Assenagon Asset Management S.A. Cuts Stock Position in Gartner, Inc. (NYSE:IT)

Assenagon Asset Management S.A. cut its holdings in shares of Gartner, Inc. (NYSE:IT) by 44.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 150,121 shares of the information technology services provider’s stock after selling 122,146 shares during the period. Assenagon Asset Management S.A.’s holdings in Gartner were worth $63,012,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Brighton Jones LLC acquired a new stake in shares of Gartner in the fourth quarter valued at $309,000. Apollon Wealth Management LLC boosted its stake in shares of Gartner by 5.4% in the 4th quarter. Apollon Wealth Management LLC now owns 1,069 shares of the information technology services provider’s stock valued at $518,000 after buying an additional 55 shares during the period. Empowered Funds LLC grew its position in shares of Gartner by 53.4% during the fourth quarter. Empowered Funds LLC now owns 8,496 shares of the information technology services provider’s stock worth $4,116,000 after buying an additional 2,959 shares in the last quarter. Entropy Technologies LP acquired a new position in shares of Gartner during the fourth quarter worth about $366,000. Finally, Kestra Private Wealth Services LLC increased its stake in shares of Gartner by 21.2% during the fourth quarter. Kestra Private Wealth Services LLC now owns 2,698 shares of the information technology services provider’s stock worth $1,307,000 after buying an additional 472 shares during the period. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Gartner Stock Performance

Shares of Gartner stock opened at $413.37 on Thursday. The firm’s fifty day simple moving average is $422.07 and its 200-day simple moving average is $468.45. Gartner, Inc. has a 12 month low of $366.05 and a 12 month high of $584.01. The stock has a market capitalization of $31.82 billion, a price-to-earnings ratio of 25.79, a PEG ratio of 3.30 and a beta of 1.23. The company has a debt-to-equity ratio of 1.81, a current ratio of 1.06 and a quick ratio of 1.06.

Gartner (NYSE:IT) last released its quarterly earnings results on Tuesday, May 6th. The information technology services provider reported $2.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.72 by $0.26. The firm had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.53 billion. Gartner had a return on equity of 116.56% and a net margin of 20.00%. The business’s revenue was up 4.2% on a year-over-year basis. During the same quarter last year, the company posted $2.93 earnings per share. As a group, equities analysts forecast that Gartner, Inc. will post 12.5 earnings per share for the current year.

Insider Buying and Selling at Gartner

In other news, SVP John J. Rinello sold 109 shares of the business’s stock in a transaction dated Wednesday, May 7th. The shares were sold at an average price of $436.35, for a total transaction of $47,562.15. Following the transaction, the senior vice president now directly owns 3,280 shares in the company, valued at $1,431,228. The trade was a 3.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP William James Wartinbee III sold 538 shares of the firm’s stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $449.09, for a total transaction of $241,610.42. Following the completion of the sale, the executive vice president now owns 7,965 shares of the company’s stock, valued at approximately $3,577,001.85. The trade was a 6.33% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 5,426 shares of company stock worth $2,430,327. 3.60% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research firms have commented on IT. Wall Street Zen cut shares of Gartner from a “buy” rating to a “hold” rating in a report on Friday, March 21st. Robert W. Baird lowered their target price on shares of Gartner from $605.00 to $557.00 and set an “outperform” rating for the company in a research note on Friday, March 21st. UBS Group increased their target price on Gartner from $500.00 to $525.00 and gave the company a “buy” rating in a report on Wednesday, May 7th. The Goldman Sachs Group decreased their price target on Gartner from $622.00 to $535.00 and set a “buy” rating for the company in a report on Wednesday, May 7th. Finally, Wells Fargo & Company lowered their price objective on Gartner from $401.00 to $400.00 and set an “underweight” rating for the company in a research report on Thursday, May 1st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $518.67.

About Gartner

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.