GTT Communications (NYSE:GTT) had its price objective decreased by Oppenheimer to $50.00 in a research note issued to investors on Friday, The Fly reports. Oppenheimer currently has an outperform rating on the technology company’s stock.

Other analysts also recently issued reports about the stock. Zacks Investment Research raised shares of GTT Communications from a strong sell rating to a hold rating in a report on Thursday. Cowen reissued a buy rating and issued a $54.00 price target on shares of GTT Communications in a report on Friday. ValuEngine downgraded shares of GTT Communications from a strong-buy rating to a buy rating in a report on Wednesday, August 8th. SunTrust Banks reissued a buy rating and issued a $52.00 price target on shares of GTT Communications in a report on Friday, August 3rd. Finally, KeyCorp set a $57.00 price target on shares of GTT Communications and gave the company a buy rating in a report on Tuesday, August 21st. One analyst has rated the stock with a sell rating, two have given a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. GTT Communications has a consensus rating of Buy and an average target price of $49.80.

NYSE:GTT traded down $0.43 during midday trading on Friday, reaching $34.56. The stock had a trading volume of 602,457 shares, compared to its average volume of 703,727. GTT Communications has a 1-year low of $31.44 and a 1-year 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. The firm has a market capitalization of $2.11 billion, a PE ratio of 144.00 and a beta of 1.14.

GTT Communications (NYSE:GTT) last posted its earnings results on Thursday, November 8th. The technology company reported ($0.43) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.61) by $0.18. GTT Communications had a negative net margin of 21.82% and a negative return on equity of 45.46%. The business had revenue of $448.60 million for the quarter, compared to analyst estimates of $456.19 million. During the same period last year, the business posted ($0.23) EPS. GTT Communications’s revenue was up 121.4% compared to the same quarter last year. As a group, analysts anticipate that GTT Communications will post -1.43 EPS for the current fiscal year.

In other news, General Counsel Chris Mckee sold 2,211 shares of the firm’s stock in a transaction dated Thursday, August 16th. The shares were sold at an average price of $40.05, for a total transaction of $88,550.55. Following the completion of the transaction, the general counsel now directly owns 416,266 shares of the company’s stock, valued at approximately $16,671,453.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Spruce House Partnership Lp acquired 178,846 shares of GTT Communications stock in a transaction dated Wednesday, August 15th. The shares were acquired at an average cost of $36.44 per share, with a total value of $6,517,148.24. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 3,318,392 shares of company stock valued at $128,448,440 and sold 11,417 shares valued at $491,901. 23.01% of the stock is owned by corporate insiders.

Large investors have recently added to or reduced their stakes in the company. Parallel Advisors LLC bought a new position in GTT Communications during the 3rd quarter valued at about $100,000. PNC Financial Services Group Inc. increased its position in GTT Communications by 148.8% in the 2nd quarter. PNC Financial Services Group Inc. now owns 2,928 shares of the technology company’s stock valued at $133,000 after acquiring an additional 1,751 shares in the last quarter. Bessemer Group Inc. acquired a new stake in GTT Communications in the 3rd quarter valued at about $189,000. Public Employees Retirement Association of Colorado acquired a new stake in GTT Communications in the 3rd quarter valued at about $212,000. Finally, Tower Research Capital LLC TRC acquired a new stake in GTT Communications in the 2nd quarter valued at about $213,000. 75.85% 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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