Hiddenite Capital Partners LP Acquires New Shares in Gartner, Inc. $IT

Key Points

• Hiddenite Capital Partners acquired 60,000 Gartner shares worth approximately $11.2 million in the third quarter, making Gartner 2% of its portfolio. Institutional investors collectively own 91.51% of the company.
• Gartner insiders sold 6,043 shares valued at about $1.17 million over the past 90 days, while corporate insiders retain a 2.60% ownership stake.
• Analyst sentiment is cautious, with a consensus “Reduce” rating and a $198.50 target price despite Gartner beating quarterly earnings estimates; the stock recently opened at $235.18.

Hiddenite Capital Partners LP acquired a new position in Gartner, Inc. (NYSE:IT - Free Report) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 60,000 shares of the information technology services provider's stock, valued at approximately $11,192,000. Gartner accounts for 2.0% of Hiddenite Capital Partners LP's holdings, making the stock its 17th biggest position. Hiddenite Capital Partners LP owned approximately 0.10% of Gartner at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in IT. Elevation Wealth Partners LLC bought a new position in shares of Gartner during the third quarter valued at approximately $30,000. Financial Management Professionals Inc. bought a new stake in Gartner in the third quarter valued at $30,000. Cassaday & Co Wealth Management LLC bought a new stake in Gartner in the first quarter valued at $34,000. Basecamp Wealth Advisors LLC boosted its holdings in Gartner by 107.0% in the first quarter. Basecamp Wealth Advisors LLC now owns 236 shares of the information technology services provider's stock valued at $37,000 after acquiring an additional 122 shares in the last quarter. Finally, CX Institutional increased its position in Gartner by 109.2% during the 3rd quarter. CX Institutional now owns 274 shares of the information technology services provider's stock valued at $51,000 after purchasing an additional 143 shares during the period. 91.51% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Gartner

In other news, EVP Yvonne Genovese sold 1,205 shares of the company's stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $190.06, for a total value of $229,022.30. Following the sale, the executive vice president directly owned 6,208 shares of the company's stock, valued at $1,179,892.48. This represents a 16.26% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Akhil Jain sold 700 shares of the stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $201.73, for a total transaction of $141,211.00. Following the completion of the transaction, the executive vice president owned 8,130 shares of the company's stock, valued at approximately $1,640,064.90. The trade was a 7.93% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 6,043 shares of company stock valued at $1,172,858 over the last 90 days. 2.60% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Weiss Ratings lowered shares of Gartner from a "hold (c-)" rating to a "sell (d+)" rating in a report on Monday, October 26th. Truist Financial lifted their target price on shares of Gartner from $205.00 to $235.00 and gave the company a "buy" rating in a research note on Tuesday, October 20th. The Goldman Sachs Group lifted their target price on shares of Gartner from $162.00 to $181.00 and gave the company a "neutral" rating in a research note on Wednesday, August 5th. Morgan Stanley boosted their price target on shares of Gartner from $177.00 to $182.00 and gave the company an "equal weight" rating in a research report on Thursday, October 8th. Finally, Royal Bank Of Canada reissued a "sector perform" rating and issued a $198.00 price target on shares of Gartner in a research note on Tuesday, October 20th. One analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Gartner presently has a consensus rating of "Reduce" and a consensus target price of $198.50.

Gartner Price Performance

Shares of IT stock opened at $235.18 on Tuesday. The stock has a market cap of $14.85 billion, a price-to-earnings ratio of 21.09, a PEG ratio of 0.82 and a beta of 0.98. The business's fifty day moving average is $197.04 and its 200 day moving average is $170.19. Gartner, Inc. has a twelve month low of $124.25 and a twelve month high of $256.89. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 46.98.

Gartner (NYSE:IT - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The information technology services provider reported $4.37 EPS for the quarter, beating the consensus estimate of $3.76 by $0.61. Gartner had a return on equity of 525.46% and a net margin of 11.99%. The business had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.65 billion. During the same quarter last year, the firm posted $3.53 earnings per share. The company's revenue for the quarter was down .6% on a year-over-year basis. Research analysts expect that Gartner, Inc. will post 14.39 EPS for the current fiscal year.

Gartner Company Profile

Gartner, Inc is a global research and advisory company that provides information, analysis and guidance to business leaders, technology professionals and public-sector organizations. Its work focuses on helping clients evaluate technology markets, develop business strategies, manage risk and make decisions about digital transformation and other organizational priorities.

The company delivers its services through research and advisory programs, consulting engagements, executive guidance and conferences.

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