Gartner, Inc. $IT Shares Bought by Summit Financial LLC

Key Points

• Summit Financial LLC increased its stake in Gartner, Inc. by 289.4% during Q1, now holding shares worth $989,000.
• Multiple institutional investors, including T. Rowe Price and GAMMA Investing, significantly increased their positions in Gartner during the same quarter, indicating strong interest in the stock.
• Analysts have revised their target prices for Gartner significantly, with UBS Group setting a new target price of $270.00, suggesting a cautious outlook on the stock.

Summit Financial LLC raised its position in shares of Gartner, Inc. (NYSE:IT - Free Report) by 289.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,356 shares of the information technology services provider's stock after buying an additional 1,751 shares during the period. Summit Financial LLC's holdings in Gartner were worth $989,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. DAVENPORT & Co LLC raised its stake in shares of Gartner by 11.5% in the first quarter. DAVENPORT & Co LLC now owns 921 shares of the information technology services provider's stock valued at $387,000 after acquiring an additional 95 shares in the last quarter. HighPoint Advisor Group LLC raised its stake in shares of Gartner by 3.6% in the first quarter. HighPoint Advisor Group LLC now owns 1,145 shares of the information technology services provider's stock valued at $482,000 after acquiring an additional 40 shares in the last quarter. SG Americas Securities LLC raised its stake in shares of Gartner by 3.6% in the first quarter. SG Americas Securities LLC now owns 42,389 shares of the information technology services provider's stock valued at $17,792,000 after acquiring an additional 1,484 shares in the last quarter. Brighton Jones LLC acquired a new stake in shares of Gartner in the fourth quarter valued at $309,000. Finally, Wealth Enhancement Advisory Services LLC raised its stake in shares of Gartner by 1.2% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 28,612 shares of the information technology services provider's stock valued at $12,009,000 after acquiring an additional 352 shares in the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Gartner Stock Up 0.4%

NYSE IT traded up $1.07 during trading on Thursday, reaching $247.43. 577,059 shares of the company's stock were exchanged, compared to its average volume of 835,986. The company has a 50 day moving average price of $329.61 and a two-hundred day moving average price of $402.36. The company has a debt-to-equity ratio of 1.61, a quick ratio of 1.11 and a current ratio of 1.11. Gartner, Inc. has a 1 year low of $223.65 and a 1 year high of $584.01. The stock has a market cap of $18.74 billion, a P/E ratio of 15.23 and a beta of 1.19.

Gartner (NYSE:IT - Get Free Report) last posted its earnings results on Tuesday, August 5th. The information technology services provider reported $3.53 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 business had revenue of $1.66 billion for the quarter, compared to analysts' expectations of $1.68 billion. During the same quarter in the previous year, the firm earned $3.22 earnings per share. The business's revenue was up 5.7% compared to the same quarter last year. Gartner has set its FY 2025 guidance at 11.750- EPS. On average, equities research analysts anticipate that Gartner, Inc. will post 12.5 EPS for the current fiscal year.

Insider Activity

In related news, SVP John J. Rinello sold 105 shares of the business's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $249.71, for a total value of $26,219.55. Following the transaction, the senior vice president owned 3,225 shares in the company, valued at $805,314.75. The trade was a 3.15% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Jose M. Gutierrez purchased 417 shares of the company's stock in a transaction that occurred on Monday, August 18th. The stock was bought at an average price of $239.80 per share, for a total transaction of $99,996.60. Following the transaction, the director directly owned 2,080 shares in the company, valued at $498,784. This trade represents a 25.08% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 2.30% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on IT. Wells Fargo & Company reduced their price objective on Gartner from $345.00 to $225.00 and set an "underweight" rating on the stock in a research note on Wednesday, August 6th. Barclays reduced their price objective on Gartner from $475.00 to $320.00 and set an "overweight" rating on the stock in a research note on Wednesday, August 6th. UBS Group reiterated a "neutral" rating and issued a $270.00 price objective (down from $480.00) on shares of Gartner in a research note on Wednesday, August 6th. The Goldman Sachs Group decreased their price target on Gartner from $535.00 to $457.00 and set a "buy" rating for the company in a report on Wednesday, August 6th. Finally, 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 report on Wednesday, August 6th. Three equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, Gartner presently has a consensus rating of "Hold" and an average target price of $369.25.

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.