Eventide Asset Management LLC Trims Holdings in Gartner, Inc. $IT

Key Points

• Eventide Asset Management LLC significantly reduced its stake in Gartner, Inc. by 97.2% in the first quarter, holding only 548 shares after selling 18,983 shares.
• Gartner's stock experienced a 4.4% decline, with current price at $236.58, while analysts continue to provide a mix of ratings and target price adjustments.
• In the latest earnings report, Gartner reported an EPS of $3.53, slightly above expectations, alongside a year-over-year revenue growth of 5.7%.

Eventide Asset Management LLC trimmed its position in shares of Gartner, Inc. (NYSE:IT - Free Report) by 97.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 548 shares of the information technology services provider's stock after selling 18,983 shares during the period. Eventide Asset Management LLC's holdings in Gartner were worth $229,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of IT. Cornerstone Advisory LLC raised its holdings in Gartner by 0.8% during the 4th quarter. Cornerstone Advisory LLC now owns 2,803 shares of the information technology services provider's stock valued at $1,443,000 after buying an additional 21 shares during the period. Connecticut Wealth Management LLC raised its holdings in 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 buying an additional 26 shares during the period. Applied Finance Capital Management LLC raised its holdings in Gartner by 1.5% during the 1st quarter. Applied Finance Capital Management LLC now owns 1,945 shares of the information technology services provider's stock valued at $816,000 after buying an additional 29 shares during the period. Allworth Financial LP raised its holdings in Gartner by 5.6% during the 1st quarter. Allworth Financial LP now owns 562 shares of the information technology services provider's stock valued at $235,000 after buying an additional 30 shares during the period. Finally, Brighton Jones LLC raised its holdings in Gartner by 4.9% during the 1st quarter. Brighton Jones LLC now owns 668 shares of the information technology services provider's stock valued at $280,000 after buying an additional 31 shares during the period. 91.51% of the stock is owned by hedge funds and other institutional investors.

Gartner Stock Down 5.6%

Shares of IT traded down $13.81 during midday trading on Wednesday, reaching $232.47. 474,476 shares of the stock were exchanged, compared to its average volume of 848,118. Gartner, Inc. has a 52 week low of $223.65 and a 52 week high of $584.01. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 1.61. The company's 50 day moving average is $301.83 and its two-hundred day moving average is $384.94. The company has a market capitalization of $17.61 billion, a P/E ratio of 14.31 and a beta of 1.20.

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 for the quarter, beating analysts' consensus estimates of $3.38 by $0.15. Gartner had a return on equity of 82.63% and a net margin of 19.71%.The company had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter last year, the company earned $3.22 earnings per share. The firm's revenue for the quarter was up 5.7% compared to the same quarter last year. Gartner has set its FY 2025 guidance at 11.750- EPS. On average, sell-side analysts anticipate that Gartner, Inc. will post 12.5 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on IT shares. The Goldman Sachs Group decreased 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. Royal Bank Of Canada began coverage on Gartner in a report on Tuesday. They set a "sector perform" rating and a $263.00 price target on the stock. Wells Fargo & Company cut their price objective on Gartner from $345.00 to $225.00 and set an "underweight" rating on the stock in a research report on Wednesday, August 6th. Wolfe Research began coverage on Gartner in a research report on Wednesday, September 3rd. They issued a "peer perform" rating on the stock. Finally, Barclays cut their price objective on Gartner from $475.00 to $320.00 and set an "overweight" rating on the stock in a research report on Wednesday, August 6th. Three equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $357.44.

Insider Transactions at Gartner

In related news, SVP John J. Rinello sold 105 shares of the firm's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $249.71, for a total transaction of $26,219.55. Following the sale, the senior vice president owned 3,225 shares of the company's stock, valued at $805,314.75. This trade represents a 3.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Jose M. Gutierrez acquired 417 shares of the company's stock in a transaction that occurred on Monday, August 18th. The shares were bought at an average cost of $239.80 per share, for a total transaction of $99,996.60. Following the transaction, the director owned 2,080 shares of the company's stock, valued at $498,784. This represents 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 company insiders.

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.