Equities analysts expect that GTT Communications Inc (NYSE:GTT) will report $453.79 million in sales for the current quarter, Zacks reports. Five analysts have issued estimates for GTT Communications’ earnings, with estimates ranging from $451.31 million to $458.50 million. GTT Communications posted sales of $249.20 million during the same quarter last year, which suggests a positive year over year growth rate of 82.1%. The business is scheduled to issue its next earnings results before the market opens on Thursday, February 28th.
According to Zacks, analysts expect that GTT Communications will report full-year sales of $1.49 billion for the current fiscal year, with estimates ranging from $1.49 billion to $1.50 billion. For the next financial year, analysts expect that the firm will report sales of $1.84 billion, with estimates ranging from $1.82 billion to $1.86 billion. Zacks’ sales averages are an average based on a survey of analysts that follow GTT Communications.
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Several equities research analysts have issued reports on GTT shares. ValuEngine lowered shares of GTT Communications from a “buy” rating to a “hold” rating in a research note on Tuesday, January 15th. Zacks Investment Research upgraded shares of GTT Communications from a “hold” rating to a “buy” rating and set a $31.00 price target on the stock in a research note on Tuesday, January 8th. Cowen reiterated a “buy” rating and issued a $54.00 price target on shares of GTT Communications in a research note on Friday, November 9th. Finally, Oppenheimer lowered their price target on shares of GTT Communications to $50.00 and set an “outperform” rating on the stock in a research note on Friday, November 9th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and nine have given a buy rating to the company. GTT Communications presently has a consensus rating of “Buy” and a consensus target price of $46.60.
GTT stock traded up $2.95 during midday trading on Friday, hitting $29.61. The company’s stock had a trading volume of 500,485 shares, compared to its average volume of 519,596. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 6.62. GTT Communications has a twelve month low of $21.68 and a twelve month high of $62.32. The firm has a market capitalization of $1.49 billion, a P/E ratio of 123.38, a PEG ratio of 1.45 and a beta of 1.51.
In related news, General Counsel Chris Mckee sold 4,401 shares of GTT Communications stock in a transaction dated Friday, February 1st. The shares were sold at an average price of $26.32, for a total transaction of $115,834.32. Following the completion of the sale, the general counsel now owns 468,606 shares of the company’s stock, valued at approximately $12,333,709.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Michael Sicoli sold 4,857 shares of GTT Communications stock in a transaction dated Friday, February 1st. The stock was sold at an average price of $26.32, for a total transaction of $127,836.24. Following the sale, the chief financial officer now directly owns 378,366 shares of the company’s stock, valued at approximately $9,958,593.12. The disclosure for this sale can be found here. In the last three months, insiders bought 1,104,200 shares of company stock valued at $29,216,382 and sold 16,803 shares valued at $442,255. Company insiders own 23.01% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Parallel Advisors LLC bought a new stake in shares of GTT Communications during the 3rd quarter worth about $100,000. Bessemer Group Inc. bought a new stake in shares of GTT Communications during the 3rd quarter worth about $189,000. Public Employees Retirement Association of Colorado bought a new stake in shares of GTT Communications during the 3rd quarter worth about $212,000. Cowen Prime Services LLC boosted its holdings in GTT Communications by 400.0% in the 3rd quarter. Cowen Prime Services LLC now owns 5,000 shares of the technology company’s stock valued at $217,000 after purchasing an additional 4,000 shares during the period. Finally, Citigroup Inc. boosted its holdings in GTT Communications by 1,180.1% in the 4th quarter. Citigroup Inc. now owns 5,159 shares of the technology company’s stock valued at $122,000 after purchasing an additional 4,756 shares during the period. 84.74% of the stock is owned by institutional investors and hedge funds.
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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