Resona Asset Management Co. Ltd. Raises Holdings in Gartner, Inc. (NYSE:IT)

Key Points

• Resona Asset Management Co. Ltd. increased its holdings in Gartner, Inc. by 17.0%, owning approximately 137,634 shares worth about $57.71 million as of the latest SEC filing.
• Gartner reported earnings of $3.53 per share, surpassing analyst expectations, but its revenue of $1.66 billion fell short of forecasts.
• Multiple research analysts have recently cut their price targets for Gartner shares, with UBS setting a new target at $270, down from $480.

Resona Asset Management Co. Ltd. raised its position in Gartner, Inc. (NYSE:IT - Free Report) by 17.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 137,634 shares of the information technology services provider's stock after buying an additional 20,044 shares during the quarter. Resona Asset Management Co. Ltd. owned about 0.18% of Gartner worth $57,711,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Cary Street Partners Financial LLC bought a new stake in shares of Gartner during the 4th quarter valued at $27,000. Itau Unibanco Holding S.A. raised its stake in shares of 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 valued at $40,000 after purchasing an additional 68 shares during the period. Olde Wealth Management LLC bought a new stake in shares of Gartner during the 1st quarter valued at $42,000. GW&K Investment Management LLC raised its stake in shares of Gartner by 210.8% during 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 purchasing an additional 78 shares during the period. Finally, Wayfinding Financial LLC bought a new stake in shares of Gartner during the 1st quarter valued at $55,000. 91.51% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Gartner

In other Gartner news, EVP Akhil Jain sold 625 shares of the company's stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $450.00, for a total transaction of $281,250.00. Following the completion of 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 transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 2.30% of the company's stock.

Analysts Set New Price Targets

IT has been the topic of a number of analyst reports. BMO Capital Markets decreased their price objective on Gartner from $409.00 to $272.00 and set a "market perform" rating on the stock in a research note on Wednesday, August 6th. Morgan Stanley decreased their price objective on Gartner from $455.00 to $322.00 and set an "equal weight" rating on the stock in a research note on Wednesday, August 6th. The Goldman Sachs Group reduced their target price on Gartner from $535.00 to $457.00 and set a "buy" rating for the company in a research report on Wednesday, August 6th. Barclays reduced their target price on Gartner from $475.00 to $320.00 and set an "overweight" rating for the company in a research report on Wednesday, August 6th. Finally, Wells Fargo & Company reduced their target price on Gartner from $345.00 to $225.00 and set an "underweight" rating for the company in a research report on Wednesday, August 6th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $369.25.

Gartner Price Performance

Gartner stock traded up $13.06 during midday trading on Wednesday, hitting $242.45. 1,677,489 shares of the company's stock were exchanged, compared to its average volume of 1,483,968. Gartner, Inc. has a 52-week low of $223.65 and a 52-week high of $584.01. The stock has a 50-day moving average price of $363.58 and a two-hundred day moving average price of $422.88. The company has a debt-to-equity ratio of 1.61, a quick ratio of 1.11 and a current ratio of 1.11. The company has a market cap of $18.66 billion, a P/E ratio of 14.92 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 earnings per share (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 analysts' expectations of $1.68 billion. During the same period in the prior year, the business earned $3.22 EPS. The company's revenue for the quarter was up 5.7% compared to the same quarter last year. On average, equities research analysts forecast that Gartner, Inc. will post 12.5 earnings per share for the current 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.