GTT Communications Inc (NYSE:GTT) major shareholder Spruce House Partnership Lp purchased 234,067 shares of the business’s stock in a transaction that occurred on Thursday, September 6th. The stock was acquired at an average price of $40.01 per share, for a total transaction of $9,365,020.67. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Large shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

Spruce House Partnership Lp also recently made the following trade(s):

  • On Monday, September 10th, Spruce House Partnership Lp purchased 702,531 shares of GTT Communications stock. The stock was acquired at an average price of $41.88 per share, for a total transaction of $29,421,998.28.
  • On Wednesday, August 15th, Spruce House Partnership Lp purchased 178,846 shares of GTT Communications stock. The stock was acquired at an average price of $36.44 per share, for a total transaction of $6,517,148.24.
  • On Monday, August 13th, Spruce House Partnership Lp purchased 426,915 shares of GTT Communications stock. The stock was acquired at an average price of $33.73 per share, for a total transaction of $14,399,842.95.

Shares of NYSE GTT opened at $43.30 on Thursday. The company has a market cap of $2.31 billion, a PE ratio of 180.63 and a beta of 0.91. GTT Communications Inc has a 12 month low of $29.65 and a 12 month high of $62.32. The company has a debt-to-equity ratio of 6.29, a quick ratio of 0.69 and a current ratio of 0.69.

GTT Communications (NYSE:GTT) last issued its quarterly earnings data on Friday, August 3rd. The technology company reported ($0.42) EPS for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.25). The firm had revenue of $326.80 million for the quarter, compared to analyst estimates of $297.68 million. GTT Communications had a negative return on equity of 45.46% and a negative net margin of 21.82%. GTT Communications’s revenue for the quarter was up 71.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.02 EPS. analysts forecast that GTT Communications Inc will post -1.35 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently modified their holdings of the company. J.P. Marvel Investment Advisors LLC grew its stake in shares of GTT Communications by 11.8% during the 2nd quarter. J.P. Marvel Investment Advisors LLC now owns 31,150 shares of the technology company’s stock worth $1,402,000 after purchasing an additional 3,300 shares during the period. Granahan Investment Management Inc. MA lifted its position in shares of GTT Communications by 67.3% during the 2nd quarter. Granahan Investment Management Inc. MA now owns 64,554 shares of the technology company’s stock valued at $2,905,000 after buying an additional 25,971 shares in the last quarter. Trafelet Brokaw Capital Management L.P. lifted its position in shares of GTT Communications by 11.5% during the 2nd quarter. Trafelet Brokaw Capital Management L.P. now owns 523,191 shares of the technology company’s stock valued at $23,544,000 after buying an additional 53,943 shares in the last quarter. Tower Research Capital LLC TRC purchased a new position in shares of GTT Communications during the 2nd quarter valued at approximately $213,000. Finally, Ardsley Advisory Partners purchased a new position in shares of GTT Communications during the 2nd quarter valued at approximately $6,743,000. 76.10% of the stock is currently owned by institutional investors and hedge funds.

Several brokerages recently weighed in on GTT. Zacks Investment Research downgraded shares of GTT Communications from a “hold” rating to a “strong sell” rating in a report on Thursday, July 12th. William Blair reiterated a “buy” rating on shares of GTT Communications in a report on Monday, August 6th. SunTrust Banks reiterated a “buy” rating and issued a $52.00 price target on shares of GTT Communications in a report on Friday, August 3rd. ValuEngine upgraded shares of GTT Communications from a “buy” rating to a “strong-buy” rating in a report on Friday, August 17th. Finally, BWS Financial began coverage on shares of GTT Communications in a research note on Monday, August 6th. They set a “sell” rating and a $5.00 price objective on the stock. Two analysts have rated the stock with a sell rating, one has assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. GTT Communications presently has a consensus rating of “Buy” and a consensus target price of $51.33.

About GTT Communications

GTT Communications, Inc provides cloud networking services to multinational enterprises, carriers, and government customers worldwide. The company provides private, public, and hybrid cloud network solutions; high bandwidth-Internet connectivity and IP transit, as well as broadband and wireless access services; managed equipment and security services; and voice and unified communications services consisting of SIP trunking and enterprise PBX services.

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

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