Salem Investment Counselors Inc. Sells 2,984 Shares of Gartner, Inc. $IT

Key Points

• Salem Investment Counselors Inc. reduced its stake in Gartner, Inc. by 58.2%, owning 2,143 shares after selling 2,984 shares, representing a valuation of $866,000.
• Director Jose M. Gutierrez increased his ownership by 25.08% after purchasing 417 shares at $239.80 per share, while SVP John J. Rinello sold 105 shares at $249.71.
• Gartner reported earnings per share of $3.53 for the most recent quarter, exceeding estimates, but its revenue of $1.66 billion fell short of expectations of $1.68 billion.

Salem Investment Counselors Inc. reduced its holdings in Gartner, Inc. (NYSE:IT - Free Report) by 58.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,143 shares of the information technology services provider's stock after selling 2,984 shares during the period. Salem Investment Counselors Inc.'s holdings in Gartner were worth $866,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of IT. T. Rowe Price Investment Management Inc. increased its holdings in shares of Gartner by 692.2% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 1,066,732 shares of the information technology services provider's stock valued at $447,751,000 after acquiring an additional 932,077 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of Gartner by 40,841.0% during the 1st quarter. GAMMA Investing LLC now owns 499,071 shares of the information technology services provider's stock worth $209,480,000 after buying an additional 497,852 shares during the period. Nuveen LLC bought a new position in shares of Gartner during the 1st quarter worth approximately $128,318,000. JPMorgan Chase & Co. lifted its position in shares of Gartner by 20.5% during the 1st 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 period. Finally, Generation Investment Management LLP increased its holdings in Gartner by 16.5% during the 1st quarter. Generation Investment Management LLP now owns 1,341,342 shares of the information technology services provider's stock valued at $563,015,000 after purchasing an additional 189,514 shares in the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have recently commented on IT. Morgan Stanley lowered 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. Wells Fargo & Company cut their price target on Gartner from $345.00 to $225.00 and set an "underweight" rating on the stock in a report on Wednesday, August 6th. Royal Bank Of Canada assumed coverage on Gartner in a research note on Tuesday, September 9th. They issued a "sector perform" rating and a $263.00 price objective on the stock. Wolfe Research started coverage on Gartner in a research report on Wednesday, September 3rd. They set a "peer perform" rating on the stock. Finally, Barclays dropped their price target on Gartner from $475.00 to $320.00 and set an "overweight" rating for the company in a research note on Wednesday, August 6th. Three analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $357.44.

Insider Activity

In other Gartner news, SVP John J. Rinello sold 105 shares of the company's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $249.71, for a total value of $26,219.55. Following the transaction, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jose M. Gutierrez acquired 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, for a total transaction of $99,996.60. Following the completion of the acquisition, the director owned 2,080 shares in the company, valued at approximately $498,784. This trade represents a 25.08% increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.30% of the stock is owned by insiders.

Gartner Stock Performance

Shares of IT stock traded up $1.77 during trading hours on Friday, hitting $254.79. The company's stock had a trading volume of 485,834 shares, compared to its average volume of 887,793. The company has a 50 day moving average of $280.86 and a 200 day moving average of $373.65. Gartner, Inc. has a 12-month low of $223.65 and a 12-month high of $584.01. The stock has a market cap of $19.30 billion, a PE ratio of 15.68 and a beta of 1.20. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 1.61.

Gartner (NYSE:IT - Get Free Report) last issued 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 during the quarter, compared to analysts' expectations of $1.68 billion. During the same period 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. On average, sell-side analysts forecast that Gartner, Inc. will post 12.5 EPS for the current fiscal year.

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.