Bank of America Corp DE Takes $117.66 Million Position in Gartner, Inc. $IT

Key Points

• Bank of America acquired 907,735 Gartner shares worth approximately $117.7 million, giving it a 1.44% stake. Institutional investors and hedge funds collectively own 91.51% of the company.
• Gartner exceeded quarterly expectations, reporting $4.37 in earnings per share versus the $3.76 consensus and $1.68 billion in revenue. However, revenue declined 0.6% year over year.
• Analysts maintain a consensus “Hold” rating with an average price target of $187.30, while insiders have sold 6,043 shares worth about $1.17 million over the past 90 days.

Bank of America Corp DE bought a new stake in shares of Gartner, Inc. (NYSE:IT - Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 907,735 shares of the information technology services provider's stock, valued at approximately $117,661,000. Bank of America Corp DE owned 1.44% of Gartner at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in IT. Freestone Grove Partners LP acquired a new stake in shares of Gartner during the 2nd quarter worth approximately $1,530,000. Man Group plc purchased a new stake in Gartner in the 2nd quarter worth $206,000. Jupiter Topco LLC purchased a new stake in Gartner in the 2nd quarter worth $4,409,000. Hsbc Holdings PLC acquired a new position in Gartner during the second quarter worth $12,785,000. Finally, Ancora Advisors LLC purchased a new position in Gartner during the second quarter valued at $1,122,000. 91.51% of the stock is owned by institutional investors and hedge funds.

Gartner Stock Down 1.1%

Shares of NYSE:IT opened at $185.83 on Friday. Gartner, Inc. has a fifty-two week low of $124.25 and a fifty-two week high of $265.85. The firm's 50 day moving average price is $173.78 and its 200 day moving average price is $159.47. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 46.98. The stock has a market cap of $11.74 billion, a price-to-earnings ratio of 16.67, a price-to-earnings-growth ratio of 0.71 and a beta of 0.96.

Gartner (NYSE:IT - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The information technology services provider reported $4.37 EPS for the quarter, beating analysts' consensus estimates of $3.76 by $0.61. Gartner had a net margin of 11.99% and a return on equity of 525.46%. The company had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.65 billion. During the same period in the prior year, the firm posted $3.53 EPS. The company's quarterly revenue was down .6% compared to the same quarter last year. Gartner has set its FY 2026 guidance at 14.000- EPS. As a group, equities research analysts predict that Gartner, Inc. will post 14.39 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have recently issued reports on IT. BMO Capital Markets dropped their target price on shares of Gartner from $214.00 to $206.00 and set a "market perform" rating for the company in a report on Tuesday, August 18th. Wells Fargo & Company boosted their price target on shares of Gartner from $120.00 to $150.00 and gave the stock an "underweight" rating in a research report on Wednesday, August 5th. Weiss Ratings raised shares of Gartner from a "sell (d)" rating to a "sell (d+)" rating in a research note on Thursday, August 13th. Zacks Research upgraded shares of Gartner from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 6th. Finally, UBS Group reissued a "neutral" rating and issued a $196.00 target price on shares of Gartner in a research note on Thursday, September 10th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $187.30.

Insiders Place Their Bets

In related news, EVP Akhil Jain sold 700 shares of the stock in a transaction on Monday, August 24th. The stock was sold at an average price of $201.73, for a total value of $141,211.00. Following the transaction, the executive vice president owned 8,130 shares of the company's stock, valued at $1,640,064.90. This represents a 7.93% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Anne Fuchs sold 860 shares of Gartner stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $184.30, for a total value of $158,498.00. Following the sale, the director directly owned 8,097 shares of the company's stock, valued at $1,492,277.10. This trade represents a 9.60% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 6,043 shares of company stock worth $1,172,858. 2.60% of the stock is owned by corporate insiders.

Gartner Company Profile

Gartner, Inc NYSE: IT is a global research and advisory company that provides independent insights, practical guidance and tools to help organizations make decisions about technology, business strategy and operations. Its clients include businesses, government agencies and other institutions across a wide range of industries and geographies.

The company's primary offerings include subscription-based research, analyst advice, benchmarking data, consulting services and executive programs.

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