Allstate Corp Reduces Position in Gartner, Inc. $IT

Key Points

• Allstate Corp has reduced its stake in Gartner, Inc. by 49.8% in the first quarter, now holding 1,129 shares worth approximately $474,000.
• Gartner reported earnings of $3.53 per share for the recent quarter, surpassing analyst expectations, despite revenue falling slightly short at $1.66 billion.
• Institutional investors collectively own 91.51% of Gartner's stock, with Wells Fargo and Goldman Sachs significantly lowering their target prices for the company in recent reports.

Allstate Corp reduced its stake in Gartner, Inc. (NYSE:IT - Free Report) by 49.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,129 shares of the information technology services provider's stock after selling 1,122 shares during the quarter. Allstate Corp's holdings in Gartner were worth $474,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in Gartner by 1.8% in the 1st 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 acquiring an additional 164,810 shares during the period. JPMorgan Chase & Co. grew its stake 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 during the last quarter. T. Rowe Price Investment Management Inc. grew its stake 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 during the last quarter. Northern Trust Corp grew its stake 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 during the last quarter. Finally, Goldman Sachs Group Inc. grew its stake 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 during the last quarter. 91.51% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have commented on IT shares. Barclays cut their price target on shares of Gartner from $475.00 to $320.00 and set an "overweight" rating on the stock in a research report on Wednesday, August 6th. BMO Capital Markets cut their price objective on shares of Gartner from $409.00 to $272.00 and set a "market perform" rating for the company in a report on Wednesday, August 6th. The Goldman Sachs Group lowered their price objective on shares of Gartner from $535.00 to $457.00 and set a "buy" rating on the stock in a research report on Wednesday, August 6th. Morgan Stanley cut their price target on shares of Gartner from $455.00 to $322.00 and set an "equal weight" rating on the stock in a report on Wednesday, August 6th. Finally, Wells Fargo & Company cut their target price on shares of Gartner from $345.00 to $225.00 and set an "underweight" rating on the stock in a research note on Wednesday, August 6th. Three analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $369.25.

Insider Buying and Selling

In other news, Director Jose M. Gutierrez acquired 417 shares of the business's stock in a transaction dated Monday, August 18th. The shares were purchased at an average price of $239.80 per share, with a total value of $99,996.60. Following the transaction, the director directly owned 2,080 shares in the company, valued at approximately $498,784. This represents a 25.08% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP John J. Rinello sold 105 shares of the business'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 sale, the senior vice president directly owned 3,225 shares in the company, valued at approximately $805,314.75. This represents a 3.15% decrease in their position. The disclosure for this sale can be found here. 2.30% of the stock is owned by insiders.

Gartner Trading Up 0.4%

Shares of Gartner stock traded up $1.07 during trading on Thursday, hitting $247.43. The stock had a trading volume of 881,773 shares, compared to its average volume of 1,866,382. The stock has a market cap of $18.74 billion, a PE ratio of 15.23 and a beta of 1.19. Gartner, Inc. has a 12 month low of $223.65 and a 12 month high of $584.01. The firm's fifty day simple moving average is $326.58 and its 200-day simple moving average is $400.42. The company has a debt-to-equity ratio of 1.61, a current ratio of 1.11 and a quick ratio of 1.11.

Gartner (NYSE:IT - Get Free Report) last posted its earnings results on Tuesday, August 5th. The information technology services provider reported $3.53 EPS for the quarter, beating analysts' consensus estimates of $3.38 by $0.15. Gartner had a net margin of 19.71% and a return on equity of 82.63%. The business 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 firm posted $3.22 EPS. The company's revenue for the quarter was up 5.7% on a year-over-year basis. Gartner has set its FY 2025 guidance at 11.750- EPS. As a group, sell-side analysts expect that Gartner, Inc. will post 12.5 EPS for the current fiscal year.

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.