Kornitzer Capital Management Inc. KS Reduces Stock Holdings in Gartner, Inc. (NYSE:IT)

Kornitzer Capital Management Inc. KS lowered its position in Gartner, Inc. (NYSE:IT) by 12.5% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 24,591 shares of the information technology services provider’s stock after selling 3,500 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Gartner were worth $11,093,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in IT. US Bancorp DE increased its position in shares of Gartner by 6.0% in the first quarter. US Bancorp DE now owns 2,563 shares of the information technology services provider’s stock valued at $762,000 after buying an additional 144 shares in the last quarter. Aviva PLC increased its position in Gartner by 53.3% during the 1st quarter. Aviva PLC now owns 42,028 shares of the information technology services provider’s stock worth $12,502,000 after purchasing an additional 14,618 shares in the last quarter. Canada Pension Plan Investment Board increased its position in Gartner by 9.5% during the 1st quarter. Canada Pension Plan Investment Board now owns 27,043 shares of the information technology services provider’s stock worth $8,044,000 after purchasing an additional 2,347 shares in the last quarter. Allianz Asset Management GmbH increased its position in Gartner by 25.2% during the 1st quarter. Allianz Asset Management GmbH now owns 98,889 shares of the information technology services provider’s stock worth $29,415,000 after purchasing an additional 19,892 shares in the last quarter. Finally, Vanguard Group Inc. increased its position in Gartner by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 9,198,161 shares of the information technology services provider’s stock worth $2,736,085,000 after purchasing an additional 102,709 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on IT. Morgan Stanley lifted their price objective on Gartner from $421.00 to $446.00 and gave the stock an “equal weight” rating in a research report on Tuesday, February 6th. Deutsche Bank Aktiengesellschaft began coverage on Gartner in a research report on Tuesday. They set a “hold” rating and a $507.00 price objective for the company. BMO Capital Markets lifted their price objective on Gartner from $444.00 to $450.00 and gave the stock a “market perform” rating in a research report on Thursday, February 8th. StockNews.com cut Gartner from a “buy” rating to a “hold” rating in a research report on Saturday, February 10th. Finally, UBS Group raised Gartner from a “neutral” rating to a “buy” rating and raised their price target for the stock from $484.00 to $550.00 in a research note on Thursday, April 11th. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, Gartner has an average rating of “Hold” and a consensus price target of $477.60.

Gartner Trading Down 2.1 %

NYSE:IT traded down $9.23 during mid-day trading on Friday, reaching $440.38. The company’s stock had a trading volume of 445,356 shares, compared to its average volume of 318,722. The company’s fifty day simple moving average is $465.07 and its two-hundred day simple moving average is $434.48. The company has a debt-to-equity ratio of 3.60, a current ratio of 0.91 and a quick ratio of 0.91. Gartner, Inc. has a twelve month low of $292.60 and a twelve month high of $486.54. The stock has a market cap of $34.34 billion, a P/E ratio of 39.82, a P/E/G ratio of 4.11 and a beta of 1.29.

Gartner (NYSE:IT) last issued its quarterly earnings results on Tuesday, February 6th. The information technology services provider reported $3.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.83 by $0.21. The firm had revenue of $1.60 billion for the quarter, compared to analyst estimates of $1.59 billion. Gartner had a return on equity of 156.35% and a net margin of 14.94%. The firm’s quarterly revenue was up 6.3% on a year-over-year basis. During the same period last year, the company earned $3.70 EPS. On average, equities analysts predict that Gartner, Inc. will post 11.36 EPS for the current year.

Insider Activity

In other news, EVP Valentin Sribar sold 682 shares of Gartner stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $453.00, for a total value of $308,946.00. Following the transaction, the executive vice president now directly owns 12,269 shares of the company’s stock, valued at approximately $5,557,857. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Akhil Jain sold 250 shares of the firm’s stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $464.55, for a total transaction of $116,137.50. Following the sale, the executive vice president now directly owns 5,239 shares in the company, valued at approximately $2,433,777.45. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Valentin Sribar sold 682 shares of the firm’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $453.00, for a total value of $308,946.00. Following the sale, the executive vice president now owns 12,269 shares in the company, valued at $5,557,857. The disclosure for this sale can be found here. Insiders have sold 22,952 shares of company stock valued at $10,598,070 in the last three months. Corporate insiders own 3.90% of the company’s stock.

Gartner Company 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.