Schwab Charles Investment Management Inc. lifted its position in shares of GTT Communications Inc (NYSE:GTT) by 9.3% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 177,103 shares of the technology company’s stock after buying an additional 15,111 shares during the period. Schwab Charles Investment Management Inc. owned about 0.39% of GTT Communications worth $7,970,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in GTT. Eventide Asset Management LLC raised its holdings in shares of GTT Communications by 943.9% during the 1st quarter. Eventide Asset Management LLC now owns 441,000 shares of the technology company’s stock valued at $25,005,000 after buying an additional 398,754 shares in the last quarter. Wells Fargo & Company MN grew its position in GTT Communications by 255.2% during the 1st quarter. Wells Fargo & Company MN now owns 292,222 shares of the technology company’s stock worth $16,570,000 after acquiring an additional 209,961 shares during the last quarter. Skye Global Management LP bought a new position in GTT Communications during the 1st quarter worth approximately $11,625,000. Cheyne Capital Management UK LLP grew its position in GTT Communications by 289.9% during the 2nd quarter. Cheyne Capital Management UK LLP now owns 121,800 shares of the technology company’s stock worth $5,481,000 after acquiring an additional 90,562 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its position in GTT Communications by 343.4% during the 1st quarter. JPMorgan Chase & Co. now owns 105,712 shares of the technology company’s stock worth $5,994,000 after acquiring an additional 81,871 shares during the last quarter. 75.97% of the stock is currently owned by institutional investors.

Several equities analysts recently issued reports on the company. KeyCorp set a $57.00 price target on GTT Communications and gave the stock a “buy” rating in a research report on Tuesday, August 21st. Raymond James restated a “buy” rating and set a $53.00 price target on shares of GTT Communications in a research report on Monday, August 20th. ValuEngine upgraded GTT Communications from a “buy” rating to a “strong-buy” rating in a research report on Friday, August 17th. Zacks Investment Research lowered GTT Communications from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 8th. Finally, BWS Financial assumed coverage on GTT Communications in a research report on Monday, August 6th. They set a “sell” rating and a $5.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $51.33.

In other GTT Communications news, major shareholder Spruce House Partnership Lp acquired 702,531 shares of the business’s stock in a transaction dated Monday, September 10th. The shares were purchased at an average cost of $41.88 per share, for a total transaction of $29,421,998.28. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Theodore B. Smith III acquired 1,000 shares of the business’s stock in a transaction dated Thursday, August 16th. The stock was acquired at an average price of $39.94 per share, for a total transaction of $39,940.00. Following the completion of the transaction, the director now owns 419,278 shares in the company, valued at approximately $16,745,963.32. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 1,994,359 shares of company stock worth $78,968,350 and sold 24,417 shares worth $1,091,261. 23.01% of the stock is currently owned by company insiders.

Shares of GTT stock opened at $45.90 on Thursday. The company has a market capitalization of $2.37 billion, a PE ratio of 191.25 and a beta of 0.91. GTT Communications Inc has a fifty-two week low of $31.15 and a fifty-two week 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) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.17) by ($0.25). The business had revenue of $326.80 million during the quarter, compared to the consensus estimate 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 quarterly revenue was up 71.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.02 earnings per share. research analysts forecast that GTT Communications Inc will post -1.35 earnings per share for the current year.

GTT Communications Company Profile

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

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