Citigroup Inc. Has $31.55 Million Holdings in Gartner, Inc. (NYSE:IT)

Citigroup Inc. reduced its holdings in Gartner, Inc. (NYSE:IT) by 36.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 90,067 shares of the information technology services provider’s stock after selling 52,746 shares during the quarter. Citigroup Inc. owned approximately 0.11% of Gartner worth $31,551,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of IT. Smith Salley & Associates raised its position in Gartner by 0.9% in the 2nd quarter. Smith Salley & Associates now owns 3,485 shares of the information technology services provider’s stock worth $1,221,000 after purchasing an additional 30 shares during the last quarter. Marks Group Wealth Management Inc raised its position in Gartner by 0.9% in the 2nd quarter. Marks Group Wealth Management Inc now owns 3,635 shares of the information technology services provider’s stock worth $1,273,000 after purchasing an additional 33 shares during the last quarter. Independent Advisor Alliance raised its position in Gartner by 3.3% in the 2nd quarter. Independent Advisor Alliance now owns 1,024 shares of the information technology services provider’s stock worth $359,000 after purchasing an additional 33 shares during the last quarter. NewEdge Advisors LLC raised its position in Gartner by 1.0% in the 1st quarter. NewEdge Advisors LLC now owns 3,405 shares of the information technology services provider’s stock worth $1,109,000 after purchasing an additional 34 shares during the last quarter. Finally, PFG Advisors raised its position in shares of Gartner by 1.1% during the 2nd quarter. PFG Advisors now owns 3,054 shares of the information technology services provider’s stock valued at $1,070,000 after acquiring an additional 34 shares during the last quarter. 90.28% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Gartner

In other news, CEO Eugene A. Hall sold 35,546 shares of the company’s stock in a transaction dated Tuesday, November 7th. The stock was sold at an average price of $395.13, for a total transaction of $14,045,290.98. Following the completion of the transaction, the chief executive officer now directly owns 1,145,719 shares of the company’s stock, valued at $452,707,948.47. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Eugene A. Hall sold 35,546 shares of Gartner stock in a transaction that occurred on Tuesday, November 7th. The shares were sold at an average price of $395.13, for a total value of $14,045,290.98. Following the sale, the chief executive officer now directly owns 1,145,719 shares in the company, valued at $452,707,948.47. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Michael Patrick Diliberto sold 7,938 shares of the stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $335.09, for a total transaction of $2,659,944.42. Following the transaction, the executive vice president now owns 18,501 shares of the company’s stock, valued at approximately $6,199,500.09. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 91,415 shares of company stock valued at $35,288,340. 3.90% of the stock is owned by corporate insiders.

Gartner Trading Down 0.6 %

NYSE IT opened at $417.61 on Friday. Gartner, Inc. has a one year low of $292.60 and a one year high of $425.96. The company has a debt-to-equity ratio of 4.32, a current ratio of 0.86 and a quick ratio of 0.86. The firm has a market cap of $32.55 billion, a P/E ratio of 35.91, a P/E/G ratio of 5.98 and a beta of 1.24. The stock’s 50-day moving average is $360.89 and its 200-day moving average is $348.07.

Gartner (NYSE:IT) last announced its earnings results on Friday, November 3rd. The information technology services provider reported $2.56 EPS for the quarter, topping the consensus estimate of $1.96 by $0.60. The firm had revenue of $1.41 billion for the quarter, compared to the consensus estimate of $1.39 billion. Gartner had a net margin of 15.97% and a return on equity of 206.71%. The business’s quarterly revenue was up 5.8% on a year-over-year basis. During the same period last year, the company posted $2.41 EPS. Sell-side analysts anticipate that Gartner, Inc. will post 11.03 earnings per share for the current fiscal year.

Gartner announced that its board has initiated a share repurchase plan on Friday, November 3rd that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the information technology services provider to buy up to 1.6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of brokerages recently commented on IT. StockNews.com cut Gartner from a “buy” rating to a “hold” rating in a research note on Monday, November 6th. Morgan Stanley upped their price target on Gartner from $366.00 to $372.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 2nd. Finally, BMO Capital Markets reduced their price objective on shares of Gartner from $352.00 to $346.00 in a research note on Thursday, August 3rd. Five equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $363.20.

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.