GTT Communications Inc. (GTT) Stock Price Up 3%
GTT Communications Inc. (NYSE:GTT) rose 3% during trading on Tuesday . The company traded as high as $22.72 and last traded at $22.68, with a volume of 138,123 shares trading hands. The stock had previously closed at $22.03.
Separately, Jefferies Group restated a “buy” rating on shares of GTT Communications in a research note on Saturday, August 6th. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $32.20.
The firm has a market capitalization of $837.46 million, a PE ratio of 27.75 and a beta of 1.29. The stock’s 50-day moving average price is $21.17 and its 200 day moving average price is $18.34.
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In related news, CEO Richard Calder sold 80,000 shares of GTT Communications stock in a transaction that occurred on Tuesday, July 12th. The stock was sold at an average price of $20.04, for a total transaction of $1,603,200.00. Following the sale, the chief executive officer now directly owns 1,426,444 shares in the company, valued at $28,585,937.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Chris Mckee sold 7,000 shares of GTT Communications stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $20.19, for a total value of $141,330.00. Following the sale, the general counsel now owns 474,501 shares in the company, valued at $9,580,175.19. The disclosure for this sale can be found here. Corporate insiders own 29.86% of the company’s stock.
Several large investors have recently added to or reduced their stakes in GTT. AlphaOne Investment Services LLC raised its stake in GTT Communications by 11.2% in the first quarter. AlphaOne Investment Services LLC now owns 255,176 shares of the company’s stock valued at $4,221,000 after buying an additional 25,631 shares in the last quarter. Emerald Acquisition Ltd. purchased a new stake in GTT Communications during the second quarter valued at $4,294,000. Geode Capital Management LLC raised its stake in GTT Communications by 7.0% in the first quarter. Geode Capital Management LLC now owns 198,215 shares of the company’s stock valued at $3,278,000 after buying an additional 13,045 shares in the last quarter. Cadence Capital Management LLC purchased a new stake in GTT Communications during the second quarter valued at $823,000. Finally, Granahan Investment Management Inc. MA raised its stake in GTT Communications by 8.1% in the first quarter. Granahan Investment Management Inc. MA now owns 172,006 shares of the company’s stock valued at $2,845,000 after buying an additional 12,900 shares in the last quarter. Institutional investors own 61.96% of the company’s stock.
About GTT Communications
GTT Communications, Inc is a provider of cloud networking services. The Company offers a portfolio of global communications services, including EtherCloud wide area network services; Internet services; managed network and security services, and voice and unified communication services. The Company provides Layer 2 (Ethernet) and Layer 3 (multiprotocol label switching (MPLS)) solutions to meet the needs of multinational clients.
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