Nuveen LLC Takes $128.32 Million Position in Gartner, Inc. (NYSE:IT)

Key Points

• Nuveen LLC acquired 305,708 shares of Gartner, Inc. during the 1st quarter, valuing the investment at approximately $128 million, representing 0.40% of the company's stock.
• Institutional investors and hedge funds own about 91.51% of Gartner's shares, with notable increases from firms like Itau Unibanco and GW&K Investment Management.
• Wall Street analysts have recently lowered target prices for Gartner, with ranges dropping from over $500 to less than $300, reflecting a generally cautious outlook on the stock.

Nuveen LLC bought a new position in Gartner, Inc. (NYSE:IT - Free Report) during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 305,708 shares of the information technology services provider's stock, valued at approximately $128,318,000. Nuveen LLC owned about 0.40% of Gartner as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Cary Street Partners Financial LLC purchased a new position in shares of Gartner in the 4th quarter worth approximately $27,000. Itau Unibanco Holding S.A. boosted its stake in shares of Gartner by 453.3% in the 4th quarter. Itau Unibanco Holding S.A. now owns 83 shares of the information technology services provider's stock worth $40,000 after buying an additional 68 shares during the last quarter. Olde Wealth Management LLC purchased a new position in shares of Gartner in the 1st quarter worth approximately $42,000. GW&K Investment Management LLC boosted its stake in shares of Gartner by 210.8% in the 1st quarter. GW&K Investment Management LLC now owns 115 shares of the information technology services provider's stock worth $48,000 after buying an additional 78 shares during the last quarter. Finally, Wayfinding Financial LLC purchased a new position in shares of Gartner in the 1st quarter worth approximately $55,000. Hedge funds and other institutional investors own 91.51% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on IT shares. Barclays cut their target price on Gartner from $475.00 to $320.00 and set an "overweight" rating on the stock in a research note on Wednesday, August 6th. BMO Capital Markets lowered their price target on shares of Gartner from $409.00 to $272.00 and set a "market perform" rating on the stock in a report on Wednesday, August 6th. Wells Fargo & Company lowered their price target on shares of Gartner from $345.00 to $225.00 and set an "underweight" rating on the stock in a report on Wednesday, August 6th. UBS Group reaffirmed a "neutral" rating and issued a $270.00 price target (down previously from $480.00) on shares of Gartner in a report on Wednesday, August 6th. Finally, The Goldman Sachs Group lowered their price target on shares of Gartner from $535.00 to $457.00 and set a "buy" rating on the stock in a report on Wednesday, August 6th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $369.25.

Gartner Stock Performance

IT stock traded up $13.06 during midday trading on Wednesday, reaching $242.45. 1,677,489 shares of the company's stock traded hands, compared to its average volume of 1,483,968. The company has a 50-day moving average price of $363.58 and a two-hundred day moving average price of $422.88. The company has a debt-to-equity ratio of 1.61, a quick ratio of 1.11 and a current ratio of 1.11. Gartner, Inc. has a 52 week low of $223.65 and a 52 week high of $584.01. The firm has a market capitalization of $18.66 billion, a PE ratio of 14.92 and a beta of 1.19.

Gartner (NYSE:IT - Get Free Report) last issued its earnings results on Tuesday, August 5th. The information technology services provider reported $3.53 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.38 by $0.15. Gartner had a net margin of 19.71% and a return on equity of 82.63%. The business had revenue of $1.66 billion for the quarter, compared to analysts' expectations of $1.68 billion. During the same quarter in the previous year, the firm posted $3.22 EPS. The business's revenue for the quarter was up 5.7% compared to the same quarter last year. As a group, equities analysts anticipate that Gartner, Inc. will post 12.5 EPS for the current year.

Insider Activity at Gartner

In other news, EVP Akhil Jain sold 625 shares of the business's stock in a transaction on Monday, May 19th. The shares were sold at an average price of $450.00, for a total transaction of $281,250.00. Following the completion of the transaction, the executive vice president directly owned 6,548 shares in the company, valued at $2,946,600. The trade was a 8.71% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.30% of the stock is owned by company 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.