CenterBook Partners LP Grows Stock Holdings in Gartner, Inc. (NYSE:IT)

Key Points

• CenterBook Partners LP increased its stake in Gartner, Inc. by 513.8%, acquiring a total of 10,667 shares valued at approximately $4.48 million at the end of the first quarter.
• Gartner's recent earnings report revealed an EPS of $3.53, surpassing analysts' expectations and showing a 5.7% increase in revenue year-over-year.
• Analysts have recently cut their target prices on Gartner stock, with Wells Fargo lowering theirs from $345 to $225, indicating a bearish outlook for the company's performance.

CenterBook Partners LP grew its position in Gartner, Inc. (NYSE:IT - Free Report) by 513.8% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 10,667 shares of the information technology services provider's stock after buying an additional 8,929 shares during the period. CenterBook Partners LP's holdings in Gartner were worth $4,477,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Sompo Asset Management Co. Ltd. raised its position in Gartner by 1.7% during the fourth quarter. Sompo Asset Management Co. Ltd. now owns 1,210 shares of the information technology services provider's stock worth $586,000 after acquiring an additional 20 shares during the period. Cornerstone Advisory LLC increased its stake in shares of Gartner by 0.8% during the fourth quarter. Cornerstone Advisory LLC now owns 2,803 shares of the information technology services provider's stock worth $1,443,000 after purchasing an additional 21 shares in the last quarter. TD Waterhouse Canada Inc. raised its position in shares of Gartner by 3.1% during the 4th quarter. TD Waterhouse Canada Inc. now owns 758 shares of the information technology services provider's stock worth $367,000 after purchasing an additional 23 shares during the last quarter. Connecticut Wealth Management LLC lifted its stake in Gartner by 0.6% in the 4th quarter. Connecticut Wealth Management LLC now owns 4,604 shares of the information technology services provider's stock valued at $2,230,000 after buying an additional 26 shares in the last quarter. Finally, Keel Point LLC lifted its stake in Gartner by 5.5% in the 4th quarter. Keel Point LLC now owns 514 shares of the information technology services provider's stock valued at $249,000 after buying an additional 27 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company's stock.

Insider Activity

In related news, EVP William James Wartinbee III sold 538 shares of the business's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $449.09, for a total transaction of $241,610.42. Following the completion of the transaction, the executive vice president directly owned 7,965 shares of the company's stock, valued at $3,577,001.85. The trade was a 6.33% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Akhil Jain sold 625 shares of the stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $450.00, for a total value of $281,250.00. Following the completion of the sale, the executive vice president directly owned 6,548 shares in the company, valued at $2,946,600. This represents a 8.71% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 4,578 shares of company stock worth $2,060,191. Corporate insiders own 2.30% of the company's stock.

Gartner Stock Down 0.0%

Shares of IT opened at $243.91 on Thursday. The company's 50-day simple moving average is $383.65 and its 200-day simple moving average is $432.96. The company has a debt-to-equity ratio of 1.64, a quick ratio of 1.09 and a current ratio of 1.09. Gartner, Inc. has a 1 year low of $231.00 and a 1 year high of $584.01. The stock has a market capitalization of $18.77 billion, a PE ratio of 15.01 and a beta of 1.19.

Gartner (NYSE:IT - Get Free Report) last released its earnings results on Tuesday, August 5th. The information technology services provider reported $3.53 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.38 by $0.15. Gartner had a net margin of 19.71% and a return on equity of 86.19%. The company had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.68 billion. During the same period in the prior year, the business earned $3.22 EPS. The firm's quarterly revenue was up 5.7% on a year-over-year basis. Analysts forecast that Gartner, Inc. will post 12.5 earnings per share for the current fiscal year.

Analysts Set New Price Targets

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

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