Oppenheimer Raises GTT Communications (NYSE:GTT) Price Target to $52.00

GTT Communications (NYSE:GTT) had its target price boosted by Oppenheimer from $39.00 to $52.00 in a research note issued to investors on Wednesday, December 20th. The brokerage currently has an outperform rating on the technology company’s stock.

Separately, Zacks Investment Research raised shares of GTT Communications from a sell rating to a hold rating in a research report on Friday, November 10th. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company. The stock currently has a consensus rating of Buy and a consensus price target of $40.20.

GTT Communications (NYSE:GTT) traded up $0.65 during trading on Wednesday, hitting $43.60. 136,991 shares of the stock were exchanged, compared to its average volume of 278,439. GTT Communications has a 1 year low of $22.95 and a 1 year high of $47.75. The company has a market cap of $1,866.40, a P/E ratio of -67.08, a P/E/G ratio of 19.63 and a beta of 1.48. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 4.08.

In related news, General Counsel Chris Mckee sold 7,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $36.34, for a total transaction of $254,380.00. Following the sale, the general counsel now directly owns 391,517 shares in the company, valued at approximately $14,227,727.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director S Joseph Bruno sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 22nd. The shares were sold at an average price of $40.50, for a total transaction of $40,500.00. Following the sale, the director now owns 108,467 shares in the company, valued at $4,392,913.50. The disclosure for this sale can be found here. Over the last 90 days, insiders have purchased 81,000 shares of company stock worth $63,250 and have sold 50,000 shares worth $1,341,960. Corporate insiders own 25.70% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Bamco Inc. NY lifted its stake in GTT Communications by 68.8% in the 3rd quarter. Bamco Inc. NY now owns 2,278,200 shares of the technology company’s stock worth $72,105,000 after purchasing an additional 928,200 shares in the last quarter. Spruce House Investment Management LLC purchased a new stake in GTT Communications in the 3rd quarter worth approximately $59,723,000. Dimensional Fund Advisors LP lifted its stake in GTT Communications by 1.5% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,656,706 shares of the technology company’s stock worth $52,435,000 after purchasing an additional 24,385 shares in the last quarter. Vanguard Group Inc. lifted its stake in GTT Communications by 11.4% in the 2nd quarter. Vanguard Group Inc. now owns 1,228,307 shares of the technology company’s stock worth $38,876,000 after purchasing an additional 126,032 shares in the last quarter. Finally, Royal Bank of Canada lifted its stake in GTT Communications by 2.9% in the 2nd quarter. Royal Bank of Canada now owns 859,355 shares of the technology company’s stock worth $27,198,000 after purchasing an additional 24,273 shares in the last quarter. Institutional investors and hedge funds own 65.41% of the company’s stock.

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About GTT Communications

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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