GTT Communications (GTT) Cut to “Sell” at Zacks Investment Research

GTT Communications (NYSE:GTT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Wednesday, December 27th.

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. “

Separately, Oppenheimer boosted their target price on GTT Communications from $39.00 to $52.00 and gave the company an “outperform” rating in a research report on Wednesday, December 20th. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $40.20.

Shares of GTT Communications (GTT) traded up $0.20 during midday trading on Wednesday, reaching $42.40. The company’s stock had a trading volume of 262,043 shares, compared to its average volume of 264,585. The stock has a market capitalization of $1,840.00, a price-to-earnings ratio of -75.71, a price-to-earnings-growth ratio of 19.89 and a beta of 1.32. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 4.08. GTT Communications has a 52 week low of $22.95 and a 52 week high of $47.75.

GTT Communications (NYSE:GTT) last announced its earnings results on Thursday, November 2nd. The technology company reported $0.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.07. GTT Communications had a positive return on equity of 1.89% and a negative net margin of 3.78%. analysts predict that GTT Communications will post -0.77 EPS for the current fiscal year.

In related news, insider Richard Calder sold 10,000 shares of the business’s stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $36.33, for a total transaction of $363,300.00. Following the completion of the transaction, the insider now owns 1,113,679 shares in the company, valued at $40,459,958.07. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, General Counsel Chris Mckee sold 7,000 shares of the business’s stock in a transaction on Friday, December 1st. The stock was sold at an average price of $39.54, for a total transaction of $276,780.00. Following the transaction, the general counsel now owns 487,928 shares of the company’s stock, valued at approximately $19,292,673.12. The disclosure for this sale can be found here. In the last 90 days, insiders sold 50,000 shares of company stock valued at $1,341,960. Insiders own 25.70% of the company’s stock.

Several hedge funds have recently modified their holdings of GTT. BNP Paribas Arbitrage SA grew its stake in shares of GTT Communications by 2,153.6% during the second quarter. BNP Paribas Arbitrage SA now owns 3,448 shares of the technology company’s stock worth $109,000 after purchasing an additional 3,295 shares in the last quarter. Airain ltd acquired a new position in shares of GTT Communications during the second quarter worth $216,000. Legal & General Group Plc grew its stake in shares of GTT Communications by 14.1% during the second quarter. Legal & General Group Plc now owns 7,353 shares of the technology company’s stock worth $234,000 after purchasing an additional 907 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of GTT Communications by 52.2% during the third quarter. JPMorgan Chase & Co. now owns 7,950 shares of the technology company’s stock worth $250,000 after purchasing an additional 2,726 shares in the last quarter. Finally, Laurion Capital Management LP acquired a new position in shares of GTT Communications during the second quarter worth $266,000. Hedge funds and other institutional investors own 65.41% 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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