AXS Investments LLC Acquires 2,598 Shares of Gartner, Inc. (NYSE:IT)

Key Points

• AXS Investments LLC increased its stake in Gartner, Inc. by 250% in Q1, acquiring 2,598 additional shares, bringing its total holdings to 3,637 shares valued at approximately $1.53 million.
• Gartner reported Q2 earnings of $3.53 per share, exceeding analysts' estimates, with a revenue of $1.66 billion—up 5.7% year-over-year.
• Several brokerages downgraded their price targets for Gartner, with Barclays lowering it from $510 to $475, reflecting a cautious outlook amidst recent stock performance fluctuations.

AXS Investments LLC increased its holdings in Gartner, Inc. (NYSE:IT - Free Report) by 250.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,637 shares of the information technology services provider's stock after buying an additional 2,598 shares during the period. AXS Investments LLC's holdings in Gartner were worth $1,527,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of IT. DAVENPORT & Co LLC lifted its position in Gartner by 11.5% during the first quarter. DAVENPORT & Co LLC now owns 921 shares of the information technology services provider's stock valued at $387,000 after purchasing an additional 95 shares during the last quarter. Three Seasons Wealth LLC bought a new position in Gartner during the fourth quarter valued at approximately $731,000. SG Americas Securities LLC grew its position in Gartner by 3.6% during the first quarter. SG Americas Securities LLC now owns 42,389 shares of the information technology services provider's stock valued at $17,792,000 after acquiring an additional 1,484 shares during the last quarter. Brighton Jones LLC bought a new position in Gartner during the fourth quarter valued at approximately $309,000. Finally, Wealth Enhancement Advisory Services LLC grew its position in Gartner by 1.2% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 28,612 shares of the information technology services provider's stock valued at $12,009,000 after acquiring an additional 352 shares during the last quarter. 91.51% of the stock is owned by institutional investors.

Gartner Stock Performance

Shares of NYSE IT opened at $244.27 on Wednesday. The firm has a fifty day moving average price of $387.48 and a 200-day moving average price of $434.27. The company has a debt-to-equity ratio of 1.64, a current ratio of 1.09 and a quick ratio of 1.09. The stock has a market cap of $18.80 billion, a PE ratio of 15.20 and a beta of 1.19. Gartner, Inc. has a 1 year low of $231.00 and a 1 year high of $584.01.

Gartner (NYSE:IT - Get Free Report) last announced its quarterly 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 19.82% and a return on equity of 96.70%. The company had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $1.68 billion. During the same period in the previous year, the firm posted $3.22 EPS. Gartner's revenue for the quarter was up 5.7% compared to the same quarter last year. Equities analysts anticipate that Gartner, Inc. will post 12.5 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on IT. Barclays cut their price objective on Gartner from $510.00 to $475.00 and set an "overweight" rating on the stock in a research report on Monday, April 21st. The Goldman Sachs Group reduced their price target on Gartner from $622.00 to $535.00 and set a "buy" rating on the stock in a research note on Wednesday, May 7th. Morgan Stanley reduced their price target on Gartner from $490.00 to $455.00 and set an "equal weight" rating on the stock in a research note on Thursday, July 31st. UBS Group reduced their price target on Gartner from $500.00 to $480.00 and set a "buy" rating on the stock in a research note on Tuesday, July 15th. Finally, Wells Fargo & Company lowered their price objective on Gartner from $400.00 to $345.00 and set an "underweight" rating for the company in a research note on Friday, July 18th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Gartner presently has a consensus rating of "Hold" and an average target price of $482.57.

Insider Activity at Gartner

In related news, EVP Akhil Jain sold 625 shares of the business's stock in a transaction on Monday, May 19th. The stock was 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 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 legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Craig Safian sold 3,415 shares of the business's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $450.17, for a total value of $1,537,330.55. Following the transaction, the chief financial officer owned 77,890 shares of the company's stock, valued at approximately $35,063,741.30. The trade was a 4.20% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 4,578 shares of company stock worth $2,060,191. Company insiders own 3.60% of the company's stock.

Gartner Profile

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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