Zacks Investment Research upgraded shares of GTT Communications (NYSE:GTT) from a strong sell rating to a hold rating in a research report sent to investors on Thursday morning.
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. “
A number of other brokerages have also commented on GTT. ValuEngine lowered shares of GTT Communications from a strong-buy rating to a buy rating in a research report on Monday, October 22nd. BWS Financial started coverage on shares of GTT Communications in a research report on Monday, August 6th. They set a sell rating and a $5.00 target price on the stock. Raymond James reaffirmed a buy rating and set a $53.00 target price on shares of GTT Communications in a research report on Monday, August 20th. William Blair reaffirmed a buy rating on shares of GTT Communications in a research report on Monday, August 6th. Finally, KeyCorp set a $57.00 target price on shares of GTT Communications and gave the stock a buy rating in a research report on Tuesday, August 21st. One research analyst has rated the stock with a sell rating, two have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. GTT Communications 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) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.61) by $0.18. The business had revenue of $448.60 million for the quarter, compared to analyst estimates of $456.19 million. GTT Communications had a negative net margin of 21.82% and a negative return on equity of 45.46%. The company’s quarterly revenue was up 121.4% compared to the same quarter last year. During the same period last year, the company posted ($0.23) earnings per share. Equities research analysts predict that GTT Communications will post -1.43 EPS for the current fiscal year.
In other GTT Communications news, Director Theodore B. Smith III acquired 1,000 shares of the business’s stock in a transaction that occurred on Thursday, August 16th. The shares were bought at an average cost of $39.94 per share, with a total value of $39,940.00. Following the completion of the acquisition, the director now directly owns 419,278 shares in the company, valued at approximately $16,745,963.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Spruce House Partnership Lp acquired 426,915 shares of the business’s stock in a transaction that occurred on Monday, August 13th. The shares were acquired at an average cost of $33.73 per share, for a total transaction of $14,399,842.95. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 3,318,392 shares of company stock worth $128,448,440 and have sold 11,417 shares worth $491,901. Company insiders own 23.01% of the company’s stock.
A number of hedge funds have recently modified their holdings of the stock. Crestview Partners III GP L.P. purchased a new position in GTT Communications during the second quarter valued at approximately $177,680,000. BlackRock Inc. grew its holdings in GTT Communications by 17.2% in the third quarter. BlackRock Inc. now owns 2,701,516 shares of the technology company’s stock worth $117,246,000 after purchasing an additional 396,471 shares during the last quarter. Trafelet Brokaw Capital Management L.P. grew its holdings in GTT Communications by 11.5% in the second quarter. Trafelet Brokaw Capital Management L.P. now owns 523,191 shares of the technology company’s stock worth $23,544,000 after purchasing an additional 53,943 shares during the last quarter. Cove Street Capital LLC grew its holdings in GTT Communications by 3.4% in the second quarter. Cove Street Capital LLC now owns 497,306 shares of the technology company’s stock worth $22,378,000 after purchasing an additional 16,174 shares during the last quarter. Finally, Wells Fargo & Company MN grew its holdings in GTT Communications by 6.4% in the third quarter. Wells Fargo & Company MN now owns 462,027 shares of the technology company’s stock worth $20,052,000 after purchasing an additional 27,885 shares during the last quarter. 75.85% of the stock is currently owned by institutional investors.
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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