Other equities analysts have also recently issued reports about the stock. Zacks Investment Research cut shares of GTT Communications from a buy rating to a hold rating in a research note on Tuesday, March 6th. SunTrust Banks raised their target price on shares of GTT Communications to $60.00 and gave the company a buy rating in a research note on Friday, March 2nd. Craig Hallum reaffirmed a buy rating and set a $50.00 target price (up from $40.00) on shares of GTT Communications in a research note on Monday, January 22nd. Guggenheim began coverage on shares of GTT Communications in a research note on Tuesday, March 13th. They set a neutral rating and a $56.00 target price for the company. Finally, Oppenheimer raised their target price on shares of GTT Communications from $52.00 to $68.00 in a research note on Tuesday, February 27th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and six have given a buy rating to the stock. The company has an average rating of Buy and an average target price of $56.86.
Shares of NYSE GTT opened at $56.70 on Wednesday. The company has a debt-to-equity ratio of 5.34, a current ratio of 1.22 and a quick ratio of 1.22. The firm has a market capitalization of $2,541.58, a PE ratio of 236.25, a PEG ratio of 46.29 and a beta of 1.10. GTT Communications has a 1 year low of $23.10 and a 1 year high of $62.32.
In other GTT Communications news, insider Richard Calder sold 6,000 shares of the stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $45.85, for a total transaction of $275,100.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Chris Mckee sold 7,000 shares of the stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $45.85, for a total transaction of $320,950.00. The disclosure for this sale can be found here. Insiders have sold 26,000 shares of company stock valued at $1,376,110 in the last quarter. 25.70% of the stock is owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in GTT. Spruce House Investment Management LLC bought a new position in GTT Communications during the third quarter valued at $59,723,000. Bamco Inc. NY lifted its position in GTT Communications by 68.8% during the third quarter. Bamco Inc. NY now owns 2,278,200 shares of the technology company’s stock valued at $72,105,000 after purchasing an additional 928,200 shares during the last quarter. Allianz Asset Management GmbH lifted its position in GTT Communications by 103.3% during the fourth quarter. Allianz Asset Management GmbH now owns 390,818 shares of the technology company’s stock valued at $18,349,000 after purchasing an additional 198,605 shares during the last quarter. Boothbay Fund Management LLC bought a new position in GTT Communications during the third quarter valued at $2,046,000. Finally, Boston Financial Mangement LLC lifted its position in GTT Communications by 89.3% during the fourth quarter. Boston Financial Mangement LLC now owns 129,754 shares of the technology company’s stock valued at $6,092,000 after purchasing an additional 61,219 shares during the last quarter. Institutional investors and hedge funds own 66.76% of the company’s stock.
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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