CacheTech Inc. Takes $239,000 Position in Gartner, Inc. (NYSE:IT)

CacheTech Inc. purchased a new stake in Gartner, Inc. (NYSE:IT) in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 572 shares of the information technology services provider’s stock, valued at approximately $239,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Corient IA LLC acquired a new position in shares of Gartner in the first quarter valued at approximately $583,000. George Kaiser Family Foundation bought a new stake in shares of Gartner in the first quarter worth $239,000. Northwest & Ethical Investments L.P. lifted its position in shares of Gartner by 236.8% in the first quarter. Northwest & Ethical Investments L.P. now owns 1,886 shares of the information technology services provider’s stock worth $790,000 after purchasing an additional 1,326 shares in the last quarter. Adams Wealth Management bought a new stake in shares of Gartner in the first quarter worth $239,000. Finally, Aberdeen Group plc lifted its position in shares of Gartner by 60.1% in the first quarter. Aberdeen Group plc now owns 67,580 shares of the information technology services provider’s stock worth $28,169,000 after purchasing an additional 25,367 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. BMO Capital Markets cut their price objective on shares of Gartner from $409.00 to $272.00 and set a “market perform” rating on the stock in a research report on Wednesday, August 6th. UBS Group reissued a “neutral” rating and issued a $270.00 price objective (down previously from $480.00) on shares of Gartner in a research report on Wednesday, August 6th. Wells Fargo & Company cut their price objective on shares of Gartner from $345.00 to $225.00 and set an “underweight” rating on the stock in a research report on Wednesday, August 6th. Morgan Stanley cut their price objective on shares of Gartner from $455.00 to $322.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 6th. Finally, Barclays cut their price objective on shares of Gartner from $475.00 to $320.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 6th. One analyst has rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $369.25.

Insider Buying and Selling at Gartner

In other news, EVP Akhil Jain sold 625 shares of the stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $450.00, for a total value of $281,250.00. Following the transaction, the executive vice president directly owned 6,548 shares of the company’s stock, valued at $2,946,600. This represents a 8.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.30% of the stock is owned by insiders.

Gartner Stock Performance

NYSE IT opened at $238.75 on Friday. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 1.61. The firm’s fifty day moving average price is $356.35 and its two-hundred day moving average price is $417.93. Gartner, Inc. has a 1 year low of $223.65 and a 1 year high of $584.01. The firm has a market capitalization of $18.38 billion, a P/E ratio of 14.69 and a beta of 1.19.

Gartner (NYSE:IT) last posted its quarterly earnings results on Tuesday, August 5th. The information technology services provider reported $3.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.38 by $0.15. Gartner had a net margin of 19.71% and a return on equity of 82.63%. The firm had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.68 billion. During the same period in the prior year, the firm posted $3.22 earnings per share. The company’s quarterly revenue was up 5.7% compared to the same quarter last year. As a group, research analysts anticipate that Gartner, Inc. will post 12.5 EPS for the current year.

Gartner 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.