Cresset Asset Management LLC Lowers Holdings in Gartner, Inc. (NYSE:IT)

Cresset Asset Management LLC trimmed its holdings in Gartner, Inc. (NYSE:IT - Free Report) by 81.0% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 1,467 shares of the information technology services provider's stock after selling 6,256 shares during the period. Cresset Asset Management LLC's holdings in Gartner were worth $711,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in IT. Cary Street Partners Financial LLC acquired a new position in Gartner during the fourth quarter worth $27,000. Kestra Investment Management LLC acquired a new position in Gartner during the fourth quarter worth $29,000. Itau Unibanco Holding S.A. lifted its stake in Gartner by 453.3% during the fourth quarter. Itau Unibanco Holding S.A. now owns 83 shares of the information technology services provider's stock worth $40,000 after purchasing an additional 68 shares in the last quarter. SBI Securities Co. Ltd. acquired a new position in Gartner during the fourth quarter worth $49,000. Finally, Promus Capital LLC acquired a new position in Gartner during the fourth quarter worth $57,000. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Gartner Stock Performance

Shares of IT stock opened at $448.85 on Wednesday. The stock's 50-day moving average is $422.40 and its two-hundred day moving average is $481.18. The firm has a market cap of $34.48 billion, a price-to-earnings ratio of 28.00, a PEG ratio of 3.30 and a beta of 1.24. Gartner, Inc. has a 1 year low of $366.05 and a 1 year high of $584.01. The company has a debt-to-equity ratio of 1.81, a quick ratio of 1.06 and a current ratio of 1.06.

Gartner (NYSE:IT - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The information technology services provider reported $2.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.72 by $0.26. The company had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.53 billion. Gartner had a return on equity of 116.56% and a net margin of 20.00%. The business's quarterly revenue was up 4.2% compared to the same quarter last year. During the same quarter last year, the company posted $2.93 earnings per share. Analysts predict that Gartner, Inc. will post 12.5 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages have recently issued reports on IT. The Goldman Sachs Group reduced their price objective on Gartner from $622.00 to $535.00 and set a "buy" rating on the stock in a research note on Wednesday, May 7th. StockNews.com cut Gartner from a "buy" rating to a "hold" rating in a research note on Friday, March 21st. UBS Group increased their price objective on Gartner from $500.00 to $525.00 and gave the company a "buy" rating in a research note on Wednesday, May 7th. Barclays reduced their price objective on Gartner from $510.00 to $475.00 and set an "overweight" rating on the stock in a research note on Monday, April 21st. Finally, Wells Fargo & Company reduced their price objective on Gartner from $401.00 to $400.00 and set an "underweight" rating on the stock in a research note on Thursday, May 1st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Gartner has an average rating of "Hold" and an average price target of $518.67.

Insider Buying and Selling

In related news, EVP Robin B. Kranich sold 739 shares of the firm's stock in a transaction dated Wednesday, May 7th. The stock was sold at an average price of $436.50, for a total transaction of $322,573.50. Following the transaction, the executive vice president now owns 20,464 shares of the company's stock, valued at $8,932,536. This trade represents a 3.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP John J. Rinello sold 109 shares of the firm's stock in a transaction dated Wednesday, May 7th. The shares were sold at an average price of $436.35, for a total transaction of $47,562.15. Following the completion of the sale, the senior vice president now owns 3,280 shares of the company's stock, valued at approximately $1,431,228. The trade was a 3.22% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,048 shares of company stock valued at $957,860 over the last quarter. 2.30% of the stock is currently owned by insiders.

About Gartner

Gartner, Inc operates as a research and advisory company in the United States, Canada, Europe, the Middle East, Africa, and internationally. It operates through three segments: Research, Conferences, and Consulting. The Research segment delivers its research primarily through a subscription service that include on-demand access to published research content, data and benchmarks, and direct access to a network of research experts.

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