Millennium Management LLC Raises Stock Holdings in Gartner, Inc. $IT

Key Points

• Millennium Management LLC increased its stake in Gartner, Inc. by 50.4% during the first quarter, owning 447,250 shares worth approximately $187.73 million.
• Gartner's stock has declined by 4.4% and currently has a market cap of $17.92 billion, reflecting competing price target reductions from several major analysts.
• Despite revenue growth of 5.7% year-over-year, Gartner reported earnings per share of $3.53, above analyst estimates, but its fiscal guidance has been set lower than prior projections.

Millennium Management LLC boosted its stake in shares of Gartner, Inc. (NYSE:IT - Free Report) by 50.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 447,250 shares of the information technology services provider's stock after buying an additional 149,973 shares during the quarter. Millennium Management LLC owned approximately 0.58% of Gartner worth $187,729,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Gartner by 4.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,794 shares of the information technology services provider's stock worth $6,209,000 after acquiring an additional 688 shares during the period. Gotham Asset Management LLC raised its holdings in Gartner by 21.9% during the 1st quarter. Gotham Asset Management LLC now owns 29,308 shares of the information technology services provider's stock worth $12,302,000 after purchasing an additional 5,263 shares during the last quarter. Generation Investment Management LLP lifted its position in shares of Gartner by 16.5% in the 1st quarter. Generation Investment Management LLP now owns 1,341,342 shares of the information technology services provider's stock worth $563,015,000 after purchasing an additional 189,514 shares during the period. Federation des caisses Desjardins du Quebec boosted its stake in shares of Gartner by 38.1% in the 1st quarter. Federation des caisses Desjardins du Quebec now owns 8,662 shares of the information technology services provider's stock valued at $3,637,000 after purchasing an additional 2,388 shares during the last quarter. Finally, EP Wealth Advisors LLC boosted its stake in shares of Gartner by 5.0% in the 1st quarter. EP Wealth Advisors LLC now owns 800 shares of the information technology services provider's stock valued at $336,000 after purchasing an additional 38 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company's stock.

Gartner Stock Up 0.0%

NYSE IT traded up $0.01 during trading hours on Tuesday, hitting $246.27. The company's stock had a trading volume of 1,024,649 shares, compared to its average volume of 850,500. The company has a market capitalization of $18.65 billion, a PE ratio of 15.16 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, Inc. has a 52 week low of $223.65 and a 52 week high of $584.01. The company's 50-day simple moving average is $305.03 and its two-hundred day simple moving average is $385.91.

Gartner (NYSE:IT - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The information technology services provider reported $3.53 EPS for the quarter, topping analysts' consensus estimates of $3.38 by $0.15. Gartner had a return on equity of 82.63% and a net margin of 19.71%.The firm had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.68 billion. During the same period in the previous year, the company 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. Research analysts anticipate that Gartner, Inc. will post 12.5 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. BMO Capital Markets lowered their target price on shares of Gartner from $409.00 to $272.00 and set a "market perform" rating for the company in a research note on Wednesday, August 6th. UBS Group reissued a "neutral" rating and issued a $270.00 price objective (down from $480.00) on shares of Gartner in a research report on Wednesday, August 6th. Morgan Stanley cut their target price on Gartner from $455.00 to $322.00 and set an "equal weight" rating on the stock in a research report on Wednesday, August 6th. Barclays decreased their target price on Gartner from $475.00 to $320.00 and set an "overweight" rating for the company in a research note on Wednesday, August 6th. Finally, Wells Fargo & Company dropped their price target on Gartner from $345.00 to $225.00 and set an "underweight" rating on the stock in a research note 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 stock. Based on data from MarketBeat.com, Gartner presently has a consensus rating of "Hold" and a consensus target price of $357.44.

Insiders Place Their Bets

In related news, SVP John J. Rinello sold 105 shares of the 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 approximately $805,314.75. This represents a 3.15% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Jose M. Gutierrez acquired 417 shares of the business's stock in a transaction on Monday, August 18th. The shares were purchased at an average cost of $239.80 per share, for a total transaction of $99,996.60. Following the completion of the acquisition, the director directly owned 2,080 shares in the company, valued at approximately $498,784. The trade was a 25.08% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 2.30% of the company's stock.

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.