Verdence Capital Advisors LLC Takes $202,000 Position in Gartner, Inc. (NYSE:IT)

Verdence Capital Advisors LLC bought a new position in Gartner, Inc. (NYSE:IT) in the fourth quarter, Holdings Channel.com reports. The firm bought 448 shares of the information technology services provider’s stock, valued at approximately $202,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Lindbrook Capital LLC increased its stake in shares of Gartner by 43.9% in the fourth quarter. Lindbrook Capital LLC now owns 177 shares of the information technology services provider’s stock worth $80,000 after acquiring an additional 54 shares during the period. abrdn plc grew its position in Gartner by 15.8% during the 4th quarter. abrdn plc now owns 59,872 shares of the information technology services provider’s stock worth $27,009,000 after purchasing an additional 8,150 shares during the period. Naples Money Management LLC purchased a new position in shares of Gartner during the 4th quarter valued at about $451,000. Fidelis Capital Partners LLC acquired a new position in shares of Gartner in the 4th quarter valued at about $309,000. Finally, Xponance Inc. grew its holdings in Gartner by 28.3% during the fourth quarter. Xponance Inc. now owns 26,394 shares of the information technology services provider’s stock worth $11,907,000 after acquiring an additional 5,822 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

Insider Activity at Gartner

In other news, EVP Akhil Jain sold 250 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $464.55, for a total transaction of $116,137.50. Following the transaction, the executive vice president now directly owns 5,239 shares in the company, valued at approximately $2,433,777.45. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, EVP Valentin Sribar sold 682 shares of the firm’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $453.00, for a total transaction of $308,946.00. Following the completion of the sale, the executive vice president now directly owns 12,269 shares in the company, valued at $5,557,857. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Akhil Jain sold 250 shares of the business’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $464.55, for a total transaction of $116,137.50. Following the completion of the transaction, the executive vice president now owns 5,239 shares in the company, valued at $2,433,777.45. The disclosure for this sale can be found here. In the last quarter, insiders sold 22,952 shares of company stock valued at $10,598,070. Corporate insiders own 3.60% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on IT shares. BMO Capital Markets raised their price objective on shares of Gartner from $444.00 to $450.00 and gave the stock a “market perform” rating in a research note on Thursday, February 8th. Morgan Stanley lifted their price objective on shares of Gartner from $421.00 to $446.00 and gave the company an “equal weight” rating in a report on Tuesday, February 6th. UBS Group upgraded shares of Gartner from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $484.00 to $550.00 in a research report on Thursday, April 11th. Deutsche Bank Aktiengesellschaft started coverage on Gartner in a research note on Tuesday, April 16th. They issued a “hold” rating and a $507.00 price target for the company. Finally, StockNews.com downgraded Gartner from a “buy” rating to a “hold” rating in a research report on Saturday, February 10th. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, Gartner has a consensus rating of “Hold” and an average price target of $477.60.

Gartner Stock Performance

NYSE IT opened at $450.25 on Wednesday. The company has a debt-to-equity ratio of 3.60, a current ratio of 0.91 and a quick ratio of 0.91. Gartner, Inc. has a 1-year low of $292.60 and a 1-year high of $486.54. The company has a market cap of $35.11 billion, a PE ratio of 40.71, a price-to-earnings-growth ratio of 4.05 and a beta of 1.29. The stock’s 50 day simple moving average is $464.91 and its 200-day simple moving average is $436.38.

Gartner (NYSE:IT) last announced its earnings results on Tuesday, February 6th. The information technology services provider reported $3.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.83 by $0.21. The company had revenue of $1.60 billion for the quarter, compared to analysts’ expectations of $1.59 billion. Gartner had a net margin of 14.94% and a return on equity of 156.35%. The firm’s quarterly revenue was up 6.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $3.70 EPS. As a group, equities research analysts anticipate that Gartner, Inc. will post 11.36 EPS for the current fiscal 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.