New York State Teachers Retirement System Reduces Position in Gartner, Inc. $IT

Key Points

• New York State Teachers Retirement System has reduced its stake in Gartner, Inc. by 2.0%, now holding approximately 66,235 shares worth $26.77 million.
• Gartner's recent quarterly earnings surpassed estimates, reporting $3.53 earnings per share against a consensus of $3.38, despite revenue slightly missing expectations at $1.66 billion.
• Analysts have mixed ratings for Gartner, with price targets ranging from $225.00 to $307.00, and an average recommendation of "Hold".

New York State Teachers Retirement System cut its holdings in shares of Gartner, Inc. (NYSE:IT - Free Report) by 2.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 66,235 shares of the information technology services provider's stock after selling 1,330 shares during the quarter. New York State Teachers Retirement System owned approximately 0.09% of Gartner worth $26,774,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the business. Applied Finance Capital Management LLC lifted its holdings in Gartner by 1.5% during 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 purchasing an additional 29 shares during the last quarter. Allworth Financial LP increased its position in shares of Gartner by 5.6% during the first quarter. Allworth Financial LP now owns 562 shares of the information technology services provider's stock valued at $235,000 after buying an additional 30 shares during the period. Sequoia Financial Advisors LLC increased its position in shares of Gartner by 1.8% during the second quarter. Sequoia Financial Advisors LLC now owns 1,725 shares of the information technology services provider's stock valued at $697,000 after buying an additional 31 shares during the period. Verdence Capital Advisors LLC increased its position in shares of Gartner by 2.6% during the second quarter. Verdence Capital Advisors LLC now owns 1,333 shares of the information technology services provider's stock valued at $539,000 after buying an additional 34 shares during the period. Finally, Resonant Capital Advisors LLC increased its position in shares of Gartner by 1.6% during the first quarter. Resonant Capital Advisors LLC now owns 2,324 shares of the information technology services provider's stock valued at $975,000 after buying an additional 36 shares during the period. 91.51% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Gartner news, SVP John J. Rinello sold 105 shares of the stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $249.71, for a total transaction of $26,219.55. Following the transaction, the senior vice president directly owned 3,225 shares in the company, valued at $805,314.75. This trade represents a 3.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jose M. Gutierrez purchased 417 shares of Gartner stock in a transaction on Monday, August 18th. The shares were acquired at an average price of $239.80 per share, for a total transaction of $99,996.60. Following the completion of the transaction, the director directly owned 2,080 shares of the company's stock, 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. 2.30% of the stock is owned by company insiders.

Gartner Stock Down 0.2%

IT stock opened at $235.63 on Friday. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 1.61. The company's 50 day moving average is $247.30 and its 200 day moving average is $345.25. The stock has a market cap of $17.85 billion, a price-to-earnings ratio of 14.50 and a beta of 1.20. Gartner, Inc. has a 1-year low of $223.65 and a 1-year high of $584.01.

Gartner (NYSE:IT - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The information technology services provider reported $3.53 earnings per share for the quarter, topping the consensus estimate of $3.38 by $0.15. The company had revenue of $1.66 billion for the quarter, compared to analysts' expectations of $1.68 billion. Gartner had a net margin of 19.71% and a return on equity of 82.63%. Gartner's revenue for the quarter was up 5.7% compared to the same quarter last year. During the same period in the prior year, the business earned $3.22 earnings per share. Gartner has set its FY 2025 guidance at 11.750- EPS. Sell-side analysts predict that Gartner, Inc. will post 12.5 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Morgan Stanley set a $307.00 price target on Gartner in a research report on Monday. Truist Financial assumed coverage on Gartner in a research report on Thursday. They set a "buy" rating and a $300.00 price target on the stock. Weiss Ratings reiterated a "hold (c-)" rating on shares of Gartner in a research report on Wednesday, October 8th. Wells Fargo & Company decreased their price target on Gartner from $345.00 to $225.00 and set an "underweight" rating on the stock in a research report on Wednesday, August 6th. Finally, BMO Capital Markets decreased their price target on Gartner from $409.00 to $272.00 and set a "market perform" rating on the stock in a research report on Wednesday, August 6th. Four analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $351.20.

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.

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