GTT Communications, Inc. (GTT) PT Set at $43.00 by Cowen and Company
Cowen and Company set a $43.00 price target on GTT Communications, Inc. (NYSE:GTT) in a research note released on Friday morning. The firm currently has a buy rating on the technology company’s stock.
Other research analysts have also recently issued research reports about the company. BidaskClub cut GTT Communications from a sell rating to a strong sell rating in a research note on Friday. Zacks Investment Research cut GTT Communications from a buy rating to a hold rating in a research note on Wednesday, July 19th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the stock. GTT Communications has a consensus rating of Buy and a consensus price target of $35.14.
GTT Communications (NYSE:GTT) opened at 31.80 on Friday. GTT Communications has a 52 week low of $19.86 and a 52 week high of $34.20. The company’s market cap is $1.31 billion. The stock has a 50 day moving average price of $31.40 and a 200 day moving average price of $28.73.
GTT Communications (NYSE:GTT) last released its quarterly earnings results on Thursday, August 3rd. The technology company reported $0.02 earnings per share for the quarter, topping the consensus estimate of ($0.03) by $0.05. The firm had revenue of $186.20 million for the quarter, compared to analysts’ expectations of $186.65 million. GTT Communications had a negative net margin of 1.88% and a positive return on equity of 4.60%. The company’s revenue was up 44.5% on a year-over-year basis. On average, equities analysts forecast that GTT Communications will post ($0.44) earnings per share for the current year.
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In related news, insider Richard Calder sold 10,000 shares of the stock in a transaction on Thursday, June 1st. The stock was sold at an average price of $32.86, for a total value of $328,600.00. Following the transaction, the insider now owns 1,171,042 shares of the company’s stock, valued at $38,480,440.12. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, General Counsel Chris Mckee sold 7,000 shares of the stock in a transaction on Thursday, June 1st. The shares were sold at an average price of $32.85, for a total value of $229,950.00. Following the completion of the transaction, the general counsel now directly owns 433,532 shares in the company, valued at approximately $14,241,526.20. The disclosure for this sale can be found here. In the last three months, insiders sold 81,000 shares of company stock worth $2,526,110. 25.70% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BNP Paribas Arbitrage SA boosted its position in GTT Communications by 2,153.6% in the second quarter. BNP Paribas Arbitrage SA now owns 3,448 shares of the technology company’s stock worth $109,000 after buying an additional 3,295 shares in the last quarter. Nordea Investment Management AB purchased a new position in GTT Communications during the first quarter worth approximately $117,000. ClariVest Asset Management LLC purchased a new position in GTT Communications during the first quarter worth approximately $117,000. Invictus RG bought a new position in shares of GTT Communications during the first quarter worth about $117,000. Finally, Fifth Third Bancorp boosted its position in shares of GTT Communications by 11.9% in the first quarter. Fifth Third Bancorp now owns 5,034 shares of the technology company’s stock worth $123,000 after buying an additional 536 shares during the period. 57.56% of the stock is currently owned by institutional investors and hedge funds.
About GTT Communications
GTT Communications, Inc provides cloud networking services to a range of clients. The Company offers a portfolio of global communications services, wide area network (WAN) services; Internet services; managed network and security services, and voice and unified communication services. It provides Layer 2 (Ethernet) and Layer 3 (multiprotocol label switching (MPLS)) WAN solutions for multinational clients.
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