Berger Financial Group Inc Acquires 10,399 Shares of Gartner, Inc. (NYSE:IT)

Key Points

• Berger Financial Group Inc has significantly increased its stake in Gartner, Inc. by 2,011.4%, acquiring a total of 10,916 shares valued at approximately $4.58 million.
• Gartner reported earnings of $3.53 per share for the latest quarter, surpassing analysts' expectations, while its revenue rose by 5.7% year-over-year.
• Leading analysts have revised their price targets for Gartner's stock, with several firms lowering their targets significantly, indicating cautious outlooks on the company's performance.

Berger Financial Group Inc raised its stake in shares of Gartner, Inc. (NYSE:IT - Free Report) by 2,011.4% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 10,916 shares of the information technology services provider's stock after buying an additional 10,399 shares during the quarter. Berger Financial Group Inc's holdings in Gartner were worth $4,582,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted its position in Gartner by 20.5% in the first quarter. JPMorgan Chase & Co. now owns 1,245,563 shares of the information technology services provider's stock valued at $522,813,000 after purchasing an additional 211,842 shares during the last quarter. Frank Rimerman Advisors LLC bought a new position in shares of Gartner during the first quarter valued at approximately $206,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Gartner in the first quarter worth $5,843,000. Cynosure Group LLC grew its stake in Gartner by 453.8% in the first quarter. Cynosure Group LLC now owns 3,334 shares of the information technology services provider's stock worth $1,399,000 after purchasing an additional 2,732 shares during the period. Finally, Zions Bancorporation National Association UT purchased a new stake in Gartner in the first quarter worth $129,000. Hedge funds and other institutional investors own 91.51% of the company's stock.

Insider Buying and Selling at Gartner

In other news, EVP Akhil Jain sold 625 shares of Gartner stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $450.00, for a total value of $281,250.00. Following the completion of the transaction, the executive vice president owned 6,548 shares in the company, valued at approximately $2,946,600. The trade was a 8.71% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP William James Wartinbee III sold 538 shares of Gartner stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $449.09, for a total value of $241,610.42. Following the completion of the transaction, the executive vice president owned 7,965 shares of the company's stock, valued at approximately $3,577,001.85. This trade represents a 6.33% decrease in their position. The disclosure for this sale can be found here. Insiders sold 4,578 shares of company stock worth $2,060,191 in the last quarter. 3.60% of the stock is owned by corporate insiders.

Gartner Price Performance

Shares of NYSE:IT traded down $3.01 during trading on Monday, hitting $226.00. 2,008,789 shares of the company's stock were exchanged, compared to its average volume of 1,414,418. The company has a debt-to-equity ratio of 1.61, a current ratio of 1.11 and a quick ratio of 1.11. Gartner, Inc. has a 52-week low of $225.78 and a 52-week high of $584.01. The business's 50-day simple moving average is $371.31 and its 200 day simple moving average is $425.49. The company has a market cap of $17.39 billion, a price-to-earnings ratio of 13.91 and a beta of 1.19.

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

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. BMO Capital Markets reduced their price target on Gartner from $409.00 to $272.00 and set a "market perform" rating on the stock in a research note on Wednesday, August 6th. Morgan Stanley cut their target price on Gartner from $455.00 to $322.00 and set an "equal weight" rating on the stock in a research note on Wednesday, August 6th. Barclays lowered their price target on Gartner from $475.00 to $320.00 and set an "overweight" rating on the stock in a report on Wednesday, August 6th. UBS Group reaffirmed a "neutral" rating and set a $270.00 price target (down from $480.00) on shares of Gartner in a report on Wednesday, August 6th. Finally, The Goldman Sachs Group lowered their price target on Gartner from $535.00 to $457.00 and set a "buy" rating on the stock in a report on Wednesday, August 6th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $369.25.

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.