William Blair Reaffirms “Buy” Rating for GTT Communications (GTT)

William Blair reaffirmed their buy rating on shares of GTT Communications (NYSE:GTT) in a research report released on Wednesday morning.

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.

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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.

GTT Communications (NYSE:GTT) last posted its earnings results on Thursday, March 1st. The technology company reported $0.04 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.13) by $0.17. The company had revenue of $249.20 million during the quarter, compared to analysts’ expectations of $247.40 million. GTT Communications had a negative net margin of 9.21% and a positive return on equity of 2.78%. research analysts predict that GTT Communications will post 0.04 earnings per share for the current fiscal year.

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.

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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.

Analyst Recommendations for GTT Communications (NYSE:GTT)

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