State Board of Administration of Florida Retirement System Sells 6,270 Shares of Gartner, Inc. (NYSE:IT)

State Board of Administration of Florida Retirement System lessened its holdings in Gartner, Inc. (NYSE:ITGet Rating) by 5.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 103,229 shares of the information technology services provider’s stock after selling 6,270 shares during the period. State Board of Administration of Florida Retirement System owned about 0.13% of Gartner worth $30,706,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of IT. Clearstead Advisors LLC bought a new position in Gartner in the first quarter valued at about $27,000. JFS Wealth Advisors LLC boosted its stake in shares of Gartner by 588.2% during the first quarter. JFS Wealth Advisors LLC now owns 117 shares of the information technology services provider’s stock valued at $35,000 after purchasing an additional 100 shares in the last quarter. Allworth Financial LP boosted its stake in shares of Gartner by 39.3% during the first quarter. Allworth Financial LP now owns 124 shares of the information technology services provider’s stock valued at $37,000 after purchasing an additional 35 shares in the last quarter. Covestor Ltd acquired a new stake in shares of Gartner during the fourth quarter valued at about $40,000. Finally, CVA Family Office LLC boosted its stake in shares of Gartner by 25.0% during the first quarter. CVA Family Office LLC now owns 175 shares of the information technology services provider’s stock valued at $52,000 after purchasing an additional 35 shares in the last quarter. Institutional investors own 92.05% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Morgan Stanley lifted their price target on Gartner from $274.00 to $300.00 and gave the company an “equal weight” rating in a research note on Wednesday. Wells Fargo & Company lifted their price target on Gartner from $305.00 to $345.00 and gave the company an “overweight” rating in a research note on Wednesday. BMO Capital Markets cut their price target on Gartner from $315.00 to $265.00 and set a “market perform” rating on the stock in a research note on Tuesday, June 21st. Barclays lifted their price target on Gartner from $265.00 to $315.00 and gave the company an “equal weight” rating in a research note on Thursday. Finally, TheStreet lowered Gartner from a “b” rating to a “c+” rating in a research note on Tuesday, May 3rd. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $321.67.

Insiders Place Their Bets

In other Gartner news, EVP Alwyn Dawkins sold 500 shares of Gartner stock in a transaction that occurred on Monday, May 23rd. The stock was sold at an average price of $250.82, for a total value of $125,410.00. Following the completion of the sale, the executive vice president now directly owns 45,596 shares in the company, valued at $11,436,388.72. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Gartner news, EVP Alwyn Dawkins sold 500 shares of Gartner stock in a transaction that occurred on Monday, May 23rd. The stock was sold at an average price of $250.82, for a total value of $125,410.00. Following the completion of the sale, the executive vice president now directly owns 45,596 shares in the company, valued at $11,436,388.72. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Robin B. Kranich sold 1,321 shares of Gartner stock in a transaction that occurred on Thursday, May 26th. The stock was sold at an average price of $256.95, for a total value of $339,430.95. Following the completion of the sale, the executive vice president now owns 9,717 shares of the company’s stock, valued at $2,496,783.15. The disclosure for this sale can be found here. Over the last three months, insiders sold 17,951 shares of company stock worth $5,188,596. 3.70% of the stock is owned by corporate insiders.

Gartner Price Performance

Gartner stock opened at $295.44 on Friday. The stock’s 50 day moving average is $251.55 and its 200 day moving average is $271.96. The company has a debt-to-equity ratio of 20.79, a current ratio of 0.62 and a quick ratio of 0.70. The firm has a market cap of $23.79 billion, a P/E ratio of 33.31 and a beta of 1.45. Gartner, Inc. has a one year low of $221.39 and a one year high of $368.99.

Gartner (NYSE:ITGet Rating) last issued its earnings results on Tuesday, August 2nd. The information technology services provider reported $2.85 earnings per share for the quarter, topping analysts’ consensus estimates of $2.15 by $0.70. The business had revenue of $1.38 billion during the quarter, compared to the consensus estimate of $1.32 billion. Gartner had a return on equity of 497.67% and a net margin of 14.42%. The firm’s revenue for the quarter was up 18.0% on a year-over-year basis. During the same period in the previous year, the company posted $2.24 earnings per share. As a group, research analysts expect that Gartner, Inc. will post 9.15 EPS for the current year.

Gartner announced that its board has approved a stock buyback plan on Tuesday, May 3rd that permits the company to buyback $500.00 million in shares. This buyback authorization permits the information technology services provider to buy up to 2.2% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Gartner Profile

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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.

Further Reading

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Institutional Ownership by Quarter for Gartner (NYSE:IT)

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