M&T Bank Corp Cuts Stake in Gartner, Inc. (NYSE:IT)

M&T Bank Corp reduced its stake in shares of Gartner, Inc. (NYSE:IT) by 6.4% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 23,084 shares of the information technology services provider’s stock after selling 1,585 shares during the period. M&T Bank Corp’s holdings in Gartner were worth $10,414,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the stock. Morgan Stanley boosted its position in shares of Gartner by 4.6% during the 3rd quarter. Morgan Stanley now owns 2,157,075 shares of the information technology services provider’s stock valued at $741,193,000 after acquiring an additional 95,040 shares during the last quarter. Principal Financial Group Inc. boosted its position in shares of Gartner by 30.3% during the 3rd quarter. Principal Financial Group Inc. now owns 1,565,046 shares of the information technology services provider’s stock valued at $537,766,000 after acquiring an additional 364,128 shares during the last quarter. Invesco Ltd. boosted its position in shares of Gartner by 6.7% during the 3rd quarter. Invesco Ltd. now owns 740,957 shares of the information technology services provider’s stock valued at $254,600,000 after acquiring an additional 46,425 shares during the last quarter. Mackenzie Financial Corp lifted its position in Gartner by 26.3% in the fourth quarter. Mackenzie Financial Corp now owns 629,969 shares of the information technology services provider’s stock worth $284,185,000 after buying an additional 131,222 shares during the last quarter. Finally, California Public Employees Retirement System lifted its position in Gartner by 0.3% in the third quarter. California Public Employees Retirement System now owns 463,706 shares of the information technology services provider’s stock worth $159,334,000 after buying an additional 1,401 shares during the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

IT has been the subject of a number of analyst reports. Robert W. Baird lowered their price target on Gartner from $536.00 to $517.00 and set an “outperform” rating for the company in a research report on Wednesday, May 1st. UBS Group lowered their price target on Gartner from $550.00 to $510.00 and set a “buy” rating for the company in a research report on Wednesday, May 1st. BMO Capital Markets lowered their price target on Gartner from $450.00 to $432.00 and set a “market perform” rating for the company in a research report on Thursday. Morgan Stanley lifted their target price on Gartner from $421.00 to $446.00 and gave the stock an “equal weight” rating in a research report on Tuesday, February 6th. Finally, StockNews.com upgraded Gartner from a “hold” rating to a “buy” rating in a research report on Thursday. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $474.50.

Insider Activity

In related news, EVP Yvonne Genovese sold 560 shares of the business’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $457.37, for a total transaction of $256,127.20. Following the transaction, the executive vice president now directly owns 2,398 shares in the company, valued at approximately $1,096,773.26. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other Gartner news, EVP Yvonne Genovese sold 560 shares of the business’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $457.37, for a total transaction of $256,127.20. Following the sale, the executive vice president now owns 2,398 shares in the company, valued at approximately $1,096,773.26. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director James C. Smith sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $459.68, for a total value of $4,596,800.00. Following the completion of the transaction, the director now owns 623,235 shares of the company’s stock, valued at $286,488,664.80. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 22,952 shares of company stock worth $10,598,070. Corporate insiders own 3.60% of the company’s stock.

Gartner Stock Performance

Shares of Gartner stock opened at $428.64 on Monday. The firm has a market cap of $33.42 billion, a P/E ratio of 42.65, a P/E/G ratio of 3.44 and a beta of 1.32. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 3.42. Gartner, Inc. has a 12 month low of $295.43 and a 12 month high of $486.54. The stock’s fifty day moving average price is $462.52 and its 200-day moving average price is $441.53.

Gartner (NYSE:IT) last announced its quarterly earnings results on Tuesday, April 30th. The information technology services provider reported $2.93 EPS for the quarter, beating the consensus estimate of $2.53 by $0.40. The firm had revenue of $1.47 billion for the quarter, compared to analyst estimates of $1.47 billion. Gartner had a return on equity of 141.55% and a net margin of 13.35%. The business’s revenue for the quarter was up 4.5% on a year-over-year basis. During the same quarter last year, the firm posted $2.88 earnings per share. On average, equities research analysts expect that Gartner, Inc. will post 11.55 earnings per share for the current fiscal year.

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.