Advisors Asset Management Inc. lowered its holdings in shares of Gartner, Inc. (NYSE:IT) by 26.8% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 221 shares of the information technology services provider’s stock after selling 81 shares during the period. Advisors Asset Management Inc.’s holdings in Gartner were worth $40,000 as of its most recent filing with the SEC.
Several other hedge funds have also made changes to their positions in the stock. Parkside Financial Bank & Trust boosted its position in Gartner by 340.0% in the fourth quarter. Parkside Financial Bank & Trust now owns 176 shares of the information technology services provider’s stock valued at $28,000 after buying an additional 136 shares in the last quarter. Meeder Asset Management Inc. grew its position in Gartner by 47.6% during the 4th quarter. Meeder Asset Management Inc. now owns 183 shares of the information technology services provider’s stock worth $29,000 after acquiring an additional 59 shares during the last quarter. Kings Point Capital Management acquired a new position in Gartner in the 4th quarter worth about $32,000. Childress Capital Advisors LLC bought a new position in Gartner in the fourth quarter valued at about $33,000. Finally, Signet Investment Advisory Group Inc. acquired a new stake in shares of Gartner during the fourth quarter valued at about $41,000. Institutional investors and hedge funds own 92.11% of the company’s stock.
In other news, CFO Craig Safian sold 1,932 shares of the firm’s stock in a transaction dated Wednesday, May 5th. The stock was sold at an average price of $231.22, for a total value of $446,717.04. Following the completion of the sale, the chief financial officer now directly owns 81,729 shares in the company, valued at approximately $18,897,379.38. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CMO Kenneth Allard sold 1,598 shares of the business’s stock in a transaction dated Wednesday, May 12th. The shares were sold at an average price of $223.71, for a total value of $357,488.58. Following the completion of the sale, the chief marketing officer now directly owns 1,466 shares of the company’s stock, valued at $327,958.86. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 59,850 shares of company stock valued at $13,887,776. Insiders own 3.60% of the company’s stock.
Gartner (NYSE:IT) last announced its earnings results on Tuesday, May 4th. The information technology services provider reported $2.00 EPS for the quarter, beating the consensus estimate of $1.05 by $0.95. The company had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.05 billion. Gartner had a return on equity of 50.82% and a net margin of 8.50%. The firm’s revenue for the quarter was up 8.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.20 EPS. As a group, research analysts forecast that Gartner, Inc. will post 6.45 EPS for the current fiscal year.
Gartner declared that its Board of Directors has authorized a share repurchase program on Tuesday, May 4th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the information technology services provider to purchase up to 2.4% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
A number of equities research analysts have weighed in on IT shares. Zacks Investment Research raised shares of Gartner from a “hold” rating to a “strong-buy” rating and set a $266.00 target price on the stock in a report on Friday, May 7th. TheStreet raised Gartner from a “c+” rating to a “b+” rating in a research report on Friday, March 12th. Finally, Morgan Stanley upped their price target on Gartner from $204.00 to $250.00 and gave the company an “overweight” rating in a research report on Wednesday, May 5th. Three investment analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $203.00.
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 offers objective insights and advice on the priorities of various leaders in a range of functional areas of the enterprise through reports, briefings, proprietary tools, access to research expert, peer networking services, and membership programs that enable clients to drive organizational performance.
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