GTT Communications (NYSE:GTT) Price Target Cut to $9.00 by Analysts at SunTrust Banks

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GTT Communications (NYSE:GTT) had its price objective lowered by SunTrust Banks from $42.00 to $9.00 in a research report sent to investors on Friday, The Fly reports. SunTrust Banks currently has a buy rating on the technology company’s stock.

Other equities research analysts have also recently issued research reports about the stock. Craig Hallum cut shares of GTT Communications from a buy rating to a hold rating in a research note on Friday. ValuEngine upgraded shares of GTT Communications from a sell rating to a hold rating in a research note on Thursday, August 1st. Zacks Investment Research cut shares of GTT Communications from a buy rating to a hold rating in a research note on Tuesday, May 7th. BTIG Research cut shares of GTT Communications from a buy rating to a neutral rating in a research note on Wednesday, May 8th. Finally, Oppenheimer cut their price target on shares of GTT Communications from $50.00 to $42.00 and set an outperform rating for the company in a research note on Thursday, May 9th. Four analysts have rated the stock with a hold rating and five have given a buy rating to the company. GTT Communications currently has an average rating of Buy and an average target price of $32.88.

Shares of NYSE GTT traded up $0.62 during mid-day trading on Friday, hitting $6.71. The company had a trading volume of 2,656,486 shares, compared to its average volume of 699,984. The company has a debt-to-equity ratio of 9.77, a quick ratio of 0.60 and a current ratio of 0.60. The firm’s 50-day moving average price is $15.23. GTT Communications has a 12 month low of $4.90 and a 12 month high of $47.20. The company has a market cap of $374.75 million, a price-to-earnings ratio of -4.22 and a beta of 1.56.

GTT Communications (NYSE:GTT) last released its earnings results on Thursday, August 8th. The technology company reported ($0.59) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.04) by ($0.55). GTT Communications had a negative net margin of 14.28% and a negative return on equity of 16.23%. The company had revenue of $433.80 million during the quarter, compared to the consensus estimate of $447.66 million. During the same quarter in the previous year, the business posted ($2.83) EPS. The firm’s quarterly revenue was up 32.7% on a year-over-year basis. Analysts anticipate that GTT Communications will post -0.39 EPS for the current fiscal year.

In other news, General Counsel Chris Mckee sold 954 shares of GTT Communications stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $26.75, for a total value of $25,519.50. Following the completion of the transaction, the general counsel now owns 484,545 shares in the company, valued at $12,961,578.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Richard Calder sold 1,757 shares of GTT Communications stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $25.43, for a total transaction of $44,680.51. Following the completion of the transaction, the insider now owns 1,336,060 shares of the company’s stock, valued at approximately $33,976,005.80. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 23,789 shares of company stock valued at $424,266. Corporate insiders own 40.84% of the company’s stock.

Large investors have recently bought and sold shares of the company. AlphaOne Investment Services LLC raised its stake in shares of GTT Communications by 67.6% in the first quarter. AlphaOne Investment Services LLC now owns 2,900 shares of the technology company’s stock valued at $101,000 after acquiring an additional 1,170 shares during the last quarter. Athena Capital Advisors LLC bought a new position in shares of GTT Communications in the second quarter valued at approximately $189,000. First Business Financial Services Inc. bought a new position in shares of GTT Communications in the second quarter valued at approximately $222,000. Bessemer Group Inc. raised its stake in shares of GTT Communications by 42.6% in the second quarter. Bessemer Group Inc. now owns 16,735 shares of the technology company’s stock valued at $295,000 after acquiring an additional 5,000 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its stake in shares of GTT Communications by 111.1% in the second quarter. JPMorgan Chase & Co. now owns 18,405 shares of the technology company’s stock valued at $358,000 after acquiring an additional 9,686 shares during the last quarter. Institutional investors own 86.51% of the company’s stock.

GTT Communications Company Profile

GTT Communications, Inc provides cloud networking services to multinational enterprises, carriers, and government customers in the United States, Europe, and internationally. The company offers private, public, and hybrid cloud network solutions; high bandwidth-Internet connectivity and IP transit, as well as broadband and wireless Internet access services; managed equipment, security, and hosting services; and voice services consisting of session initiation protocol trunking and hosted private branch exchange services.

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