Cadence Capital Management LLC lowered its position in shares of GTT Communications Inc (NYSE:GTT) by 27.6% in the fourth quarter, Holdings Channel reports. The fund owned 38,042 shares of the technology company’s stock after selling 14,484 shares during the period. Cadence Capital Management LLC’s holdings in GTT Communications were worth $1,786,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in GTT. JPMorgan Chase & Co. raised its position in shares of GTT Communications by 52.2% during the third quarter. JPMorgan Chase & Co. now owns 7,950 shares of the technology company’s stock worth $250,000 after acquiring an additional 2,726 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in shares of GTT Communications during the second quarter worth $270,000. ClariVest Asset Management LLC raised its position in shares of GTT Communications by 79.2% during the third quarter. ClariVest Asset Management LLC now owns 8,600 shares of the technology company’s stock worth $272,000 after acquiring an additional 3,800 shares during the last quarter. Nordea Investment Management AB raised its position in shares of GTT Communications by 79.2% during the third quarter. Nordea Investment Management AB now owns 8,600 shares of the technology company’s stock worth $272,000 after acquiring an additional 3,800 shares during the last quarter. Finally, CAPROCK Group Inc. bought a new stake in shares of GTT Communications during the third quarter worth $305,000. Institutional investors own 65.26% of the company’s stock.
A number of research firms recently commented on GTT. Zacks Investment Research upgraded GTT Communications from a “hold” rating to a “strong-buy” rating and set a $49.00 price objective for the company in a report on Tuesday, January 23rd. Craig Hallum reiterated a “buy” rating and issued a $50.00 price objective (up previously from $40.00) on shares of GTT Communications in a report on Monday, January 22nd. Finally, Oppenheimer upped their price objective on GTT Communications from $39.00 to $52.00 and gave the company an “outperform” rating in a report on Wednesday, December 20th. One research analyst has rated the stock with a sell rating, four have assigned a buy rating and one has issued a strong buy rating to the company. GTT Communications currently has an average rating of “Buy” and an average target price of $46.00.
In related news, Director S Joseph Bruno sold 1,000 shares of the company’s stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $40.50, for a total value of $40,500.00. Following the completion of the sale, the director now owns 108,467 shares in the company, valued at $4,392,913.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mcmullen Family Trust acquired 60,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 21st. The stock was bought at an average price of $0.65 per share, with a total value of $39,000.00. Insiders sold 18,000 shares of company stock valued at $712,580 in the last quarter. 25.70% of the stock is currently owned by corporate insiders.
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GTT Communications 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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