Allianz Asset Management GmbH Reduces Stake in Gartner, Inc. $IT

Key Points

• Allianz Asset Management GmbH has reduced its stake in Gartner, Inc. by 2.0%, now owning approximately 0.12% of the company, valued at $38.5 million.
• Several other institutional investors have also modified their positions in Gartner, with significant increases, including a 534.6% boost in stake from Abacus FCF Advisors LLC.
• Gartner's stock performance is under scrutiny with analysts adjusting price targets and ratings, with an average target price of $351.20 and a consensus rating of "Hold."

Allianz Asset Management GmbH trimmed its stake in Gartner, Inc. (NYSE:IT - Free Report) by 2.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 95,165 shares of the information technology services provider's stock after selling 1,963 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.12% of Gartner worth $38,468,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC boosted its stake in Gartner by 22.2% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 34,964 shares of the information technology services provider's stock valued at $13,995,000 after acquiring an additional 6,352 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in Gartner by 10.2% in the second quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 12,433 shares of the information technology services provider's stock valued at $5,026,000 after acquiring an additional 1,150 shares during the last quarter. Pallas Capital Advisors LLC boosted its stake in Gartner by 154.4% in the second quarter. Pallas Capital Advisors LLC now owns 3,445 shares of the information technology services provider's stock valued at $1,393,000 after acquiring an additional 2,091 shares during the last quarter. Bright Rock Capital Management LLC purchased a new position in Gartner in the second quarter valued at about $1,859,000. Finally, Abacus FCF Advisors LLC boosted its stake in Gartner by 534.6% in the second quarter. Abacus FCF Advisors LLC now owns 36,889 shares of the information technology services provider's stock valued at $14,911,000 after acquiring an additional 31,076 shares during the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, SVP John J. Rinello sold 105 shares of the stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $249.71, for a total value of $26,219.55. Following the transaction, the senior vice president owned 3,225 shares of the company's stock, valued at $805,314.75. This represents a 3.15% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Jose M. Gutierrez purchased 417 shares of the firm's stock in a transaction dated Monday, August 18th. The stock was bought at an average cost of $239.80 per share, for a total transaction of $99,996.60. Following the acquisition, the director directly owned 2,080 shares in the company, valued at approximately $498,784. The trade was a 25.08% increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.30% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

IT has been the topic of a number of recent research reports. Morgan Stanley set a $307.00 price target on shares of Gartner in a research note on Monday, October 13th. Truist Financial initiated coverage on shares of Gartner in a research note on Thursday. They set a "buy" rating and a $300.00 price target on the stock. Wolfe Research initiated coverage on shares of Gartner in a research note on Wednesday, September 3rd. They set a "peer perform" rating on the stock. The Goldman Sachs Group dropped their price target on shares of Gartner from $535.00 to $457.00 and set a "buy" rating on the stock in a research note on Wednesday, August 6th. Finally, BMO Capital Markets dropped their price target on shares of Gartner from $409.00 to $272.00 and set a "market perform" rating on the stock in a research note on Wednesday, August 6th. Four investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $351.20.

Gartner Stock Performance

Gartner stock opened at $235.63 on Friday. The firm's 50 day simple moving average is $247.30 and its 200 day simple moving average is $344.70. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 1.61. The firm has a market capitalization of $17.85 billion, a PE ratio of 14.50 and a beta of 1.20. Gartner, Inc. has a 1-year low of $223.65 and a 1-year high of $584.01.

Gartner (NYSE:IT - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The information technology services provider reported $3.53 EPS for the quarter, topping analysts' consensus estimates of $3.38 by $0.15. The firm had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.68 billion. Gartner had a net margin of 19.71% and a return on equity of 82.63%. The business's revenue for the quarter was up 5.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $3.22 EPS. Gartner has set its FY 2025 guidance at 11.750- EPS. As a group, analysts expect that Gartner, Inc. will post 12.5 earnings per share for the current fiscal year.

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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