Gartner, Inc. (NYSE:IT) Shares Sold by Covey Capital Advisors LLC

Covey Capital Advisors LLC trimmed its position in shares of Gartner, Inc. (NYSE:IT) by 8.4% during the fourth quarter, HoldingsChannel reports. The fund owned 5,367 shares of the information technology services provider’s stock after selling 492 shares during the quarter. Gartner comprises 3.0% of Covey Capital Advisors LLC’s holdings, making the stock its 12th biggest position. Covey Capital Advisors LLC’s holdings in Gartner were worth $2,600,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in IT. Assenagon Asset Management S.A. boosted its holdings in Gartner by 208.4% during 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 buying an additional 183,974 shares in the last quarter. Point72 Asset Management L.P. purchased a new stake in Gartner during the third quarter worth about $70,955,000. Principal Financial Group Inc. boosted its holdings in Gartner by 5.5% during the third quarter. Principal Financial Group Inc. now owns 2,001,142 shares of the information technology services provider’s stock worth $1,014,099,000 after buying an additional 103,814 shares in the last quarter. B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in Gartner during the third quarter worth about $36,789,000. Finally, JPMorgan Chase & Co. boosted its holdings in Gartner by 7.3% during the third quarter. JPMorgan Chase & Co. now owns 1,036,530 shares of the information technology services provider’s stock worth $525,272,000 after buying an additional 70,236 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director James C. Smith sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $524.02, for a total transaction of $2,620,100.00. Following the completion of the transaction, the director now owns 509,457 shares of the company’s stock, valued at approximately $266,965,657.14. This represents a 0.97 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Claire Herkes sold 411 shares of the company’s stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $521.24, for a total transaction of $214,229.64. Following the transaction, the executive vice president now directly owns 1,494 shares of the company’s stock, valued at $778,732.56. This trade represents a 21.57 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 5,690 shares of company stock valued at $2,981,025. Insiders own 3.60% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on IT shares. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Gartner from $529.00 to $531.00 and gave the stock a “hold” rating in a report on Wednesday, November 6th. Wells Fargo & Company reduced their price target on shares of Gartner from $470.00 to $460.00 and set an “underweight” rating on the stock in a report on Friday, January 10th. Barclays raised shares of Gartner from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $525.00 to $600.00 in a report on Friday, January 10th. 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 report on Thursday, January 16th. Finally, Robert W. Baird upped their price target on shares of Gartner from $579.00 to $605.00 and gave the company an “outperform” rating in a report on Wednesday, February 5th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $552.63.

Gartner Stock Performance

Shares of IT opened at $503.03 on Friday. The company has a debt-to-equity ratio of 1.81, a quick ratio of 1.06 and a current ratio of 1.06. The company has a market capitalization of $38.80 billion, a price-to-earnings ratio of 31.38, a PEG ratio of 3.36 and a beta of 1.34. The company’s 50 day simple moving average is $509.84 and its 200 day simple moving average is $508.84. Gartner, Inc. has a 1 year low of $411.15 and a 1 year high of $584.01.

Gartner (NYSE:IT) last announced its quarterly earnings data 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. Gartner had a net margin of 20.00% and a return on equity of 116.56%. The business had revenue of $1.72 billion for the quarter, compared to the consensus estimate of $1.69 billion. During the same quarter in the prior year, the firm posted $3.04 earnings per share. The company’s quarterly revenue was up 8.1% compared to the same quarter last year. On average, sell-side analysts predict that Gartner, Inc. will post 12.5 EPS for the current year.

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.