PNC Financial Services Group Inc. Decreases Stake in Gartner, Inc. (NYSE:IT)

PNC Financial Services Group Inc. lessened its stake in shares of Gartner, Inc. (NYSE:IT) by 7.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 36,118 shares of the information technology services provider’s stock after selling 3,089 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Gartner were worth $17,498,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in IT. Raymond James Financial Inc. purchased a new stake in Gartner during the 4th quarter valued at $165,476,000. Fisher Funds Management LTD bought a new position in shares of Gartner during the fourth quarter valued at about $97,518,000. Proficio Capital Partners LLC purchased a new stake in shares of Gartner during the fourth quarter worth about $95,762,000. Assenagon Asset Management S.A. grew its stake in shares of Gartner by 208.4% in the fourth quarter. Assenagon Asset Management S.A. now owns 272,267 shares of the information technology services provider’s stock worth $131,905,000 after purchasing an additional 183,974 shares during the last quarter. Finally, Point72 Asset Management L.P. purchased a new position in Gartner during the 3rd quarter valued at about $70,955,000. Institutional investors own 91.51% of the company’s stock.

Insiders Place Their Bets

In other Gartner news, Director Eileen Serra sold 1,200 shares of Gartner stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $489.77, for a total value of $587,724.00. Following the completion of the transaction, the director now directly owns 1,627 shares of the company’s stock, valued at approximately $796,855.79. The trade was a 42.45 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP John J. Rinello sold 90 shares of the company’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $530.51, for a total transaction of $47,745.90. Following the completion of the transaction, the senior vice president now owns 3,259 shares in the company, valued at approximately $1,728,932.09. This represents a 2.69 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 3.60% of the company’s stock.

Gartner Trading Down 2.2 %

Shares of NYSE IT opened at $471.46 on Tuesday. Gartner, Inc. has a 1 year low of $411.15 and a 1 year high of $584.01. The company has a debt-to-equity ratio of 1.81, a current ratio of 1.06 and a quick ratio of 1.06. The firm has a 50-day moving average of $509.85 and a 200 day moving average of $510.35. The stock has a market cap of $36.22 billion, a P/E ratio of 29.41, a price-to-earnings-growth ratio of 3.30 and a beta of 1.29.

Gartner (NYSE:IT) last released its earnings results on Tuesday, February 4th. The information technology services provider reported $5.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.22 by $2.23. The firm had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.69 billion. Gartner had a net margin of 20.00% and a return on equity of 116.56%. The business’s revenue was up 8.1% on a year-over-year basis. During the same period last year, the business earned $3.04 earnings per share. As a group, sell-side analysts expect that Gartner, Inc. will post 12.5 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms have weighed in on IT. Wells Fargo & Company dropped their price objective on Gartner from $470.00 to $460.00 and set an “underweight” rating for the company in a report on Friday, January 10th. Barclays upgraded shares of Gartner from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $525.00 to $600.00 in a report on Friday, January 10th. The Goldman Sachs Group reissued a “buy” rating on shares of Gartner in a research report on Tuesday, February 4th. Robert W. Baird raised their target price on shares of Gartner from $579.00 to $605.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 5th. Finally, Morgan Stanley reduced their price target on shares of Gartner from $564.00 to $555.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 16th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Gartner presently has an average rating of “Moderate Buy” and an average target price of $552.63.

Gartner Company 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.