State of Michigan Retirement System Lowers Stock Holdings in Gartner, Inc. (NYSE:IT)

State of Michigan Retirement System cut its stake in shares of Gartner, Inc. (NYSE:IT) by 0.5% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 21,247 shares of the information technology services provider’s stock after selling 100 shares during the quarter. State of Michigan Retirement System’s holdings in Gartner were worth $9,541,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Frazier Financial Advisors LLC bought a new position in Gartner in the fourth quarter worth approximately $27,000. DSM Capital Partners LLC bought a new stake in shares of Gartner in the 4th quarter valued at about $32,000. Central Pacific Bank Trust Division purchased a new stake in shares of Gartner in the 1st quarter worth approximately $36,000. Hexagon Capital Partners LLC boosted its stake in shares of Gartner by 36.2% during the fourth quarter. Hexagon Capital Partners LLC now owns 94 shares of the information technology services provider’s stock valued at $42,000 after purchasing an additional 25 shares in the last quarter. Finally, Altshuler Shaham Ltd bought a new position in shares of Gartner during the fourth quarter valued at approximately $67,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Gartner Price Performance

Shares of NYSE IT opened at $485.77 on Wednesday. Gartner, Inc. has a fifty-two week low of $323.61 and a fifty-two week high of $509.15. The company has a market cap of $37.71 billion, a PE ratio of 48.34, a P/E/G ratio of 3.80 and a beta of 1.33. The company has a debt-to-equity ratio of 3.80, a quick ratio of 0.91 and a current ratio of 0.90. The business has a 50-day simple moving average of $465.61 and a two-hundred day simple moving average of $457.02.

Gartner (NYSE:IT) last released its earnings results on Tuesday, July 30th. The information technology services provider reported $3.22 EPS for the quarter, topping analysts’ consensus estimates of $3.02 by $0.20. The company had revenue of $1.60 billion during the quarter, compared to analysts’ expectations of $1.58 billion. Gartner had a net margin of 13.67% and a return on equity of 142.05%. Gartner’s revenue for the quarter was up 6.1% on a year-over-year basis. During the same period last year, the business earned $2.85 EPS. As a group, equities analysts expect that Gartner, Inc. will post 11.58 EPS for the current fiscal year.

Analyst Ratings Changes

IT has been the subject of a number of analyst reports. Wells Fargo & Company upgraded Gartner to a “strong sell” rating in a report on Tuesday, August 13th. Robert W. Baird upped their price objective on Gartner from $517.00 to $565.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 31st. Morgan Stanley raised their price objective on Gartner from $440.00 to $470.00 and gave the company an “equal weight” rating in a research report on Thursday, July 11th. StockNews.com downgraded shares of Gartner from a “buy” rating to a “hold” rating in a report on Wednesday, July 17th. Finally, BMO Capital Markets raised their price target on shares of Gartner from $450.00 to $510.00 and gave the company a “market perform” rating in a report on Wednesday, July 31st. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $521.00.

Insider Transactions at Gartner

In other news, CEO Eugene A. Hall sold 12,082 shares of the stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $504.84, for a total value of $6,099,476.88. Following the transaction, the chief executive officer now directly owns 1,143,389 shares of the company’s stock, valued at $577,228,502.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Eugene A. Hall sold 12,082 shares of the stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $504.84, for a total value of $6,099,476.88. Following the sale, the chief executive officer now owns 1,143,389 shares in the company, valued at $577,228,502.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Anne Sutherland Fuchs sold 705 shares of the business’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $428.99, for a total transaction of $302,437.95. Following the transaction, the director now owns 8,524 shares of the company’s stock, valued at $3,656,710.76. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 32,680 shares of company stock worth $15,581,792. Company insiders own 3.60% of the company’s stock.

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.