Bellwether Advisors LLC acquired a new position in Gartner, Inc. (NYSE:IT) in the second quarter, Holdings Channel reports. The fund acquired 6,190 shares of the information technology services provider’s stock, valued at approximately $1,499,000.
A number of other hedge funds and other institutional investors also recently made changes to their positions in IT. IndexIQ Advisors LLC boosted its holdings in shares of Gartner by 2.4% in the 2nd quarter. IndexIQ Advisors LLC now owns 1,425 shares of the information technology services provider’s stock valued at $345,000 after buying an additional 34 shares in the last quarter. CX Institutional boosted its stake in Gartner by 22.4% in the second quarter. CX Institutional now owns 191 shares of the information technology services provider’s stock valued at $46,000 after acquiring an additional 35 shares in the last quarter. Coldstream Capital Management Inc. boosted its stake in Gartner by 4.1% in the first quarter. Coldstream Capital Management Inc. now owns 1,384 shares of the information technology services provider’s stock valued at $253,000 after acquiring an additional 55 shares in the last quarter. Commerce Bank grew its holdings in Gartner by 2.3% in the second quarter. Commerce Bank now owns 2,607 shares of the information technology services provider’s stock worth $631,000 after purchasing an additional 58 shares during the last quarter. Finally, Vestmark Advisory Solutions Inc. increased its position in shares of Gartner by 1.4% during the first quarter. Vestmark Advisory Solutions Inc. now owns 4,398 shares of the information technology services provider’s stock worth $803,000 after purchasing an additional 59 shares in the last quarter. 91.72% of the stock is currently owned by institutional investors and hedge funds.
Several research analysts recently weighed in on IT shares. Barclays boosted their target price on Gartner from $250.00 to $300.00 and gave the stock an “equal weight” rating in a research note on Friday, August 6th. William Blair restated an “outperform” rating on shares of Gartner in a research note on Tuesday, August 3rd. BMO Capital Markets increased their price objective on shares of Gartner from $234.00 to $280.00 and gave the company a “market perform” rating in a research report on Wednesday, August 4th. Finally, Morgan Stanley boosted their target price on shares of Gartner from $266.00 to $322.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 4th. Three analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Gartner has a consensus rating of “Buy” and a consensus target price of $256.33.
Gartner (NYSE:IT) last posted its quarterly earnings results on Tuesday, August 3rd. The information technology services provider reported $2.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.73 by $0.51. The company had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.12 billion. Gartner had a net margin of 13.06% and a return on equity of 67.28%. Gartner’s revenue for the quarter was up 19.9% compared to the same quarter last year. During the same period last year, the firm posted $1.20 EPS. As a group, sell-side analysts forecast that Gartner, Inc. will post 7.83 earnings per share for the current year.
In other news, CFO Craig Safian sold 4,267 shares of the firm’s stock in a transaction dated Monday, August 30th. The stock was sold at an average price of $307.40, for a total transaction of $1,311,675.80. Following the sale, the chief financial officer now directly owns 54,112 shares in the company, valued at approximately $16,634,028.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Scott Hensel sold 3,177 shares of the stock in a transaction that occurred on Friday, September 3rd. The stock was sold at an average price of $312.50, for a total value of $992,812.50. Following the transaction, the executive vice president now owns 2,463 shares in the company, valued at approximately $769,687.50. The disclosure for this sale can be found here. Insiders have sold 20,222 shares of company stock valued at $6,176,175 over the last 90 days. 3.60% of the stock is currently owned by insiders.
Gartner, Inc is a research and advisory company, which delivers technology-related insights to its clients to make right decisions. It operates through the following segments: Research, Consulting and Conferences. The Research segment gives advices on the mission-critical priorities of leaders. The Consulting segment offers customized solutions to unique client needs through on-site, day-to-day support, and proprietary tools for measuring and improving IT performance.
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