GTT Communications Inc (GTT) Receives $49.89 Consensus Price Target from Brokerages

Shares of GTT Communications Inc (NYSE:GTT) have been given a consensus recommendation of “Buy” by the twelve brokerages that are presently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, two have issued a hold rating and nine have assigned a buy rating to the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $49.89.

A number of research analysts have recently weighed in on the company. ValuEngine lowered GTT Communications from a “strong-buy” rating to a “buy” rating in a report on Monday, November 12th. Oppenheimer dropped their target price on GTT Communications to $50.00 and set an “outperform” rating on the stock in a report on Friday, November 9th. Cowen restated a “buy” rating and issued a $54.00 target price on shares of GTT Communications in a report on Friday, November 9th. Zacks Investment Research upgraded GTT Communications from a “strong sell” rating to a “hold” rating in a report on Thursday, November 8th. Finally, KeyCorp set a $57.00 target price on GTT Communications and gave the company a “buy” rating in a report on Tuesday, August 21st.

Shares of NYSE:GTT opened at $28.72 on Tuesday. The company has a debt-to-equity ratio of 6.62, a quick ratio of 0.68 and a current ratio of 0.68. GTT Communications has a 52-week low of $27.82 and a 52-week high of $62.32.

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, topping the 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 return on equity of 13.27% and a negative net margin of 18.67%. The company’s quarterly revenue was up 121.4% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.23) earnings per share. Equities analysts predict that GTT Communications will post -1.12 earnings per share for the current year.

In related news, General Counsel Chris Mckee sold 7,000 shares of the stock in a transaction that occurred on Thursday, September 20th. The stock was sold at an average price of $45.00, for a total transaction of $315,000.00. Following the completion of the sale, the general counsel now directly owns 399,854 shares of the company’s stock, valued at $17,993,430. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Spruce House Partnership Lp purchased 524,100 shares of the firm’s stock in a transaction that occurred on Friday, October 26th. The shares were acquired at an average cost of $33.55 per share, with a total value of $17,583,555.00. The disclosure for this purchase can be found here. Insiders bought 2,076,133 shares of company stock worth $76,268,822 in the last 90 days. Corporate insiders own 23.01% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of GTT. Crestview Partners III GP L.P. purchased a new stake in shares of GTT Communications during the second quarter valued at approximately $177,680,000. Vanguard Group Inc increased its position in shares of GTT Communications by 27.5% during the third quarter. Vanguard Group Inc now owns 3,777,509 shares of the technology company’s stock valued at $163,944,000 after acquiring an additional 814,417 shares during the last quarter. Vanguard Group Inc. increased its position in shares of GTT Communications by 27.5% during the third quarter. Vanguard Group Inc. now owns 3,777,509 shares of the technology company’s stock valued at $163,944,000 after acquiring an additional 814,417 shares during the last quarter. Morgan Stanley increased its position in shares of GTT Communications by 464.5% during the third quarter. Morgan Stanley now owns 524,911 shares of the technology company’s stock valued at $22,780,000 after acquiring an additional 431,926 shares during the last quarter. Finally, BlackRock Inc. increased its position in shares of GTT Communications by 17.2% during the third quarter. BlackRock Inc. now owns 2,701,516 shares of the technology company’s stock valued at $117,246,000 after acquiring an additional 396,471 shares during the last quarter. 85.46% of the stock is 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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Analyst Recommendations for GTT Communications (NYSE:GTT)

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