GTT Communications Inc. (NYSE:GTT) has received a consensus recommendation of “Buy” from the nine research firms that are currently covering the firm. One equities research analyst has rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 12 month price target among brokers that have covered the stock in the last year is $34.50.
Several research firms have recently weighed in on GTT. Drexel Hamilton set a $28.00 price objective on GTT Communications and gave the stock a “buy” rating in a research note on Wednesday, September 28th. Pacific Crest set a $37.00 target price on GTT Communications and gave the stock a “buy” rating in a research report on Friday, September 23rd. Finally, Jefferies Group reaffirmed a “buy” rating on shares of GTT Communications in a research report on Saturday, August 6th.
Shares of GTT Communications (NYSE:GTT) opened at 23.94 on Friday. The firm has a market cap of $887.50 million, a price-to-earnings ratio of 29.41 and a beta of 1.29. The stock has a 50 day moving average price of $22.25 and a 200-day moving average price of $19.00. GTT Communications has a 1-year low of $12.31 and a 1-year high of $25.13.
In related news, General Counsel Chris Mckee sold 7,000 shares of GTT Communications stock in a transaction on Monday, October 3rd. The stock was sold at an average price of $23.23, for a total transaction of $162,610.00. Following the completion of the sale, the general counsel now owns 448,816 shares of the company’s stock, valued at $10,425,995.68. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Richard Calder sold 80,000 shares of GTT Communications stock in a transaction on Tuesday, July 12th. The shares were sold at an average price of $20.04, for a total value of $1,603,200.00. Following the sale, the chief executive officer now directly owns 1,426,444 shares of the company’s stock, valued at approximately $28,585,937.76. The disclosure for this sale can be found here. Corporate insiders own 29.86% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in GTT. Fifth Third Bancorp boosted its stake in GTT Communications by 68.9% in the second quarter. Fifth Third Bancorp now owns 7,132 shares of the company’s stock worth $132,000 after buying an additional 2,909 shares during the last quarter. BlackRock Advisors LLC boosted its stake in GTT Communications by 11.1% in the second quarter. BlackRock Advisors LLC now owns 12,667 shares of the company’s stock worth $234,000 after buying an additional 1,261 shares during the last quarter. American International Group Inc. boosted its stake in GTT Communications by 6.0% in the second quarter. American International Group Inc. now owns 15,184 shares of the company’s stock worth $281,000 after buying an additional 864 shares during the last quarter. UBS Asset Management Americas Inc. boosted its stake in GTT Communications by 3.2% in the second quarter. UBS Asset Management Americas Inc. now owns 16,100 shares of the company’s stock worth $298,000 after buying an additional 500 shares during the last quarter. Finally, Brown Advisory Inc. boosted its stake in GTT Communications by 41.9% in the second quarter. Brown Advisory Inc. now owns 16,363 shares of the company’s stock worth $302,000 after buying an additional 4,834 shares during the last quarter. 61.96% of the stock is 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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