Separately, Jefferies Group reissued a buy rating on shares of GTT Communications in a report on Saturday, August 6th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. GTT Communications has an average rating of Buy and an average price target of $33.00.
GTT Communications (NYSE:GTT) traded up 0.17% during midday trading on Friday, reaching $23.74. The company’s stock had a trading volume of 9,287 shares. The firm has a market cap of $880.09 million, a P/E ratio of 29.16 and a beta of 1.29. GTT Communications has a one year low of $12.31 and a one year high of $25.13. The firm has a 50 day moving average price of $21.43 and a 200 day moving average price of $18.46.
In related news, insider Richard Calder sold 10,000 shares of the stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $20.17, for a total value of $201,700.00. Following the sale, the insider now directly owns 1,349,996 shares of the company’s stock, valued at approximately $27,229,419.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Chris Mckee sold 56,000 shares of the stock in a transaction dated Tuesday, July 12th. The stock was sold at an average price of $20.05, for a total transaction of $1,122,800.00. Following the completion of the sale, the executive vice president now directly owns 517,213 shares in the company, valued at $10,370,120.65. The disclosure for this sale can be found here. Insiders own 29.86% of the company’s stock.
A number of hedge funds have recently bought and sold shares of GTT. Williams Jones & Associates LLC raised its stake in GTT Communications by 21.5% in the second quarter. Williams Jones & Associates LLC now owns 177,460 shares of the company’s stock worth $3,279,000 after buying an additional 31,365 shares during the period. Royal Bank of Canada raised its stake in GTT Communications by 81.6% in the second quarter. Royal Bank of Canada now owns 529,843 shares of the company’s stock worth $9,791,000 after buying an additional 238,097 shares during the period. Marshall Wace LLP raised its stake in GTT Communications by 112.0% in the second quarter. Marshall Wace LLP now owns 27,840 shares of the company’s stock worth $514,000 after buying an additional 14,705 shares during the period. Spitfire Capital LLC raised its stake in GTT Communications by 0.9% in the second quarter. Spitfire Capital LLC now owns 1,364,832 shares of the company’s stock worth $25,222,000 after buying an additional 12,500 shares during the period. Finally, Osterweis Capital Management Inc. purchased a new stake in GTT Communications during the second quarter worth $1,848,000. 61.96% of the stock is currently owned by institutional investors.
GTT Communications Company Profile
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.
Receive News & Ratings for GTT Communications Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for GTT Communications Inc. and related companies with MarketBeat.com's FREE daily email newsletter.