Primecap Management Co. CA Trims Stock Holdings in Gartner, Inc. (NYSE:IT)

Key Points

• Primecap Management Co. CA reduced its holdings in Gartner, Inc. by 4.7%, resulting in ownership of 106,500 shares valued at approximately $44.7 million.
• Several institutional investors, including Cary Street Partners Financial LLC and Itau Unibanco Holding S.A., have made recent trades affecting their positions in Gartner, with institutional ownership now at 91.51%.
• Analysts have downgraded Gartner's price targets significantly, with estimates now ranging from $225 to $457, while maintaining an average rating of "Hold" with a price target of $369.25.

Primecap Management Co. CA cut its holdings in shares of Gartner, Inc. (NYSE:IT - Free Report) by 4.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 106,500 shares of the information technology services provider's stock after selling 5,300 shares during the period. Primecap Management Co. CA owned 0.14% of Gartner worth $44,702,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of IT. Cary Street Partners Financial LLC purchased a new position in Gartner in the 4th quarter valued at $27,000. Itau Unibanco Holding S.A. raised its position in Gartner by 453.3% during the 4th quarter. Itau Unibanco Holding S.A. now owns 83 shares of the information technology services provider's stock worth $40,000 after buying an additional 68 shares during the last quarter. Olde Wealth Management LLC acquired a new stake in shares of Gartner in the 1st quarter worth $42,000. GW&K Investment Management LLC boosted its holdings in shares of Gartner by 210.8% in the first quarter. GW&K Investment Management LLC now owns 115 shares of the information technology services provider's stock valued at $48,000 after acquiring an additional 78 shares in the last quarter. Finally, Wayfinding Financial LLC purchased a new stake in shares of Gartner in the first quarter valued at about $55,000. Hedge funds and other institutional investors own 91.51% of the company's stock.

Analyst Upgrades and Downgrades

IT has been the subject of a number of recent analyst reports. Morgan Stanley reduced their price objective on shares of Gartner from $455.00 to $322.00 and set an "equal weight" rating for the company in a research report on Wednesday. Wells Fargo & Company reduced their price target on Gartner from $345.00 to $225.00 and set an "underweight" rating for the company in a report on Wednesday. UBS Group restated a "neutral" rating and issued a $270.00 price target (down from $480.00) on shares of Gartner in a research note on Wednesday. The Goldman Sachs Group cut their price objective on Gartner from $535.00 to $457.00 and set a "buy" rating for the company in a research report on Wednesday. Finally, Barclays decreased 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. One investment analyst has rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat, Gartner presently has an average rating of "Hold" and an average price target of $369.25.

Insider Transactions at Gartner

In other news, EVP William James Wartinbee III sold 538 shares of the company's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $449.09, for a total transaction of $241,610.42. Following the completion of the transaction, the executive vice president directly owned 7,965 shares of the company's stock, valued at approximately $3,577,001.85. This represents a 6.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Akhil Jain sold 625 shares of the business's stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $450.00, for a total value of $281,250.00. Following the transaction, the executive vice president owned 6,548 shares of the company's stock, valued at $2,946,600. This represents a 8.71% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 4,578 shares of company stock worth $2,060,191. 2.30% of the stock is currently owned by corporate insiders.

Gartner Price Performance

Shares of Gartner stock opened at $243.91 on Thursday. The stock has a market capitalization of $18.77 billion, a P/E ratio of 15.01 and a beta of 1.19. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 1.64. The business's fifty day moving average price is $383.65 and its 200 day moving average price is $432.96. Gartner, Inc. has a twelve month low of $231.00 and a twelve month 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 (EPS) for the quarter, beating analysts' consensus estimates of $3.38 by $0.15. The company had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.68 billion. Gartner had a net margin of 19.71% and a return on equity of 86.19%. The business's quarterly revenue was up 5.7% on a year-over-year basis. During the same quarter last year, the firm posted $3.22 earnings per share. As a group, research analysts anticipate that Gartner, Inc. will post 12.5 earnings per share for the current year.

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.

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