Emerald Advisers Inc. PA lessened its position in GTT Communications, Inc. (NYSE:GTT) by 15.2% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 992,267 shares of the technology company’s stock after selling 177,699 shares during the quarter. GTT Communications makes up about 1.3% of Emerald Advisers Inc. PA’s investment portfolio, making the stock its 18th largest holding. Emerald Advisers Inc. PA owned about 2.40% of GTT Communications worth $31,405,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in GTT. Ameriprise Financial Inc. lifted its stake in shares of GTT Communications by 37.1% in the 1st quarter. Ameriprise Financial Inc. now owns 41,503 shares of the technology company’s stock valued at $1,011,000 after purchasing an additional 11,228 shares during the period. Parametric Portfolio Associates LLC lifted its stake in shares of GTT Communications by 53.3% in the 1st quarter. Parametric Portfolio Associates LLC now owns 14,208 shares of the technology company’s stock valued at $346,000 after purchasing an additional 4,938 shares during the period. American International Group Inc. lifted its stake in shares of GTT Communications by 7.1% in the 1st quarter. American International Group Inc. now owns 16,243 shares of the technology company’s stock valued at $396,000 after purchasing an additional 1,076 shares during the period. Alliancebernstein L.P. lifted its stake in shares of GTT Communications by 3.1% in the 1st quarter. Alliancebernstein L.P. now owns 29,600 shares of the technology company’s stock valued at $721,000 after purchasing an additional 900 shares during the period. Finally, FMR LLC purchased a new position in shares of GTT Communications in the 1st quarter valued at approximately $1,230,000. Institutional investors own 59.56% of the company’s stock.

GTT Communications (NYSE:GTT) last announced its quarterly earnings results 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 firm had revenue of $186.20 million during the quarter, compared to analyst estimates of $186.65 million. GTT Communications had a positive return on equity of 4.17% and a negative net margin of 1.88%. The company’s revenue was up 44.5% compared to the same quarter last year.

In related news, insider Richard Calder sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $31.99, for a total value of $319,900.00. Following the completion of the sale, the insider now owns 1,121,006 shares in the company, valued at $35,860,981.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel Chris Mckee sold 7,000 shares of the business’s stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $31.35, for a total value of $219,450.00. Following the completion of the sale, the general counsel now owns 410,801 shares of the company’s stock, valued at approximately $12,878,611.35. The disclosure for this sale can be found here. Insiders sold 34,000 shares of company stock valued at $1,076,680 in the last quarter. 25.70% of the stock is owned by company insiders.

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A number of research firms have recently commented on GTT. Zacks Investment Research cut GTT Communications from a “hold” rating to a “sell” rating in a research note on Wednesday, October 11th. Cowen and Company set a $43.00 target price on GTT Communications and gave the company a “buy” rating in a research note on Friday, August 4th. Finally, BidaskClub cut GTT Communications from a “sell” rating to a “strong sell” rating in a research note on Friday, August 4th. Two investment analysts have rated the stock with a sell rating and four have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $36.20.

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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Institutional Ownership by Quarter for GTT Communications (NYSE:GTT)

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