Peter Bisson, a director at Gartner Inc. (NYSE:IT), recently sold 1,743 shares of the company's common stock. The shares were sold at a price of $528.61 each, amounting to a total transaction value of $921,367. This sale, which took place on November 15, 2024, leaves Bisson with no remaining shares in the company. The transaction was disclosed in a filing with the Securities and Exchange Commission.
In other recent news, Gartner Inc. reported a revenue increase of $1.5 billion, marking a 5% hike year-over-year. This growth was largely driven by their research business, particularly the enterprise function leaders segment which saw a 9% contract value growth. The company's conference revenue also saw a significant surge of 30%, and consulting revenue grew by 2%. Additionally, Gartner benefited from a $300 million insurance payout due to conference cancellations.
The company has updated its 2024 guidance with optimistic projections for revenue and EBITDA, and anticipates continued growth in its consulting and tech vendor segments. Looking ahead, Gartner projects a research revenue of at least $5.11 billion, conference revenue of at least $580 million, and consulting revenue of at least $535 million for 2024. The total consolidated revenue is expected to be at least $6.225 billion, with EBITDA projected at a minimum of $1.52 billion.
Despite this growth, the adjusted EPS of $2.50 was down from $2.56 in the previous year, and the company noted that smaller, financially challenged tech vendors are renewing contracts at lower rates. These are among the recent developments for Gartner Inc. as it continues to navigate the business landscape.
InvestingPro Insights
Following Peter Bisson's recent sale of Gartner Inc. (NYSE:IT) shares, investors may be curious about the company's current financial standing and market position. According to InvestingPro data, Gartner boasts a substantial market capitalization of $39.87 billion, reflecting its significant presence in the information technology research and advisory sector.
The company's P/E ratio stands at 37.9, which aligns with an InvestingPro Tip indicating that Gartner is "Trading at a high earnings multiple." This valuation metric suggests that investors are willing to pay a premium for Gartner's shares, possibly due to expectations of future growth or the company's strong market position.
Another relevant InvestingPro Tip notes that Gartner "Operates with a moderate level of debt," which could be seen as a positive factor for potential investors concerned about financial stability. This moderate debt level may provide Gartner with financial flexibility while maintaining a balanced capital structure.
It's worth noting that Gartner has demonstrated strong performance over time, with an InvestingPro Tip highlighting a "High return over the last decade." This long-term track record of success may contribute to investor confidence, despite the recent insider sale.
For readers interested in a more comprehensive analysis, InvestingPro offers 12 additional tips for Gartner, providing a deeper understanding of the company's financial health and market position.
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