GTT Communications, Inc. (GTT) Stake Held by Formula Growth Ltd.
Formula Growth Ltd. continued to hold its stake in shares of GTT Communications, Inc. (NYSE:GTT) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 40,000 shares of the technology company’s stock at the end of the second quarter. Formula Growth Ltd. owned 0.10% of GTT Communications worth $1,266,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in GTT. BNP Paribas Arbitrage SA raised its stake in shares of GTT Communications by 2,153.6% in the second quarter. BNP Paribas Arbitrage SA now owns 3,448 shares of the technology company’s stock worth $109,000 after acquiring an additional 3,295 shares during the last quarter. ClariVest Asset Management LLC bought a new position in shares of GTT Communications in the first quarter worth about $117,000. Nordea Investment Management AB bought a new position in shares of GTT Communications in the first quarter worth about $117,000. Invictus RG bought a new position in shares of GTT Communications in the first quarter worth about $117,000. Finally, Fifth Third Bancorp raised its stake in shares of GTT Communications by 11.9% in the first quarter. Fifth Third Bancorp now owns 5,034 shares of the technology company’s stock worth $123,000 after acquiring an additional 536 shares during the last quarter. 58.94% of the stock is owned by hedge funds and other institutional investors.
Shares of GTT Communications, Inc. (NYSE:GTT) opened at 32.15 on Friday. The firm’s market cap is $1.33 billion. The stock’s 50 day moving average is $30.21 and its 200 day moving average is $29.17. GTT Communications, Inc. has a 12 month low of $20.80 and a 12 month high of $34.20.
GTT Communications (NYSE:GTT) last issued its quarterly earnings data on Thursday, August 3rd. The technology company reported $0.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.05. The business had revenue of $186.20 million during the quarter, compared to analyst estimates of $186.65 million. GTT Communications had a negative net margin of 1.88% and a positive return on equity of 4.17%. The company’s revenue for the quarter was up 44.5% on a year-over-year basis. Analysts forecast that GTT Communications, Inc. will post ($0.42) EPS for the current fiscal year.
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A number of equities analysts have weighed in on the stock. BidaskClub downgraded shares of GTT Communications from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. Zacks Investment Research downgraded shares of GTT Communications from a “hold” rating to a “sell” rating in a research note on Tuesday, August 8th. Finally, Cowen and Company set a $43.00 target price on shares of GTT Communications and gave the stock a “buy” rating in a research note on Friday, August 4th. Two investment analysts have rated the stock with a sell rating and five have assigned a buy rating to the company. GTT Communications presently has a consensus rating of “Hold” and a consensus price target of $34.83.
In related news, Director Howard E. Janzen sold 6,000 shares of the firm’s stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $30.97, for a total value of $185,820.00. Following the completion of the transaction, the director now owns 240,692 shares in the company, valued at approximately $7,454,231.24. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Richard Calder sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $31.34, for a total transaction of $313,400.00. Following the completion of the transaction, the insider now owns 1,141,242 shares of the company’s stock, valued at approximately $35,766,524.28. The disclosure for this sale can be found here. In the last quarter, insiders sold 63,000 shares of company stock valued at $1,943,370. 25.70% of the stock is owned by company insiders.
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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