Gartner Inc (NYSE:IT) Sees Significant Increase in Short Interest

Gartner Inc (NYSE:IT) was the recipient of a large growth in short interest in July. As of July 31st, there was short interest totalling 3,150,500 shares, a growth of 5.1% from the June 30th total of 2,996,500 shares. Currently, 3.6% of the company’s stock are sold short. Based on an average trading volume of 422,900 shares, the short-interest ratio is presently 7.4 days.

In other news, Director Karen E. Dykstra sold 1,812 shares of the company’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $150.22, for a total transaction of $272,198.64. Following the sale, the director now owns 20,698 shares in the company, valued at approximately $3,109,253.56. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Alwyn Dawkins sold 400 shares of the company’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $133.04, for a total value of $53,216.00. Following the sale, the executive vice president now owns 34,806 shares in the company, valued at approximately $4,630,590.24. The disclosure for this sale can be found here. Insiders sold a total of 7,644 shares of company stock worth $1,174,858 in the last 90 days. Company insiders own 4.00% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the business. Geode Capital Management LLC raised its holdings in Gartner by 11.8% in the fourth quarter. Geode Capital Management LLC now owns 1,165,951 shares of the information technology services provider’s stock valued at $148,786,000 after acquiring an additional 122,793 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Gartner by 11.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 305,350 shares of the information technology services provider’s stock valued at $39,033,000 after acquiring an additional 30,674 shares in the last quarter. Raymond James Trust N.A. acquired a new stake in Gartner in the first quarter valued at $220,000. Pennsylvania Trust Co acquired a new stake in Gartner in the first quarter valued at $772,000. Finally, IFM Investors Pty Ltd raised its holdings in Gartner by 22.2% in the first quarter. IFM Investors Pty Ltd now owns 6,978 shares of the information technology services provider’s stock valued at $1,058,000 after acquiring an additional 1,266 shares in the last quarter. 97.98% of the stock is currently owned by hedge funds and other institutional investors.

IT traded up $2.80 during trading hours on Friday, reaching $129.29. The company’s stock had a trading volume of 423,342 shares, compared to its average volume of 482,280. Gartner has a 52 week low of $120.89 and a 52 week high of $171.77. The company’s 50-day moving average is $154.83 and its 200-day moving average is $152.07. The company has a debt-to-equity ratio of 2.93, a quick ratio of 0.68 and a current ratio of 0.68. The firm has a market cap of $11.59 billion, a PE ratio of 34.11, a price-to-earnings-growth ratio of 2.79 and a beta of 1.24.

Gartner (NYSE:IT) last issued its quarterly earnings data on Tuesday, July 30th. The information technology services provider reported $1.45 EPS for the quarter, beating analysts’ consensus estimates of $1.18 by $0.27. Gartner had a return on equity of 41.29% and a net margin of 5.43%. The firm had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.07 billion. During the same period in the prior year, the firm posted $1.03 EPS. The company’s revenue for the quarter was up 7.0% on a year-over-year basis. Equities analysts anticipate that Gartner will post 3.53 earnings per share for the current fiscal year.

A number of research firms recently weighed in on IT. Zacks Investment Research upgraded Gartner from a “sell” rating to a “hold” rating in a research note on Thursday, May 9th. BMO Capital Markets dropped their price target on Gartner to $142.00 and set a “market perform” rating on the stock in a research note on Wednesday, July 31st. Cantor Fitzgerald increased their price target on Gartner from $141.00 to $152.00 and gave the company a “neutral” rating in a research note on Wednesday, May 8th. ValuEngine cut Gartner from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Finally, Morgan Stanley dropped their price target on Gartner from $156.00 to $155.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 31st. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $151.67.

About Gartner

Gartner, Inc operates as a research and advisory company. It operates through three segments: Research, Conferences, and Consulting. The Research segment offers objective insights and advice on the priorities of various leaders in a range of functional areas of the enterprise through research and other reports, briefings, proprietary tools, access to analysts, peer networking services, and membership programs that enable clients to make better decisions; and practice and talent management research insights in various business functions, such as human resources, sales, legal, and finance.

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