New South Capital Management Inc. Makes New $22.79 Million Investment in Gartner, Inc. $IT

New South Capital Management Inc. purchased a new stake in Gartner, Inc. (NYSE:IT) in the third quarter, HoldingsChannel reports. The fund purchased 122,175 shares of the information technology services provider’s stock, valued at approximately $22,791,000. Gartner accounts for 1.6% of New South Capital Management Inc.’s portfolio, making the stock its 22nd largest holding.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Bamco Inc. NY acquired a new stake in shares of Gartner during the 2nd quarter worth approximately $985,243,000. BlackRock Inc. bought a new position in Gartner in the second quarter worth $676,246,000. Bank of America Corp DE lifted its position in Gartner by 60.1% in the first quarter. Bank of America Corp DE now owns 773,771 shares of the information technology services provider’s stock worth $122,519,000 after purchasing an additional 290,499 shares during the period. Madison Asset Management LLC acquired a new stake in Gartner during the second quarter worth $74,481,000. Finally, Bollard Group LLC boosted its stake in Gartner by 35.1% during the first quarter. Bollard Group LLC now owns 364,462 shares of the information technology services provider’s stock worth $57,709,000 after buying an additional 94,718 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Gartner Trading Up 1.9%

Shares of Gartner stock opened at $192.52 on Thursday. Gartner, Inc. has a 12-month low of $124.25 and a 12-month high of $256.89. The stock has a market capitalization of $12.16 billion, a P/E ratio of 13.72, a price-to-earnings-growth ratio of 0.82 and a beta of 0.92. The company has a 50-day simple moving average of $196.97 and a 200 day simple moving average of $168.93. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 46.98.

Gartner (NYSE:IT) last released its quarterly earnings results on Tuesday, November 3rd. The information technology services provider reported $3.59 EPS for the quarter, beating analysts’ consensus estimates of $2.84 by $0.75. The firm had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.49 billion. Gartner had a net margin of 14.81% and a return on equity of 2,287.71%. The company’s revenue for the quarter was down 1.2% compared to the same quarter last year. During the same period in the previous year, the business earned $2.76 earnings per share. Research analysts expect that Gartner, Inc. will post 15.02 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

IT has been the topic of several analyst reports. Weiss Ratings raised shares of Gartner from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $198.00 price objective on shares of Gartner in a report on Tuesday, October 20th. Morgan Stanley lifted their target price on shares of Gartner from $182.00 to $192.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 4th. Wells Fargo & Company upped their target price on shares of Gartner from $150.00 to $175.00 and gave the company an “underweight” rating in a research note on Tuesday, October 20th. Finally, BMO Capital Markets reissued a “market perform” rating and issued a $231.00 target price on shares of Gartner in a research note on Wednesday, November 4th. Eight investment analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Gartner has an average rating of “Reduce” and a consensus target price of $206.20.

Insider Buying and Selling

In related news, EVP Akhil Jain sold 700 shares of the stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $201.73, for a total transaction of $141,211.00. Following the sale, the executive vice president directly owned 8,130 shares in the company, valued at $1,640,064.90. This represents a 7.93% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Robin B. Kranich sold 3,278 shares of the firm’s stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $196.50, for a total value of $644,127.00. Following the sale, the executive vice president directly owned 20,358 shares of the company’s stock, valued at $4,000,347. This represents a 13.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 2.60% of the company’s stock.

About Gartner

Gartner, Inc. is a global research and advisory company that provides business and technology leaders with insights to support decision-making. Its research covers areas such as information technology, digital transformation, cybersecurity, finance, human resources, and supply chain management. The company offers research subscriptions, advisory services, consulting, and conferences. Its research includes tools and analysis such as Magic Quadrants and Hype Cycles, which help organizations assess markets, technologies, and potential vendors.