GTT Communications, Inc. (GTT) Insider Sells $328,600.00 in Stock

GTT Communications, Inc. (NYSE:GTT) insider Richard Calder sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 1st. The shares were sold at an average price of $32.86, for a total value of $328,600.00. Following the sale, the insider now owns 1,171,042 shares of the company’s stock, valued at approximately $38,480,440.12. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

Richard Calder also recently made the following trade(s):

  • On Monday, May 1st, Richard Calder sold 10,000 shares of GTT Communications stock. The stock was sold at an average price of $27.87, for a total value of $278,700.00.
  • On Monday, April 3rd, Richard Calder sold 10,000 shares of GTT Communications stock. The stock was sold at an average price of $23.73, for a total value of $237,300.00.

GTT Communications, Inc. (NYSE GTT) traded down 0.61% on Tuesday, reaching $32.35. The company’s stock had a trading volume of 40,197 shares. The firm’s 50 day moving average is $30.69 and its 200-day moving average is $27.96. The firm’s market cap is $1.33 billion. GTT Communications, Inc. has a 12 month low of $16.40 and a 12 month high of $33.95.

GTT Communications (NYSE:GTT) last posted its earnings results on Thursday, May 4th. The technology company reported ($0.42) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.12) by $0.30. GTT Communications had a positive return on equity of 4.57% and a negative net margin of 2.15%. The firm had revenue of $182.40 million during the quarter, compared to analysts’ expectations of $179.16 million. The company’s revenue was up 46.6% on a year-over-year basis. On average, equities research analysts anticipate that GTT Communications, Inc. will post ($0.15) EPS for the current year.

Insider Buying and Selling by Quarter for GTT Communications (NYSE:GTT)

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Several institutional investors have recently modified their holdings of the company. J.P. Marvel Investment Advisors LLC raised its position in GTT Communications by 36.8% in the first quarter. J.P. Marvel Investment Advisors LLC now owns 27,350 shares of the technology company’s stock valued at $666,000 after buying an additional 7,350 shares in the last quarter. Gotham Asset Management LLC raised its stake in shares of GTT Communications by 43.5% in the first quarter. Gotham Asset Management LLC now owns 36,740 shares of the technology company’s stock worth $895,000 after buying an additional 11,137 shares during the period. Bank of America Corp DE raised its stake in shares of GTT Communications by 2.7% in the first quarter. Bank of America Corp DE now owns 295,555 shares of the technology company’s stock worth $7,196,000 after buying an additional 7,813 shares during the period. Schwab Charles Investment Management Inc. raised its stake in shares of GTT Communications by 5.8% in the first quarter. Schwab Charles Investment Management Inc. now owns 103,200 shares of the technology company’s stock worth $2,513,000 after buying an additional 5,613 shares during the period. Finally, Invictus RG purchased a new stake in shares of GTT Communications during the first quarter worth about $117,000. 55.95% of the stock is currently owned by hedge funds and other institutional investors.

A number of research analysts have recently weighed in on the company. Zacks Investment Research downgraded GTT Communications from a “buy” rating to a “hold” rating in a report on Friday, March 10th. Cowen and Company reissued an “outperform” rating and set a $36.00 price objective (down previously from $37.00) on shares of GTT Communications in a research report on Saturday, March 11th. Finally, Jefferies Group LLC reissued a “buy” rating and set a $36.00 price objective (up previously from $30.00) on shares of GTT Communications in a research report on Saturday, March 11th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. GTT Communications currently has an average rating of “Buy” and an average price target of $34.29.

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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