Gartner, Inc. $IT Shares Sold by Comerica Bank

Key Points

• Comerica Bank has reduced its stake in Gartner, Inc. by 43.6%, now holding 15,139 shares worth approximately $6.35 million following the sale of 11,696 shares in the first quarter.
• Analysts have significantly lowered their price targets for Gartner, with Morgan Stanley's target decreasing from $455.00 to $322.00, while UBS set a new target of $270.00.
• In its latest quarterly earnings report, Gartner surpassed analysts' earnings per share expectations, reporting $3.53 against a forecast of $3.38, although revenue fell short of expectations at $1.66 billion.

Comerica Bank cut its stake in shares of Gartner, Inc. (NYSE:IT - Free Report) by 43.6% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 15,139 shares of the information technology services provider's stock after selling 11,696 shares during the quarter. Comerica Bank's holdings in Gartner were worth $6,354,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. grew its position in shares of Gartner by 1.8% during the first quarter. Vanguard Group Inc. now owns 9,433,449 shares of the information technology services provider's stock worth $3,959,596,000 after buying an additional 164,810 shares in the last quarter. JPMorgan Chase & Co. grew its position in shares of Gartner by 20.5% during the first quarter. JPMorgan Chase & Co. now owns 1,245,563 shares of the information technology services provider's stock worth $522,813,000 after buying an additional 211,842 shares in the last quarter. T. Rowe Price Investment Management Inc. grew its position in shares of Gartner by 692.2% during the first quarter. T. Rowe Price Investment Management Inc. now owns 1,066,732 shares of the information technology services provider's stock worth $447,751,000 after buying an additional 932,077 shares in the last quarter. Northern Trust Corp grew its position in shares of Gartner by 11.0% during the first quarter. Northern Trust Corp now owns 1,006,655 shares of the information technology services provider's stock worth $422,533,000 after buying an additional 99,822 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its position in shares of Gartner by 9.4% during the first quarter. Goldman Sachs Group Inc. now owns 956,223 shares of the information technology services provider's stock worth $401,365,000 after buying an additional 82,307 shares in the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Gartner

In other news, SVP John J. Rinello sold 105 shares of the company's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $249.71, for a total transaction of $26,219.55. Following the completion of the sale, the senior vice president owned 3,225 shares in the company, valued at $805,314.75. This represents a 3.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Jose M. Gutierrez purchased 417 shares of the business's stock in a transaction dated Monday, August 18th. The shares were bought at an average price of $239.80 per share, with a total value of $99,996.60. Following the purchase, the director directly owned 2,080 shares of the company's stock, 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. 3.60% of the stock is owned by corporate insiders.

Gartner Stock Performance

NYSE IT traded up $3.34 on Monday, reaching $251.07. The stock had a trading volume of 920,018 shares, compared to its average volume of 1,847,286. The company has a debt-to-equity ratio of 1.61, a quick ratio of 1.11 and a current ratio of 1.11. Gartner, Inc. has a 12-month low of $223.65 and a 12-month high of $584.01. The business's 50-day moving average price is $323.74 and its 200 day moving average price is $396.91. The stock has a market cap of $19.02 billion, a P/E ratio of 15.45 and a beta of 1.20.

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

Wall Street Analyst Weigh In

IT has been the subject of a number of research analyst reports. The Goldman Sachs Group lowered their price target on Gartner from $535.00 to $457.00 and set a "buy" rating for the company in a report on Wednesday, August 6th. BMO Capital Markets lowered their price target on Gartner from $409.00 to $272.00 and set a "market perform" rating for the company in a report on Wednesday, August 6th. UBS Group reaffirmed a "neutral" rating and issued a $270.00 price target (down from $480.00) on shares of Gartner in a report on Wednesday, August 6th. Morgan Stanley lowered their price target on Gartner from $455.00 to $322.00 and set an "equal weight" rating for the company in a report on Wednesday, August 6th. Finally, Wells Fargo & Company lowered their price target on Gartner from $345.00 to $225.00 and set an "underweight" rating for the company in a report on Wednesday, August 6th. Three analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently 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.