GTT Communications Inc (GTT) Receives Consensus Recommendation of “Buy” from Brokerages

GTT Communications Inc (NYSE:GTT) has been given an average recommendation of “Buy” by the nine research firms that are covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating on the company. The average 1-year target price among brokerages that have covered the stock in the last year is $41.00.

GTT has been the topic of several recent research reports. ValuEngine lowered shares of GTT Communications from a “strong-buy” rating to a “buy” rating in a report on Wednesday, January 2nd. Zacks Investment Research upgraded shares of GTT Communications from a “hold” rating to a “buy” rating and set a $31.00 price objective on the stock in a report on Tuesday, January 8th. KeyCorp cut their price objective on shares of GTT Communications from $57.00 to $45.00 and set an “overweight” rating on the stock in a report on Friday, March 1st. Finally, Raymond James cut their price objective on shares of GTT Communications from $53.00 to $40.00 and set an “outperform” rating on the stock in a report on Wednesday, December 19th.

NYSE:GTT opened at $32.72 on Thursday. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 7.68. The firm has a market cap of $1.86 billion, a P/E ratio of -20.58 and a beta of 1.42. GTT Communications has a twelve month low of $21.68 and a twelve month high of $62.32.

In other GTT Communications news, CFO Michael Sicoli sold 1,902 shares of the business’s stock in a transaction on Monday, February 25th. The shares were sold at an average price of $32.43, for a total value of $61,681.86. Following the transaction, the chief financial officer now owns 376,614 shares in the company, valued at approximately $12,213,592.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Richard Calder sold 3,234 shares of the business’s stock in a transaction on Monday, February 25th. The stock was sold at an average price of $32.43, for a total transaction of $104,878.62. Following the completion of the transaction, the chief executive officer now owns 1,304,334 shares in the company, valued at approximately $42,299,551.62. The disclosure for this sale can be found here. In the last quarter, insiders acquired 1,103,000 shares of company stock worth $29,177,130 and sold 31,833 shares worth $918,655. Insiders own 23.01% of the company’s stock.

A number of hedge funds have recently modified their holdings of GTT. Spruce House Investment Management LLC raised its stake in shares of GTT Communications by 13.4% in the 4th quarter. Spruce House Investment Management LLC now owns 10,900,000 shares of the technology company’s stock valued at $257,894,000 after purchasing an additional 1,287,933 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of GTT Communications by 27.5% in the 3rd quarter. Vanguard Group Inc. now owns 3,777,509 shares of the technology company’s stock valued at $163,944,000 after purchasing an additional 814,417 shares in the last quarter. Vanguard Group Inc raised its stake in shares of GTT Communications by 27.5% in the 3rd quarter. Vanguard Group Inc now owns 3,777,509 shares of the technology company’s stock valued at $163,944,000 after purchasing an additional 814,417 shares in the last quarter. BlackRock Inc. raised its stake in shares of GTT Communications by 2.1% in the 4th quarter. BlackRock Inc. now owns 2,758,597 shares of the technology company’s stock valued at $65,269,000 after purchasing an additional 57,081 shares in the last quarter. Finally, MFN Partners Management LP acquired a new stake in shares of GTT Communications in the 4th quarter valued at about $23,660,000. Hedge funds and other institutional investors own 87.42% of the company’s stock.

GTT Communications Company Profile

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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