Gilder Gagnon Howe & Co. LLC Has $60.66 Million Stake in GTT Communications, Inc. (NYSE:GTT)
Gilder Gagnon Howe & Co. LLC lowered its stake in GTT Communications, Inc. (NYSE:GTT) by 0.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,916,594 shares of the technology company’s stock after selling 10,324 shares during the period. Gilder Gagnon Howe & Co. LLC owned approximately 4.64% of GTT Communications worth $60,660,000 as of its most recent filing with the SEC.
Other hedge funds have also added to or reduced their stakes in the company. Nordea Investment Management AB acquired a new stake in GTT Communications during the first quarter valued at $117,000. ClariVest Asset Management LLC acquired a new stake in GTT Communications during the first quarter valued at $117,000. Invictus RG acquired a new stake in GTT Communications during the first quarter valued at $117,000. Fifth Third Bancorp raised its stake in GTT Communications by 11.9% in the first quarter. Fifth Third Bancorp now owns 5,034 shares of the technology company’s stock valued at $123,000 after buying an additional 536 shares during the period. Finally, Sei Investments Co. raised its stake in GTT Communications by 92.1% in the first quarter. Sei Investments Co. now owns 5,557 shares of the technology company’s stock valued at $135,000 after buying an additional 2,664 shares during the period. 57.56% of the stock is currently owned by institutional investors and hedge funds.
Shares of GTT Communications, Inc. (GTT) opened at 31.95 on Monday. GTT Communications, Inc. has a 1-year low of $19.86 and a 1-year high of $34.20. The firm’s market capitalization is $1.32 billion. The company has a 50-day moving average price of $31.40 and a 200 day moving average price of $28.73.
GTT Communications (NYSE:GTT) last posted its earnings results on Thursday, August 3rd. The technology company reported $0.02 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.03) by $0.05. GTT Communications had a positive return on equity of 4.60% and a negative net margin of 1.88%. The business had revenue of $186.20 million during the quarter, compared to analysts’ expectations of $186.65 million. The firm’s revenue was up 44.5% on a year-over-year basis. On average, equities research analysts predict that GTT Communications, Inc. will post ($0.44) EPS for the current year.
GTT has been the topic of several research analyst reports. Cowen and Company set a $43.00 price objective on GTT Communications and gave the company a “buy” rating in a research note on Friday. BidaskClub raised GTT Communications from a “hold” rating to a “buy” rating in a research note on Saturday, June 24th. Finally, Zacks Investment Research raised GTT Communications from a “hold” rating to a “buy” rating and set a $34.00 price objective on the stock in a research note on Monday, July 17th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $35.14.
In related news, Director Howard E. Janzen sold 12,000 shares of the business’s stock in a transaction dated Wednesday, May 10th. The stock was sold at an average price of $30.00, for a total transaction of $360,000.00. Following the completion of the transaction, the director now directly owns 252,692 shares in the company, valued at $7,580,760. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Richard Calder sold 10,000 shares of the business’s stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $32.86, for a total value of $328,600.00. Following the transaction, the insider now owns 1,171,042 shares of the company’s stock, valued at $38,480,440.12. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 81,000 shares of company stock valued at $2,526,110. 25.70% of the stock is owned by company insiders.
GTT Communications Company Profile
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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