Cynosure Group LLC Acquires 2,732 Shares of Gartner, Inc. (NYSE:IT)

Key Points

• Cynosure Group LLC increased its stake in Gartner, Inc. by 453.8% in the first quarter, acquiring an additional 2,732 shares for a total of 3,334 shares valued at approximately $1.4 million.
• Multiple large institutional investors, including DAVENPORT & Co LLC and SG Americas Securities LLC, have also adjusted their holdings in Gartner, demonstrating significant interest with 91.51% of the stock owned by institutional investors.
• Several analysts have downgraded their price targets for Gartner, with Barclays reducing its target from $475 to $320, while Wells Fargo decreased its target from $345 to $225, indicating market concerns surrounding the stock's performance.

Cynosure Group LLC raised its stake in shares of Gartner, Inc. (NYSE:IT - Free Report) by 453.8% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 3,334 shares of the information technology services provider's stock after purchasing an additional 2,732 shares during the period. Cynosure Group LLC's holdings in Gartner were worth $1,399,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in IT. Sompo Asset Management Co. Ltd. boosted 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 purchasing an additional 20 shares during the period. Cornerstone Advisory LLC lifted its stake in Gartner by 0.8% in the 4th 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. boosted its holdings in Gartner by 3.1% in the 4th quarter. TD Waterhouse Canada Inc. now owns 758 shares of the information technology services provider's stock valued at $367,000 after purchasing an additional 23 shares during the period. Connecticut Wealth Management LLC grew its position in shares of Gartner by 0.6% during 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 purchasing an additional 26 shares in the last quarter. Finally, Keel Point LLC increased its holdings in shares of Gartner by 5.5% in the fourth quarter. Keel Point LLC now owns 514 shares of the information technology services provider's stock worth $249,000 after purchasing an additional 27 shares during the period. 91.51% of the stock is owned by institutional investors.

Gartner Trading Up 4.9%

Gartner stock traded up $11.17 during trading hours on Wednesday, reaching $240.56. The stock had a trading volume of 813,741 shares, compared to its average volume of 781,678. The company has a debt-to-equity ratio of 1.61, a current ratio of 1.11 and a quick ratio of 1.11. The stock has a market cap of $18.52 billion, a PE ratio of 14.79 and a beta of 1.19. Gartner, Inc. has a 52 week low of $223.65 and a 52 week high of $584.01. The company has a fifty day simple moving average of $367.24 and a 200-day simple moving average of $424.13.

Gartner (NYSE:IT - Get Free Report) last posted its earnings results on Tuesday, August 5th. The information technology services provider reported $3.53 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $1.66 billion for the quarter, compared to analysts' expectations of $1.68 billion. During the same period in the previous year, the firm earned $3.22 earnings per share. The business's revenue was up 5.7% compared to the same quarter last year. Analysts forecast that Gartner, Inc. will post 12.5 EPS for the current fiscal year.

Insider Activity

In other Gartner news, EVP Akhil Jain sold 625 shares of the firm's 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 trade represents a 8.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 3.60% of the stock is owned by corporate insiders.

Analyst Ratings Changes

IT has been the topic of a number of research analyst reports. Morgan Stanley decreased 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 target price on shares of Gartner from $475.00 to $320.00 and set an "overweight" rating on the stock in a research note on Wednesday, August 6th. BMO Capital Markets lowered their price objective on shares of Gartner from $409.00 to $272.00 and set a "market perform" rating on the stock in a research report on Wednesday, August 6th. UBS Group reiterated a "neutral" rating and issued a $270.00 target price (down from $480.00) on shares of Gartner in a research 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 on the stock in a research report on Wednesday, August 6th. One equities 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 stock. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $369.25.

About Gartner

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.