Connor Clark & Lunn Investment Management Ltd. Takes Position in Gartner, Inc. (NYSE:IT)

Key Points

• Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Gartner, Inc., purchasing 13,921 shares valued at approximately $5.84 million in the first quarter.
• Gartner reported earnings of $3.53 EPS for the last quarter, exceeding estimates of $3.38, while revenues reached $1.66 billion, slightly below expectations.
• Analysts have recently lowered their price targets for Gartner, with UBS Group setting a new objective of $270, down from $480, and Barclays reducing theirs to $320 from $475.

Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Gartner, Inc. (NYSE:IT - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 13,921 shares of the information technology services provider's stock, valued at approximately $5,843,000.

Other large investors also recently modified their holdings of the company. GAMMA Investing LLC increased its holdings in Gartner by 40,841.0% in the first quarter. GAMMA Investing LLC now owns 499,071 shares of the information technology services provider's stock valued at $209,480,000 after buying an additional 497,852 shares during the last quarter. BNP Paribas Financial Markets increased its holdings in Gartner by 184.6% in the fourth quarter. BNP Paribas Financial Markets now owns 390,472 shares of the information technology services provider's stock valued at $189,172,000 after buying an additional 253,288 shares during the last quarter. Millennium Management LLC increased its holdings in Gartner by 178.0% in the fourth quarter. Millennium Management LLC now owns 297,277 shares of the information technology services provider's stock valued at $144,022,000 after buying an additional 190,326 shares during the last quarter. Vanguard Group Inc. increased its holdings in Gartner by 1.8% in the first quarter. Vanguard Group Inc. now owns 9,433,449 shares of the information technology services provider's stock valued at $3,959,596,000 after buying an additional 164,810 shares during the last quarter. Finally, Sustainable Growth Advisers LP increased its holdings in Gartner by 26.3% in the first quarter. Sustainable Growth Advisers LP now owns 676,325 shares of the information technology services provider's stock valued at $283,881,000 after buying an additional 140,898 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Gartner Stock Performance

Shares of IT stock opened at $229.19 on Wednesday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 1.61. The business has a 50 day moving average of $367.24 and a two-hundred day moving average of $424.13. Gartner, Inc. has a 52 week low of $223.65 and a 52 week high of $584.01. The company has a market cap of $17.64 billion, a P/E ratio of 14.10 and a beta of 1.19.

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

Analysts Set New Price Targets

Several analysts recently weighed in on IT shares. UBS Group reissued a "neutral" rating and issued a $270.00 price objective (down from $480.00) on shares of Gartner in a report on Wednesday, August 6th. BMO Capital Markets lowered their price objective on Gartner from $409.00 to $272.00 and set a "market perform" rating for the company in a report on Wednesday, August 6th. Barclays lowered their price objective on Gartner from $475.00 to $320.00 and set an "overweight" rating for the company in a report on Wednesday, August 6th. Wells Fargo & Company decreased their target price on Gartner from $345.00 to $225.00 and set an "underweight" rating for the company in a research note on Wednesday, August 6th. Finally, Morgan Stanley decreased their target price on Gartner from $455.00 to $322.00 and set an "equal weight" rating for the company in a research note on Wednesday, August 6th. One research analyst has rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $369.25.

Insider Activity

In other news, EVP Akhil Jain sold 625 shares of the business's stock in a transaction that occurred 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 directly owned 6,548 shares in the company, valued at approximately $2,946,600. The trade was a 8.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 3.60% of the company's stock.

Gartner Company 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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