GTT Communications Inc (NYSE:GTT) has been assigned a consensus rating of “Hold” from the nine research firms that are presently covering the firm, MarketBeat Ratings reports. Five analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 12 month target price among analysts that have covered the stock in the last year is $19.70.

GTT has been the topic of a number of research reports. ValuEngine upgraded shares of GTT Communications from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. Cowen reduced their target price on shares of GTT Communications from $37.00 to $21.00 and set an “outperform” rating on the stock in a research report on Friday, August 9th. Zacks Investment Research lowered shares of GTT Communications from a “buy” rating to a “hold” rating in a research report on Tuesday, May 7th. SunTrust Banks reduced their target price on shares of GTT Communications from $42.00 to $9.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Finally, Raymond James lowered shares of GTT Communications from an “outperform” rating to a “market perform” rating and set a $11.50 target price on the stock. in a research report on Monday, August 12th.

In related news, CFO Michael Sicoli sold 3,124 shares of the stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $11.29, for a total value of $35,269.96. Following the transaction, the chief financial officer now directly owns 391,537 shares in the company, valued at $4,420,452.73. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Richard Calder sold 1,160 shares of the stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $25.87, for a total transaction of $30,009.20. Following the completion of the transaction, the chief executive officer now owns 1,332,367 shares in the company, valued at $34,468,334.29. The disclosure for this sale can be found here. Over the last 90 days, insiders purchased 1,087,840 shares of company stock worth $9,866,424 and sold 17,205 shares worth $252,592. Corporate insiders own 40.84% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in GTT. Third Point LLC acquired a new position in GTT Communications in the second quarter valued at approximately $53,945,000. Goodnow Investment Group LLC increased its stake in GTT Communications by 606.6% in the second quarter. Goodnow Investment Group LLC now owns 739,953 shares of the technology company’s stock valued at $13,023,000 after purchasing an additional 635,233 shares in the last quarter. Cadian Capital Management LP increased its stake in GTT Communications by 1,632.7% in the second quarter. Cadian Capital Management LP now owns 350,000 shares of the technology company’s stock valued at $6,160,000 after purchasing an additional 329,800 shares in the last quarter. Phoenician Capital LLC increased its stake in GTT Communications by 47.5% in the first quarter. Phoenician Capital LLC now owns 582,767 shares of the technology company’s stock valued at $20,222,000 after purchasing an additional 187,688 shares in the last quarter. Finally, Norges Bank bought a new stake in GTT Communications in the fourth quarter valued at approximately $3,954,000. Institutional investors and hedge funds own 84.56% of the company’s stock.

Shares of GTT stock traded down $0.07 during trading hours on Friday, reaching $8.72. 334,840 shares of the company were exchanged, compared to its average volume of 1,462,130. GTT Communications has a fifty-two week low of $4.90 and a fifty-two week high of $47.20. The stock’s fifty day moving average is $12.66 and its two-hundred day moving average is $26.21. The company has a market cap of $481.89 million, a price-to-earnings ratio of -5.48 and a beta of 1.56. The company has a debt-to-equity ratio of 9.85, a current ratio of 0.57 and a quick ratio of 0.57.

GTT Communications (NYSE:GTT) last announced its earnings results on Thursday, August 8th. The technology company reported ($0.59) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.04) by ($0.55). GTT Communications had a negative return on equity of 13.01% and a negative net margin of 7.66%. The company had revenue of $433.80 million for the quarter, compared to analyst estimates of $447.66 million. During the same quarter in the previous year, the company posted ($2.83) earnings per share. GTT Communications’s revenue for the quarter was up 32.7% on a year-over-year basis. On average, research analysts anticipate that GTT Communications will post -1.38 earnings per share for the current year.

GTT Communications Company Profile

GTT Communications, Inc provides cloud networking services to multinational enterprises, carriers, and government customers in the United States, Europe, and internationally. The company offers private, public, and hybrid cloud network solutions; high bandwidth-Internet connectivity and IP transit, as well as broadband and wireless Internet access services; managed equipment, security, and hosting services; and voice services consisting of session initiation protocol trunking and hosted private branch exchange services.

See Also: What are the economic characteristics of a bear market?

Analyst Recommendations for GTT Communications (NYSE:GTT)

Receive News & Ratings for GTT Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for GTT Communications and related companies with MarketBeat.com's FREE daily email newsletter.