Corebridge Financial Inc. Cuts Stake in Gartner, Inc. (NYSE:IT)

Corebridge Financial Inc. decreased its stake in Gartner, Inc. (NYSE:IT) by 0.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 21,702 shares of the information technology services provider’s stock after selling 105 shares during the period. Corebridge Financial Inc.’s holdings in Gartner were worth $10,514,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Kestra Investment Management LLC purchased a new position in Gartner in the 4th quarter worth approximately $29,000. SBI Securities Co. Ltd. acquired a new position in shares of Gartner during the fourth quarter worth $49,000. True Wealth Design LLC boosted its stake in shares of Gartner by 2,350.0% in the third quarter. True Wealth Design LLC now owns 98 shares of the information technology services provider’s stock valued at $50,000 after purchasing an additional 94 shares during the period. Promus Capital LLC acquired a new stake in Gartner during the 4th quarter valued at $57,000. Finally, Global Retirement Partners LLC increased its stake in Gartner by 14.0% during the 4th quarter. Global Retirement Partners LLC now owns 276 shares of the information technology services provider’s stock worth $134,000 after buying an additional 34 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

Insiders Place Their Bets

In other news, SVP John J. Rinello sold 90 shares of the company’s stock in a transaction dated Monday, February 10th. The shares were 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 transaction of $587,724.00. Following the completion of the sale, the director now owns 1,627 shares in the company, valued at approximately $796,855.79. This represents a 42.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.60% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have weighed in on IT shares. Barclays raised shares of Gartner from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $525.00 to $600.00 in a research report on Friday, January 10th. StockNews.com downgraded Gartner from a “buy” rating to a “hold” rating in a report on Friday, March 21st. Wells Fargo & Company dropped their price objective on Gartner from $470.00 to $460.00 and set an “underweight” rating on the stock in a report on Friday, January 10th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Gartner in a research report on Tuesday, February 4th. Finally, Morgan Stanley decreased their price target on shares of Gartner from $564.00 to $555.00 and set an “equal weight” rating for the company in a research report on Thursday, January 16th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $536.63.

Gartner Stock Performance

IT stock opened at $426.43 on Thursday. The stock’s 50 day simple moving average is $497.88 and its 200 day simple moving average is $506.61. Gartner, Inc. has a 12-month low of $409.50 and a 12-month high of $584.01. The firm has a market cap of $32.76 billion, a P/E ratio of 26.60, a P/E/G ratio of 3.30 and a beta of 1.29. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 1.81.

Gartner (NYSE:IT) last issued its earnings results on Tuesday, February 4th. The information technology services provider reported $5.45 earnings per share for the quarter, topping analysts’ consensus estimates of $3.22 by $2.23. Gartner had a net margin of 20.00% and a return on equity of 116.56%. The company had revenue of $1.72 billion for the quarter, compared to analysts’ expectations of $1.69 billion. During the same period in the prior year, the company earned $3.04 earnings per share. The firm’s revenue was up 8.1% compared to the same quarter last year. As a group, equities research analysts predict that Gartner, Inc. will post 12.5 EPS for the current year.

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.