ValuEngine upgraded shares of GTT Communications (NYSE:GTT) from a hold rating to a buy rating in a research note released on Monday morning, ValuEngine reports.

Other equities research analysts have also issued research reports about the company. Zacks Investment Research raised GTT Communications from a hold rating to a buy rating and set a $31.00 price target for the company in a research note on Tuesday, January 8th. BTIG Research dropped their price target on GTT Communications to $49.00 and set a buy rating for the company in a research note on Monday, April 8th. Raymond James dropped their price target on GTT Communications from $53.00 to $40.00 and set an outperform rating for the company in a research note on Wednesday, December 19th. Finally, KeyCorp dropped their price target on GTT Communications from $57.00 to $45.00 and set an overweight rating for the company in a research note on Friday, March 1st. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and eight have issued a buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average target price of $40.63.

Shares of GTT stock opened at $41.71 on Monday. The company has a debt-to-equity ratio of 7.68, a current ratio of 0.62 and a quick ratio of 0.62. GTT Communications has a 12-month low of $21.68 and a 12-month high of $53.10. The stock has a market cap of $2.24 billion, a price-to-earnings ratio of -26.23 and a beta of 1.43.

In other news, insider Richard Calder sold 1,321 shares of the business’s stock in a transaction dated Wednesday, April 10th. The stock was sold at an average price of $39.30, for a total value of $51,915.30. Following the completion of the sale, the insider now owns 1,342,677 shares of the company’s stock, valued at approximately $52,767,206.10. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, major shareholder Spruce House Partnership Lp bought 450,000 shares of the stock in a transaction dated Wednesday, January 16th. The stock was bought at an average cost of $24.40 per share, with a total value of $10,980,000.00. The disclosure for this purchase can be found here. In the last three months, insiders bought 1,103,000 shares of company stock valued at $29,177,130 and sold 33,525 shares valued at $985,151. Insiders own 23.01% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GTT. Rhumbline Advisers lifted its stake in shares of GTT Communications by 11.1% in the 3rd quarter. Rhumbline Advisers now owns 36,063 shares of the technology company’s stock valued at $1,565,000 after acquiring an additional 3,602 shares during the last quarter. Alliancebernstein L.P. lifted its stake in shares of GTT Communications by 14.1% in the 3rd quarter. Alliancebernstein L.P. now owns 51,000 shares of the technology company’s stock valued at $2,213,000 after acquiring an additional 6,300 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of GTT Communications by 10.3% in the 3rd quarter. Bank of New York Mellon Corp now owns 156,815 shares of the technology company’s stock valued at $6,806,000 after acquiring an additional 14,659 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in shares of GTT Communications by 123.3% in the 3rd quarter. PNC Financial Services Group Inc. now owns 6,538 shares of the technology company’s stock valued at $284,000 after acquiring an additional 3,610 shares during the last quarter. Finally, BlackRock Inc. lifted its stake in shares of GTT Communications by 17.2% in the 3rd quarter. BlackRock Inc. now owns 2,701,516 shares of the technology company’s stock valued at $117,246,000 after acquiring an additional 396,471 shares during the last quarter. 87.74% 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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