock’s market cap is $1.23 billion. The firm has a 50-day moving average price of $30.52 and a 200-day moving average price of $28.86.
GTT Communications (NYSE:GTT) last posted its quarterly earnings data on Thursday, August 3rd. The technology company reported $0.02 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.03) by $0.05. GTT Communications had a negative net margin of 1.88% and a positive return on equity of 4.17%. The company had revenue of $186.20 million for the quarter, compared to the consensus estimate of $186.65 million. The firm’s revenue for the quarter was up 44.5% compared to the same quarter last year. Equities research analysts anticipate that GTT Communications will post ($0.44) EPS for the current fiscal year.
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In other GTT Communications news, insider Richard Calder sold 10,000 shares of GTT Communications stock in a transaction on Thursday, June 1st. The shares were sold at an average price of $32.86, for a total transaction of $328,600.00. Following the completion of the transaction, the insider now directly owns 1,171,042 shares of the company’s stock, valued at $38,480,440.12. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, General Counsel Chris Mckee sold 7,000 shares of the business’s stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $32.85, for a total transaction of $229,950.00. Following the completion of the sale, the general counsel now directly owns 433,532 shares of the company’s stock, valued at approximately $14,241,526.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 69,000 shares of company stock valued at $2,166,110. Company insiders own 25.70% of the company’s stock.
Several large investors have recently made changes to their positions in the stock. State Street Corp boosted its stake in shares of GTT Communications by 10.7% in the fourth quarter. State Street Corp now owns 446,332 shares of the technology company’s stock worth $12,833,000 after buying an additional 42,989 shares during the last quarter. Renaissance Technologies LLC acquired a new stake in shares of GTT Communications during the fourth quarter worth about $1,417,000. AQR Capital Management LLC acquired a new stake in shares of GTT Communications during the fourth quarter worth about $214,000. Teachers Advisors LLC boosted its stake in shares of GTT Communications by 2.3% in the fourth quarter. Teachers Advisors LLC now owns 42,851 shares of the technology company’s stock worth $1,232,000 after buying an additional 949 shares during the last quarter. Finally, Skylands Capital LLC bought a new position in GTT Communications during the first quarter worth approximately $665,000. 57.27% of the stock is owned by institutional investors.
About GTT Communications
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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