Zacks Investment Research lowered shares of GTT Communications (NYSE:GTT) from a buy rating to a hold rating in a research report report published on Tuesday morning.
According to Zacks, “GTT Communications, Inc. offers cloud networking; high bandwidth IP transit for content delivery and hosting as well as network-to-network carrier interconnects solutions and data connectivity solutions. The company’s network consists of a layer 2 switched Ethernet and IP transit or dedicated internet access. It operates primarily in North America, Europe and Asia. GTT Communications, Inc., formerly known as Global Telecom & Technology, Inc., is headquartered in McLean, Virginia. “
Several other analysts have also recently issued reports on GTT. Jefferies Group increased their target price on GTT Communications to $62.00 and gave the company a buy rating in a research report on Friday, March 2nd. SunTrust Banks increased their target price on GTT Communications to $60.00 and gave the company a buy rating in a research report on Friday, March 2nd. William Blair reaffirmed an outperform rating on shares of GTT Communications in a research report on Monday, February 26th. Oppenheimer increased their target price on GTT Communications from $52.00 to $68.00 in a research report on Tuesday, February 27th. Finally, Craig Hallum reaffirmed a buy rating and set a $60.00 target price (up previously from $50.00) on shares of GTT Communications in a research report on Monday, February 26th. One analyst has rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company. GTT Communications has a consensus rating of Buy and an average target price of $57.00.
In other news, General Counsel Chris Mckee sold 7,000 shares of the stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $45.85, for a total transaction of $320,950.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Elizabeth Satin acquired 4,000 shares of the firm’s stock in a transaction dated Thursday, March 1st. The shares were acquired at an average price of $51.22 per share, with a total value of $204,880.00. Following the acquisition, the director now owns 23,013 shares in the company, valued at approximately $1,178,725.86. The disclosure for this purchase can be found here. Corporate insiders own 25.70% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the company. Cheyne Capital Management UK LLP purchased a new stake in shares of GTT Communications during the 4th quarter valued at $2,099,000. Spruce House Investment Management LLC purchased a new stake in shares of GTT Communications during the 3rd quarter valued at $59,723,000. California State Teachers Retirement System raised its stake in GTT Communications by 5.8% in the 2nd quarter. California State Teachers Retirement System now owns 54,900 shares of the technology company’s stock worth $1,738,000 after acquiring an additional 2,990 shares during the last quarter. Nordea Investment Management AB raised its stake in GTT Communications by 79.2% in the 3rd quarter. Nordea Investment Management AB now owns 8,600 shares of the technology company’s stock worth $272,000 after acquiring an additional 3,800 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. raised its stake in GTT Communications by 24.2% in the 3rd quarter. Schwab Charles Investment Management Inc. now owns 145,100 shares of the technology company’s stock worth $4,593,000 after acquiring an additional 28,233 shares during the last quarter. Hedge funds and other institutional investors own 68.87% of the company’s stock.
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GTT Communications Company Profile
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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