GTT Communications (GTT) Rating Increased to Strong-Buy at ValuEngine
GTT Communications (NYSE:GTT) was upgraded by equities researchers at ValuEngine from a “buy” rating to a “strong-buy” rating in a research note issued on Friday.
GTT has been the topic of several other reports. SunTrust Banks reiterated a “buy” rating and issued a $52.00 price target on shares of GTT Communications in a research report on Friday, August 3rd. Raymond James started coverage on shares of GTT Communications in a research report on Monday, April 30th. They issued an “outperform” rating and a $60.00 price target on the stock. KeyCorp upgraded shares of GTT Communications from a “sector weight” rating to an “overweight” rating and set a $57.00 target price on the stock in a research report on Friday, May 4th. Zacks Investment Research lowered shares of GTT Communications from a “hold” rating to a “strong sell” rating in a research report on Thursday, July 12th. Finally, William Blair restated a “buy” rating on shares of GTT Communications in a research report on Monday, August 6th. Two analysts have rated the stock with a sell rating, one has issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $52.11.
GTT stock opened at $38.95 on Friday. The company has a market capitalization of $1.79 billion, a PE ratio of 162.29 and a beta of 0.99. GTT Communications has a 12 month low of $28.30 and a 12 month high of $62.32. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 6.29.
In related news, Director S Joseph Bruno sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, June 11th. The shares were sold at an average price of $49.85, for a total transaction of $49,850.00. Following the sale, the director now owns 106,847 shares in the company, valued at $5,326,322.95. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Richard Calder sold 2,206 shares of the firm’s stock in a transaction that occurred on Thursday, August 16th. The stock was sold at an average price of $40.05, for a total transaction of $88,350.30. Following the sale, the insider now owns 1,220,702 shares in the company, valued at approximately $48,889,115.10. The disclosure for this sale can be found here. In the last 90 days, insiders have purchased 626,761 shares of company stock worth $21,636,131 and have sold 31,417 shares worth $1,480,341. 23.01% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in GTT. Crestview Partners III GP L.P. acquired a new stake in GTT Communications during the second quarter worth approximately $177,680,000. Eventide Asset Management LLC boosted its holdings in shares of GTT Communications by 943.9% in the 1st quarter. Eventide Asset Management LLC now owns 441,000 shares of the technology company’s stock valued at $25,005,000 after purchasing an additional 398,754 shares during the last quarter. BlackRock Inc. boosted its holdings in shares of GTT Communications by 15.8% in the 2nd quarter. BlackRock Inc. now owns 2,305,045 shares of the technology company’s stock valued at $103,726,000 after purchasing an additional 313,812 shares during the last quarter. Zweig DiMenna Associates LLC acquired a new position in shares of GTT Communications in the 1st quarter valued at $17,279,000. Finally, Wells Fargo & Company MN boosted its holdings in shares of GTT Communications by 255.2% in the 1st quarter. Wells Fargo & Company MN now owns 292,222 shares of the technology company’s stock valued at $16,570,000 after purchasing an additional 209,961 shares during the last quarter. Hedge funds and other institutional investors own 65.04% 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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