Covey Capital Advisors LLC Cuts Stock Holdings in Gartner, Inc. (NYSE:IT)

Covey Capital Advisors LLC reduced its stake in Gartner, Inc. (NYSE:IT) by 19.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,859 shares of the information technology services provider’s stock after selling 1,419 shares during the period. Gartner makes up about 3.3% of Covey Capital Advisors LLC’s holdings, making the stock its 12th largest holding. Covey Capital Advisors LLC’s holdings in Gartner were worth $2,969,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Baron Wealth Management LLC grew its holdings in Gartner by 4.1% during the 3rd quarter. Baron Wealth Management LLC now owns 481 shares of the information technology services provider’s stock worth $244,000 after acquiring an additional 19 shares in the last quarter. Fortitude Family Office LLC lifted its position in shares of Gartner by 23.8% during the 3rd quarter. Fortitude Family Office LLC now owns 104 shares of the information technology services provider’s stock worth $53,000 after purchasing an additional 20 shares during the last quarter. Moors & Cabot Inc. grew its stake in shares of Gartner by 3.0% during the second quarter. Moors & Cabot Inc. now owns 763 shares of the information technology services provider’s stock worth $343,000 after purchasing an additional 22 shares in the last quarter. Mather Group LLC. increased its holdings in Gartner by 2.2% in the second quarter. Mather Group LLC. now owns 1,079 shares of the information technology services provider’s stock valued at $514,000 after buying an additional 23 shares during the last quarter. Finally, Wallace Advisory Group LLC raised its stake in Gartner by 2.4% in the second quarter. Wallace Advisory Group LLC now owns 980 shares of the information technology services provider’s stock valued at $440,000 after buying an additional 23 shares in the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Gartner Stock Down 0.7 %

IT stock opened at $519.23 on Friday. The company has a market cap of $40.05 billion, a price-to-earnings ratio of 38.29, a price-to-earnings-growth ratio of 3.24 and a beta of 1.32. The company has a fifty day moving average price of $520.93 and a 200 day moving average price of $483.12. The company has a debt-to-equity ratio of 2.31, a current ratio of 1.02 and a quick ratio of 1.02. Gartner, Inc. has a 12 month low of $411.15 and a 12 month high of $559.00.

Gartner (NYSE:IT) last announced its earnings results on Tuesday, November 5th. The information technology services provider reported $2.50 EPS for the quarter, beating analysts’ consensus estimates of $2.45 by $0.05. Gartner had a net margin of 17.33% and a return on equity of 118.27%. The business had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.48 billion. During the same period in the prior year, the company earned $2.56 earnings per share. The business’s revenue was up 5.4% compared to the same quarter last year. Sell-side analysts expect that Gartner, Inc. will post 11.89 earnings per share for the current year.

Insiders Place Their Bets

In other Gartner news, EVP Akhil Jain sold 500 shares of the business’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $492.00, for a total transaction of $246,000.00. Following the sale, the executive vice president now directly owns 4,339 shares in the company, valued at approximately $2,134,788. The trade was a 10.33 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Eugene A. Hall sold 34,060 shares of the stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $505.40, for a total transaction of $17,213,924.00. Following the completion of the transaction, the chief executive officer now directly owns 1,143,401 shares of the company’s stock, valued at approximately $577,874,865.40. This trade represents a 2.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 72,149 shares of company stock valued at $37,694,911. 3.60% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. StockNews.com raised Gartner from a “hold” rating to a “buy” rating in a research report on Wednesday, November 6th. Barclays upped their price target on Gartner from $470.00 to $525.00 and gave the company an “equal weight” rating in a report on Wednesday, November 6th. Robert W. Baird raised their price objective on shares of Gartner from $565.00 to $590.00 and gave the stock an “outperform” rating in a report on Wednesday, November 6th. Wells Fargo & Company upped their target price on shares of Gartner from $460.00 to $470.00 and gave the company an “underweight” rating in a report on Wednesday, November 6th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on shares of Gartner from $529.00 to $531.00 and gave the stock a “hold” rating in a research note on Wednesday, November 6th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $539.25.

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.