Lecap Asset Management Ltd. Sells 2,389 Shares of Gartner, Inc. $IT

Key Points

• Lecap Asset Management Ltd. reduced its stake in Gartner, Inc. by 61.6%, selling 2,389 shares and holding 1,488 shares worth $601,000 at the end of the second quarter.
• Gartner reported earnings of $3.53 per share for the last quarter, surpassing analysts’ expectations of $3.38, while achieving a net margin of 19.71% and a year-over-year revenue increase of 5.7%.
• Analyst ratings for Gartner vary, with three analysts giving a Buy rating and one assigning a Sell rating, leaving the average rating at "Hold" with a target price of $357.44.

Lecap Asset Management Ltd. reduced its position in shares of Gartner, Inc. (NYSE:IT - Free Report) by 61.6% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,488 shares of the information technology services provider's stock after selling 2,389 shares during the quarter. Lecap Asset Management Ltd.'s holdings in Gartner were worth $601,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of IT. Applied Finance Capital Management LLC lifted its stake in shares of Gartner by 1.5% in the first 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 in the last quarter. Allworth Financial LP lifted its position in Gartner by 5.6% in the 1st quarter. Allworth Financial LP now owns 562 shares of the information technology services provider's stock valued at $235,000 after acquiring an additional 30 shares in the last quarter. Brighton Jones LLC boosted its stake 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 purchasing an additional 31 shares during the last quarter. Resonant Capital Advisors LLC increased its holdings in Gartner by 1.6% during the 1st quarter. Resonant Capital Advisors LLC now owns 2,324 shares of the information technology services provider's stock worth $975,000 after purchasing an additional 36 shares in the last quarter. Finally, Accurate Wealth Management LLC raised its stake in shares of Gartner by 2.8% in the second quarter. Accurate Wealth Management LLC now owns 1,308 shares of the information technology services provider's stock worth $507,000 after purchasing an additional 36 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company's stock.

Gartner Price Performance

IT opened at $258.05 on Friday. Gartner, Inc. has a fifty-two week low of $223.65 and a fifty-two week high of $584.01. The firm has a 50-day moving average of $260.62 and a 200 day moving average of $359.10. The company has a debt-to-equity ratio of 1.61, a quick ratio of 1.11 and a current ratio of 1.11. The firm has a market cap of $19.54 billion, a P/E ratio of 15.88 and a beta of 1.20.

Gartner (NYSE:IT - Get Free Report) last released its earnings results 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 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 analysts' expectations of $1.68 billion. During the same period in the previous year, the company earned $3.22 earnings per share. The company's quarterly revenue was up 5.7% on a year-over-year basis. Gartner has set its FY 2025 guidance at 11.750- EPS. On average, research analysts expect that Gartner, Inc. will post 12.5 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Wolfe Research initiated coverage on Gartner in a report on Wednesday, September 3rd. They set a "peer perform" rating for the company. Morgan Stanley cut their price objective 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. Royal Bank Of Canada began coverage on shares of Gartner in a report on Tuesday, September 9th. They issued a "sector perform" rating and a $263.00 target price for the company. Wells Fargo & Company cut their price target on shares of Gartner from $345.00 to $225.00 and set an "underweight" rating on the stock in a report on Wednesday, August 6th. Finally, Barclays reduced their price objective on shares of Gartner from $475.00 to $320.00 and set an "overweight" rating for the company in a research report on Wednesday, August 6th. Three research 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. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $357.44.

Insider Activity at Gartner

In other news, Director Jose M. Gutierrez acquired 417 shares of Gartner stock in a transaction on Monday, August 18th. The stock was acquired at an average cost 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 approximately $498,784. This trade represents a 25.08% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP John J. Rinello sold 105 shares of the firm's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $249.71, for a total value of $26,219.55. Following the completion of the sale, the senior vice president directly owned 3,225 shares of the company's stock, valued at $805,314.75. This represents a 3.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.30% of the stock is currently owned by corporate 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.