Westpac Banking Corp Acquires 2,297 Shares of Gartner, Inc. (NYSE:IT)

Key Points

• Westpac Banking Corp significantly increased its stake in Gartner, Inc., raising it by 239.3% to 3,257 shares valued at approximately $1.37 million during the first quarter of the year.
• Despite mixed analyst ratings, with some recommending a "hold" and others suggesting an "underweight" or "buy," the average price target for Gartner's stock has dropped to $369.25 from previously higher estimates.
• The company's latest earnings report revealed earnings per share of $3.53, exceeding analyst expectations while revenue of $1.66 billion slightly fell short of estimates.

Westpac Banking Corp boosted its stake in shares of Gartner, Inc. (NYSE:IT - Free Report) by 239.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,257 shares of the information technology services provider's stock after buying an additional 2,297 shares during the period. Westpac Banking Corp's holdings in Gartner were worth $1,367,000 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 during the 4th quarter valued at about $27,000. Itau Unibanco Holding S.A. grew its stake 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 valued at $40,000 after acquiring an additional 68 shares in the last quarter. Olde Wealth Management LLC purchased a new stake in shares of Gartner during the 1st quarter worth about $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 worth $48,000 after purchasing an additional 78 shares in the last quarter. Finally, Wayfinding Financial LLC purchased a new stake in shares of Gartner during the 1st quarter worth about $55,000. Institutional investors and hedge funds own 91.51% of the company's stock.

Gartner Stock Performance

Shares of IT stock traded up $0.68 during trading on Thursday, reaching $243.34. The company had a trading volume of 1,982,415 shares, compared to its average volume of 1,496,583. The firm's 50 day simple moving average is $360.02 and its two-hundred day simple moving average is $420.85. The company has a debt-to-equity ratio of 1.61, a current ratio of 1.11 and a quick ratio of 1.11. Gartner, Inc. has a one year low of $223.65 and a one year high of $584.01. The company has a market capitalization of $18.73 billion, a PE ratio of 14.98 and a beta of 1.19.

Gartner (NYSE:IT - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The information technology services provider reported $3.53 earnings per share for the quarter, beating 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 the consensus estimate of $1.68 billion. During the same period last year, the business earned $3.22 EPS. The firm's revenue was up 5.7% compared to the same quarter last year. Sell-side analysts forecast that Gartner, Inc. will post 12.5 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on IT. UBS Group reaffirmed 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. BMO Capital Markets cut their price target on Gartner from $409.00 to $272.00 and set a "market perform" rating for the company in a research note on Wednesday, August 6th. The Goldman Sachs Group cut their price target on Gartner from $535.00 to $457.00 and set a "buy" rating for the company in a research note on Wednesday, August 6th. Morgan Stanley cut their price target on Gartner from $455.00 to $322.00 and set an "equal weight" rating for the company in a research note on Wednesday, August 6th. Finally, Wells Fargo & Company cut their price target on Gartner from $345.00 to $225.00 and set an "underweight" rating for the company in a research note on Wednesday, August 6th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat, Gartner presently has a consensus rating of "Hold" and a consensus price target of $369.25.

Insider Buying and Selling at Gartner

In related news, EVP Akhil Jain sold 625 shares of the firm'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 value of $281,250.00. Following the transaction, the executive vice president directly owned 6,548 shares of the company's stock, valued at approximately $2,946,600. This trade represents a 8.71% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.30% of the company's stock.

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.