PNC Financial Services Group Inc. Boosts Stake in Gartner, Inc. (NYSE:IT)

PNC Financial Services Group Inc. grew its stake in shares of Gartner, Inc. (NYSE:IT) by 29.4% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 26,520 shares of the information technology services provider’s stock after buying an additional 6,030 shares during the period. PNC Financial Services Group Inc.’s holdings in Gartner were worth $11,963,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in the stock. MainStreet Investment Advisors LLC lifted its holdings in shares of Gartner by 3.1% during the 4th quarter. MainStreet Investment Advisors LLC now owns 2,887 shares of the information technology services provider’s stock worth $1,302,000 after acquiring an additional 87 shares during the period. BI Asset Management Fondsmaeglerselskab A S grew its stake in shares of Gartner by 121.7% during the 4th quarter. BI Asset Management Fondsmaeglerselskab A S now owns 30,848 shares of the information technology services provider’s stock valued at $13,916,000 after buying an additional 16,934 shares during the period. Norges Bank acquired a new position in Gartner in the fourth quarter valued at $388,781,000. FUKOKU MUTUAL LIFE INSURANCE Co purchased a new stake in Gartner during the fourth quarter valued at about $235,000. Finally, Sheaff Brock Investment Advisors LLC increased its stake in Gartner by 0.5% during the fourth quarter. Sheaff Brock Investment Advisors LLC now owns 4,900 shares of the information technology services provider’s stock worth $2,210,000 after acquiring an additional 22 shares during the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms recently issued reports on IT. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Gartner in a research report on Tuesday, April 16th. They set a “hold” rating and a $507.00 target price for the company. BMO Capital Markets reduced their price objective on Gartner from $450.00 to $432.00 and set a “market perform” rating on the stock in a research note on Thursday, May 2nd. UBS Group lowered their price objective on shares of Gartner from $550.00 to $510.00 and set a “buy” rating for the company in a research report on Wednesday, May 1st. StockNews.com raised shares of Gartner from a “hold” rating to a “buy” rating in a research note on Saturday, May 18th. Finally, Robert W. Baird dropped their target price on Gartner from $536.00 to $517.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 1st. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, Gartner presently has an average rating of “Moderate Buy” and an average price target of $474.50.

Insider Buying and Selling at Gartner

In other news, Director James C. Smith sold 10,000 shares of the stock in a transaction on Monday, May 20th. The stock was sold at an average price of $455.20, for a total value of $4,552,000.00. Following the completion of the sale, the director now owns 608,369 shares in the company, valued at $276,929,568.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Gartner news, EVP Akhil Jain sold 250 shares of the company’s stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $464.55, for a total transaction of $116,137.50. Following the completion of the sale, the executive vice president now owns 5,239 shares of the company’s stock, valued at $2,433,777.45. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James C. Smith sold 10,000 shares of Gartner stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $455.20, for a total transaction of $4,552,000.00. Following the completion of the transaction, the director now directly owns 608,369 shares in the company, valued at approximately $276,929,568.80. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 27,709 shares of company stock valued at $12,766,365. Corporate insiders own 3.60% of the company’s stock.

Gartner Stock Performance

IT opened at $451.66 on Thursday. The company has a debt-to-equity ratio of 3.42, a current ratio of 0.91 and a quick ratio of 0.91. The company has a market capitalization of $35.06 billion, a price-to-earnings ratio of 44.94, a price-to-earnings-growth ratio of 3.93 and a beta of 1.32. The business has a 50 day moving average price of $456.15 and a two-hundred day moving average price of $450.13. Gartner, Inc. has a 1-year low of $323.61 and a 1-year high of $486.54.

Gartner (NYSE:IT) last issued its quarterly earnings results on Tuesday, April 30th. The information technology services provider reported $2.93 earnings per share for the quarter, beating analysts’ consensus estimates of $2.53 by $0.40. Gartner had a net margin of 13.35% and a return on equity of 141.55%. The company had revenue of $1.47 billion during the quarter, compared to the consensus estimate of $1.47 billion. During the same period in the prior year, the company earned $2.88 EPS. Gartner’s revenue was up 4.5% on a year-over-year basis. Research analysts predict that Gartner, Inc. will post 11.55 EPS for the current fiscal year.

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.