Gartner, Inc. $IT Shares Sold by Kayne Anderson Rudnick Investment Management LLC

Key Points

• Kayne Anderson Rudnick Investment Management LLC has decreased its stake in Gartner, Inc. by 2.2%, selling 5,090 shares, and now owns approximately 0.30% of the company valued at $96.24 million.
• Several analysts have significantly lowered their price targets for Gartner, with BMO Capital Markets setting a new target of $272, down from $409, indicating a cautious outlook for the company's stock.
• Gartner reported earnings of $3.53 per share, surpassing expectations and showing a 5.7% year-over-year revenue increase, although it fell short of revenue estimates with $1.66 billion in the latest quarter.

Kayne Anderson Rudnick Investment Management LLC trimmed its stake in Gartner, Inc. (NYSE:IT - Free Report) by 2.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 229,279 shares of the information technology services provider's stock after selling 5,090 shares during the period. Kayne Anderson Rudnick Investment Management LLC owned approximately 0.30% of Gartner worth $96,238,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the stock. ICONIQ Capital LLC purchased a new position in Gartner during the first quarter worth $220,000. Jump Financial LLC grew its holdings in Gartner by 266.2% during the 1st quarter. Jump Financial LLC now owns 5,295 shares of the information technology services provider's stock valued at $2,223,000 after purchasing an additional 3,849 shares during the last quarter. Smartleaf Asset Management LLC raised its position in Gartner by 4.0% in the 1st quarter. Smartleaf Asset Management LLC now owns 1,268 shares of the information technology services provider's stock worth $530,000 after purchasing an additional 49 shares during the period. Compound Planning Inc. lifted its stake in Gartner by 30.1% in the first quarter. Compound Planning Inc. now owns 735 shares of the information technology services provider's stock worth $309,000 after purchasing an additional 170 shares during the last quarter. Finally, Norinchukin Bank The boosted its position in shares of Gartner by 14.8% during the first quarter. Norinchukin Bank The now owns 3,877 shares of the information technology services provider's stock valued at $1,627,000 after buying an additional 499 shares during the period. Institutional investors own 91.51% of the company's stock.

Wall Street Analysts Forecast Growth

IT has been the subject of a number of recent analyst reports. BMO Capital Markets dropped their price objective on Gartner from $409.00 to $272.00 and set a "market perform" rating for the company in a report on Wednesday, August 6th. Barclays reduced their target price 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. UBS Group reiterated a "neutral" rating and issued a $270.00 price target (down previously from $480.00) on shares of Gartner in a report on Wednesday, August 6th. The Goldman Sachs Group reduced their price objective on Gartner from $535.00 to $457.00 and set a "buy" rating on the stock in a report on Wednesday, August 6th. Finally, Wells Fargo & Company lowered their target price on Gartner from $345.00 to $225.00 and set an "underweight" rating for the company in a report on Wednesday, August 6th. Three research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $369.25.

Gartner Stock Up 0.4%

Gartner stock traded up $1.07 during trading hours on Thursday, reaching $247.43. The stock had a trading volume of 881,770 shares, compared to its average volume of 838,332. The company has a market cap of $18.74 billion, a price-to-earnings ratio of 15.23 and a beta of 1.19. The business's 50 day moving average price is $329.61 and its 200-day moving average price is $402.36. Gartner, Inc. has a 52 week low of $223.65 and a 52 week high of $584.01. 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 issued its quarterly earnings data on Tuesday, August 5th. The information technology services provider reported $3.53 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter in the previous year, the firm earned $3.22 EPS. 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. Sell-side analysts anticipate that Gartner, Inc. will post 12.5 EPS for the current year.

Insider Buying and Selling at Gartner

In other Gartner news, Director Jose M. Gutierrez purchased 417 shares of the stock in a transaction on Monday, August 18th. The stock was acquired at an average price of $239.80 per share, with a total value of $99,996.60. Following the completion of the acquisition, the director owned 2,080 shares in the company, valued at $498,784. The trade was a 25.08% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP John J. Rinello sold 105 shares of the business's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $249.71, for a total value of $26,219.55. Following the sale, the senior vice president owned 3,225 shares in the company, valued at $805,314.75. The trade was a 3.15% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.30% of the company's stock.

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.