Sumitomo Mitsui Trust Group Inc. Sells 13,137 Shares of Gartner, Inc. $IT

Key Points

• Sumitomo Mitsui Trust Group cut its Gartner stake by 78.4% in the third quarter, selling 13,137 shares and retaining 3,613 shares valued at about $674,000. Institutional investors collectively own 91.51% of the company.
• Gartner reported quarterly EPS of $3.59, beating the $2.84 consensus estimate, and revenue of $1.50 billion versus expectations of $1.49 billion. Revenue was down 1.2% year over year.
• Analyst sentiment was cautious: MarketBeat’s consensus rating was “Reduce,” with a $206.20 average target price; seven analysts rated the stock Hold and three rated it Sell.

Sumitomo Mitsui Trust Group Inc. lowered its holdings in shares of Gartner, Inc. (NYSE:IT - Free Report) by 78.4% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 3,613 shares of the information technology services provider's stock after selling 13,137 shares during the period. Sumitomo Mitsui Trust Group Inc.'s holdings in Gartner were worth $674,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also modified their holdings of the company. Bamco Inc. NY acquired a new stake in Gartner in the second quarter valued at about $985,243,000. BlackRock Inc. bought a new position in Gartner in the second quarter valued at about $676,246,000. Bank of America Corp DE lifted its holdings in shares of Gartner by 60.1% in the first quarter. Bank of America Corp DE now owns 773,771 shares of the information technology services provider's stock worth $122,519,000 after acquiring an additional 290,499 shares during the last quarter. Madison Asset Management LLC bought a new position in shares of Gartner in the second quarter worth about $74,481,000. Finally, Bollard Group LLC lifted its holdings in shares of Gartner by 35.1% in the first quarter. Bollard Group LLC now owns 364,462 shares of the information technology services provider's stock worth $57,709,000 after acquiring an additional 94,718 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors.

Gartner Price Performance

Shares of IT opened at $190.09 on Monday. Gartner, Inc. has a 12-month low of $124.25 and a 12-month high of $256.89. The business has a 50-day simple moving average of $197.27 and a two-hundred day simple moving average of $169.57. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 46.98. The stock has a market cap of $12.00 billion, a PE ratio of 13.55, a PEG ratio of 0.82 and a beta of 0.92.

Gartner (NYSE:IT - Get Free Report) last posted its earnings results on Tuesday, November 3rd. The information technology services provider reported $3.59 EPS for the quarter, beating the consensus estimate of $2.84 by $0.75. Gartner had a return on equity of 2,287.71% and a net margin of 14.81%. The firm had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.49 billion. During the same period last year, the company earned $2.76 earnings per share. The business's quarterly revenue was down 1.2% on a year-over-year basis. Analysts anticipate that Gartner, Inc. will post 15.02 earnings per share for the current fiscal year.

Insider Activity at Gartner

In other news, EVP Robin Kranich sold 3,278 shares of the company's stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $196.50, for a total value of $644,127.00. Following the completion of the transaction, the executive vice president owned 20,358 shares of the company's stock, valued at $4,000,347. This represents a 13.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Akhil Jain sold 700 shares of the firm's stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $201.73, for a total transaction of $141,211.00. Following the completion of the transaction, the executive vice president owned 8,130 shares of the company's stock, valued at approximately $1,640,064.90. This trade represents a 7.93% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 2.60% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Weiss Ratings downgraded shares of Gartner from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Monday, October 26th. Truist Financial cut shares of Gartner from a "buy" rating to a "hold" rating and lowered their price objective for the stock from $235.00 to $210.00 in a research report on Wednesday, November 4th. Wells Fargo & Company increased their price objective on shares of Gartner from $150.00 to $175.00 and gave the company an "underweight" rating in a research note on Tuesday, October 20th. BMO Capital Markets restated a "market perform" rating and issued a $231.00 target price on shares of Gartner in a research report on Wednesday. Finally, UBS Group boosted their target price on shares of Gartner from $208.00 to $220.00 and gave the stock a "neutral" rating in a research note on Wednesday, November 4th. Seven research analysts have rated the stock with a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Reduce" and a consensus target price of $206.20.

About Gartner

Gartner, Inc is a global research and advisory company that provides business and technology leaders with insights to support decision-making. Its research covers areas such as information technology, digital transformation, cybersecurity, finance, human resources, and supply chain management.

The company offers research subscriptions, advisory services, consulting, and conferences. Its research includes tools and analysis such as Magic Quadrants and Hype Cycles, which help organizations assess markets, technologies, and potential vendors.

Founded in 1979 by Gideon Gartner, the company serves clients across a range of industries and geographies.

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