GTT Communications Inc. (NYSE:GTT) received a $37.00 price target from investment analysts at Pacific Crest in a research report issued to clients and investors on Friday. The brokerage currently has a a “buy” rating on the stock. Pacific Crest’s target price would suggest a potential upside of 58.19% from the stock’s current price.
Separately, Jefferies Group reaffirmed a “buy” rating on shares of GTT Communications in a report on Saturday, August 6th. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. GTT Communications currently has an average rating of “Buy” and an average price target of $33.00.
Shares of GTT Communications (NYSE:GTT) opened at 23.39 on Friday. The company has a 50 day moving average of $21.50 and a 200-day moving average of $18.53. The company has a market capitalization of $867.11 million, a P/E ratio of 28.73 and a beta of 1.29. GTT Communications has a 12-month low of $12.31 and a 12-month high of $25.13.
In other GTT Communications news, insider Richard Calder sold 10,000 shares of the stock in a transaction dated Thursday, September 1st. The shares were sold at an average price of $21.23, for a total transaction of $212,300.00. Following the sale, the insider now owns 1,323,890 shares of the company’s stock, valued at approximately $28,106,184.70. The sale 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 dated Monday, August 1st. The stock was sold at an average price of $20.19, for a total transaction of $141,330.00. Following the sale, the general counsel now directly owns 474,501 shares in the company, valued at approximately $9,580,175.19. The disclosure for this sale can be found here. Company insiders own 29.86% of the company’s stock.
A number of large investors have recently modified their holdings of the company. Williams Jones & Associates LLC raised its stake in shares of GTT Communications by 21.5% in the second quarter. Williams Jones & Associates LLC now owns 177,460 shares of the company’s stock worth $3,279,000 after buying an additional 31,365 shares in the last quarter. Royal Bank of Canada raised its stake in shares of GTT Communications by 81.6% in the second quarter. Royal Bank of Canada now owns 529,843 shares of the company’s stock worth $9,791,000 after buying an additional 238,097 shares in the last quarter. Marshall Wace LLP raised its stake in shares of GTT Communications by 112.0% in the second quarter. Marshall Wace LLP now owns 27,840 shares of the company’s stock worth $514,000 after buying an additional 14,705 shares in the last quarter. Spitfire Capital LLC raised its stake in shares of GTT Communications by 0.9% in the second quarter. Spitfire Capital LLC now owns 1,364,832 shares of the company’s stock worth $25,222,000 after buying an additional 12,500 shares in the last quarter. Finally, Osterweis Capital Management Inc. bought a new stake in shares of GTT Communications during the second quarter worth approximately $1,848,000. 61.96% of the stock is currently owned by hedge funds and other institutional investors.
GTT Communications Company Profile
GTT Communications, Inc is a provider of cloud networking services. The Company offers a portfolio of global communications services, including EtherCloud wide area network services; Internet services; managed network and security services, and voice and unified communication services. The Company provides Layer 2 (Ethernet) and Layer 3 (multiprotocol label switching (MPLS)) solutions to meet the needs of multinational clients.
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