Rafferty Asset Management LLC Has $8.84 Million Stake in Gartner, Inc. $IT

Key Points

• Rafferty Asset Management LLC reduced its holdings in Gartner, Inc. by 20.9%, owning 21,049 shares valued at approximately $8.84 million post-sale during the first quarter.
• Gartner reported quarterly earnings of $3.53 per share, exceeding expectations and marking a 5.7% year-over-year revenue increase, despite revenue being slightly below analyst estimates.
• Multiple analysts adjusted their price targets for Gartner, with Barclays lowering theirs from $475 to $320, while Goldman Sachs set a new target of $457 after dropping it from $535.

Rafferty Asset Management LLC cut its stake in Gartner, Inc. (NYSE:IT - Free Report) by 20.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 21,049 shares of the information technology services provider's stock after selling 5,560 shares during the period. Rafferty Asset Management LLC's holdings in Gartner were worth $8,835,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of Gartner by 1.8% in the first quarter. Vanguard Group Inc. now owns 9,433,449 shares of the information technology services provider's stock worth $3,959,596,000 after acquiring an additional 164,810 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Gartner by 20.5% during the first quarter. JPMorgan Chase & Co. now owns 1,245,563 shares of the information technology services provider's stock valued at $522,813,000 after acquiring an additional 211,842 shares during the period. T. Rowe Price Investment Management Inc. lifted its stake in shares of Gartner by 692.2% during the first quarter. T. Rowe Price Investment Management Inc. now owns 1,066,732 shares of the information technology services provider's stock valued at $447,751,000 after acquiring an additional 932,077 shares during the period. Northern Trust Corp lifted its stake in shares of Gartner by 11.0% during the first quarter. Northern Trust Corp now owns 1,006,655 shares of the information technology services provider's stock valued at $422,533,000 after acquiring an additional 99,822 shares during the period. Finally, Goldman Sachs Group Inc. lifted its stake in shares of Gartner by 9.4% during the first quarter. Goldman Sachs Group Inc. now owns 956,223 shares of the information technology services provider's stock valued at $401,365,000 after acquiring an additional 82,307 shares during the period. 91.51% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. The Goldman Sachs Group cut their target price on shares of Gartner from $535.00 to $457.00 and set a "buy" rating on the stock in a research report on Wednesday, August 6th. Morgan Stanley dropped their price target on shares of Gartner from $455.00 to $322.00 and set an "equal weight" rating for the company in a research note on Wednesday, August 6th. Barclays dropped their price target on shares of Gartner from $475.00 to $320.00 and set an "overweight" rating for the company in a research note on Wednesday, August 6th. UBS Group reissued a "neutral" rating and set a $270.00 price target (down from $480.00) on shares of Gartner in a research note on Wednesday, August 6th. Finally, BMO Capital Markets dropped their price target 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. Three research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $369.25.

Insider Buying and Selling

In other news, SVP John J. Rinello sold 105 shares of the stock in a transaction that occurred 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 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 bought 417 shares of the stock in a transaction that occurred on Monday, August 18th. The shares were purchased at an average price of $239.80 per share, for a total transaction of $99,996.60. Following the completion of the acquisition, the director owned 2,080 shares of the company's stock, valued at $498,784. The trade was a 25.08% increase in their position. The disclosure for this purchase can be found here. 3.60% of the stock is owned by company insiders.

Gartner Price Performance

NYSE IT opened at $250.82 on Wednesday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 1.61. Gartner, Inc. has a 12-month low of $223.65 and a 12-month high of $584.01. The company has a market capitalization of $19.00 billion, a PE ratio of 15.44 and a beta of 1.20. The firm's 50 day moving average is $317.80 and its 200-day moving average is $394.06.

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. Gartner had a net margin of 19.71% and a return on equity of 82.63%. The company had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $1.68 billion. During the same period last year, the company earned $3.22 earnings per share. The firm's revenue was up 5.7% compared to the same quarter last year. Gartner has set its FY 2025 guidance at 11.750- EPS. Equities research analysts anticipate that Gartner, Inc. will post 12.5 earnings per share for the current fiscal year.

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.