Gartner, Inc. (NYSE:IT) Shares Sold by PNC Financial Services Group Inc.

Key Points

• PNC Financial Services Group Inc. reduced its holdings in Gartner, Inc. by 5.5% during the first quarter, now owning approximately $14.33 million worth of shares.
• Insider transactions include EVP William James Wartinbee III selling 538 shares and CFO Craig Safian selling 3,415 shares, both reflecting significant decreases in their respective positions.
• Analysts have lowered Gartner's price targets, with Wells Fargo reducing its target from $400 to $345, indicating a shift in market sentiment.

PNC Financial Services Group Inc. cut its stake in shares of Gartner, Inc. (NYSE:IT - Free Report) by 5.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 34,135 shares of the information technology services provider's stock after selling 1,983 shares during the quarter. PNC Financial Services Group Inc.'s holdings in Gartner were worth $14,328,000 as of its most recent filing with the SEC.

Several other large investors have also recently added to or reduced their stakes in the company. Cary Street Partners Financial LLC acquired a new stake in Gartner during the 4th quarter worth approximately $27,000. Itau Unibanco Holding S.A. increased its holdings in shares of Gartner by 453.3% in the fourth quarter. Itau Unibanco Holding S.A. now owns 83 shares of the information technology services provider's stock valued at $40,000 after purchasing an additional 68 shares during the last quarter. Olde Wealth Management LLC bought a new position in Gartner in the 1st quarter valued at about $42,000. GW&K Investment Management LLC grew its holdings in Gartner by 210.8% in the 1st quarter. GW&K Investment Management LLC now owns 115 shares of the information technology services provider's stock valued at $48,000 after buying an additional 78 shares in the last quarter. Finally, Wayfinding Financial LLC bought a new stake in shares of Gartner in the first quarter valued at about $55,000. 91.51% of the stock is owned by institutional investors.

Gartner Stock Performance

Shares of IT stock traded down $0.02 during trading hours on Wednesday, reaching $243.91. The company had a trading volume of 2,573,504 shares, compared to its average volume of 1,147,374. The company has a debt-to-equity ratio of 1.64, a quick ratio of 1.09 and a current ratio of 1.09. The business has a fifty day moving average price of $383.65 and a 200-day moving average price of $432.96. Gartner, Inc. has a one year low of $231.00 and a one year high of $584.01. The firm has a market cap of $18.77 billion, a PE ratio of 15.01 and a beta of 1.19.

Gartner (NYSE:IT - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The information technology services provider reported $3.53 EPS for the quarter, topping the consensus estimate of $3.38 by $0.15. The firm had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $1.68 billion. Gartner had a return on equity of 86.19% and a net margin of 19.71%. The business's revenue for the quarter was up 5.7% compared to the same quarter last year. During the same quarter last year, the company earned $3.22 earnings per share. Sell-side analysts predict that Gartner, Inc. will post 12.5 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

IT has been the subject of several analyst reports. Wells Fargo & Company dropped their target price on shares of Gartner from $345.00 to $225.00 and set an "underweight" rating for the company in a research report on Wednesday. Morgan Stanley decreased their price target on Gartner from $455.00 to $322.00 and set an "equal weight" rating for the company in a research note on Wednesday. Barclays decreased 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. UBS Group reaffirmed a "neutral" rating and issued a $270.00 price target (down from $480.00) on shares of Gartner in a research note on Wednesday. Finally, BMO Capital Markets lowered their price objective on Gartner from $409.00 to $272.00 and set a "market perform" rating for the company in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $369.25.

Insider Activity at Gartner

In related news, EVP William James Wartinbee III sold 538 shares of the business's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $449.09, for a total value of $241,610.42. Following the sale, the executive vice president owned 7,965 shares in the company, valued at approximately $3,577,001.85. The trade was a 6.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Craig Safian sold 3,415 shares of the firm's stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $450.17, for a total value of $1,537,330.55. Following the completion of the sale, the chief financial officer directly owned 77,890 shares of the company's stock, valued at $35,063,741.30. The trade was a 4.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 4,578 shares of company stock valued at $2,060,191. 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.