Resona Asset Management Co. Ltd. Makes New Investment in Gartner, Inc. (NYSE:IT)

Resona Asset Management Co. Ltd. bought a new position in shares of Gartner, Inc. (NYSE:IT) during the fourth quarter, Holdings Channel.com reports. The firm bought 117,590 shares of the information technology services provider’s stock, valued at approximately $57,037,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Kestra Investment Management LLC bought a new stake in shares of Gartner during the fourth quarter worth $29,000. SBI Securities Co. Ltd. bought a new stake in Gartner during the 4th quarter worth about $49,000. Promus Capital LLC acquired a new position in Gartner during the 4th quarter valued at about $57,000. Global Retirement Partners LLC boosted its stake in shares of Gartner by 14.0% in the 4th quarter. Global Retirement Partners LLC now owns 276 shares of the information technology services provider’s stock valued at $134,000 after purchasing an additional 34 shares during the last quarter. Finally, Hanson & Doremus Investment Management acquired a new stake in shares of Gartner during the 4th quarter worth approximately $145,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Insider Buying and Selling

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

Gartner Stock Performance

IT opened at $383.12 on Friday. The company has a market capitalization of $29.43 billion, a price-to-earnings ratio of 23.90, a P/E/G ratio of 3.30 and a beta of 1.29. The business’s 50-day moving average price is $482.71 and its two-hundred day moving average price is $502.19. Gartner, Inc. has a 1 year low of $382.23 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.

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

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on IT. UBS Group reduced their price objective on shares of Gartner from $565.00 to $500.00 and set a “buy” rating on the stock in a research note on Tuesday, March 25th. StockNews.com cut Gartner from a “buy” rating to a “hold” rating in a research note on Friday, March 21st. Robert W. Baird cut their target price on Gartner from $605.00 to $557.00 and set an “outperform” rating on the stock in a research note on Friday, March 21st. Barclays lowered their price target on Gartner from $600.00 to $510.00 and set an “overweight” rating for the company in a research note on Friday. Finally, Wells Fargo & Company decreased their price objective on shares of Gartner from $470.00 to $460.00 and set an “underweight” rating for the company in a report on Friday, January 10th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $525.38.

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.