State of Michigan Retirement System Boosts Stake in Gartner, Inc. $IT

State of Michigan Retirement System boosted its stake in Gartner, Inc. (NYSE:IT) by 10.1% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 22,947 shares of the information technology services provider’s stock after acquiring an additional 2,100 shares during the period. State of Michigan Retirement System’s holdings in Gartner were worth $9,276,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Tredje AP fonden increased its position in Gartner by 4.3% in the 2nd quarter. Tredje AP fonden now owns 6,544 shares of the information technology services provider’s stock valued at $2,645,000 after acquiring an additional 271 shares during the period. Mission Wealth Management LP acquired a new position in Gartner in the 2nd quarter valued at about $234,000. Triglav Investments D.O.O. increased its position in Gartner by 100.0% in the 2nd quarter. Triglav Investments D.O.O. now owns 2,800 shares of the information technology services provider’s stock valued at $1,132,000 after acquiring an additional 1,400 shares during the period. Plato Investment Management Ltd increased its position in Gartner by 6.9% in the 2nd quarter. Plato Investment Management Ltd now owns 2,288 shares of the information technology services provider’s stock valued at $921,000 after acquiring an additional 148 shares during the period. Finally, Geneva Capital Management LLC increased its position in Gartner by 3.4% in the 2nd quarter. Geneva Capital Management LLC now owns 73,431 shares of the information technology services provider’s stock valued at $29,682,000 after acquiring an additional 2,437 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on IT shares. Barclays set a $270.00 target price on Gartner and gave the stock an “equal weight” rating in a research note on Wednesday, October 22nd. UBS Group increased their target price on Gartner from $270.00 to $280.00 and gave the stock a “neutral” rating in a research note on Monday, October 6th. Royal Bank Of Canada started coverage on Gartner in a research note on Tuesday, September 9th. They set a “sector perform” rating and a $263.00 target price for the company. The Goldman Sachs Group cut their target price on Gartner from $535.00 to $457.00 and set a “buy” rating for the company in a research note on Wednesday, August 6th. Finally, Morgan Stanley set a $307.00 target price on Gartner in a research note on Monday, October 13th. Four analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $346.80.

Gartner Stock Performance

IT opened at $245.81 on Tuesday. The stock has a market cap of $18.62 billion, a P/E ratio of 15.13 and a beta of 1.20. The company has a debt-to-equity ratio of 1.61, a current ratio of 1.11 and a quick ratio of 1.11. The stock’s 50 day simple moving average is $249.52 and its 200 day simple moving average is $332.73. Gartner, Inc. has a 1-year low of $223.65 and a 1-year high of $584.01.

Gartner (NYSE:IT) last released its quarterly earnings results on Tuesday, August 5th. The information technology services provider reported $3.53 earnings per share for the quarter, topping analysts’ consensus estimates of $3.38 by $0.15. The business had revenue of $1.66 billion for the quarter, compared to analysts’ expectations of $1.68 billion. Gartner had a return on equity of 82.63% and a net margin of 19.71%.The company’s revenue was up 5.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.22 EPS. As a group, equities analysts anticipate that Gartner, Inc. will post 12.5 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Jose M. Gutierrez purchased 417 shares of the stock in a transaction that occurred on Monday, August 18th. The shares were acquired at an average price of $239.80 per share, for a total transaction of $99,996.60. Following the acquisition, the director directly owned 2,080 shares in the company, valued at approximately $498,784. The trade was a 25.08% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP John J. Rinello sold 105 shares of the company’s stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $249.71, for a total value of $26,219.55. Following the completion of the sale, the senior vice president owned 3,225 shares in the company, valued at approximately $805,314.75. This represents a 3.15% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 2.30% of the company’s stock.

Gartner 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.