Akhil Jain, Executive Vice President of Consulting at Gartner Inc. (NYSE:IT), recently sold shares of the company's common stock, according to a filing with the Securities and Exchange Commission. On November 8, Jain sold 222 shares at a price of $549.00 per share, totaling $121,878.
Additionally, on November 7, Jain acquired 600 shares through the exercise of stock appreciation rights (SARs) at a price of $180.64 per share. This transaction amounted to $108,383. However, the same day, he disposed of 201 shares and withheld 177 shares for tax purposes, both at a price of $540.75 per share, totaling $108,690 and $95,712, respectively.
Following these transactions, Jain holds 4,339 shares of Gartner's common stock.
In other recent news, Gartner Inc. has reported an increase in revenue to $1.5 billion, marking a 5% year-over-year growth. These recent developments were primarily driven by a 9% increase in contract value in the enterprise function leaders segment and a significant surge of 30% in conference revenue. The company also benefited from a $300 million insurance payout due to conference cancellations. Gartner has raised its full-year guidance for revenue, EBITDA, EPS, and free cash flow, reflecting a positive outlook for the company. Despite these positive trends, Gartner reported an adjusted EPS of $2.50, down from $2.56 in the previous year. Looking ahead, Gartner projects 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 company remains optimistic about its 2025 budgets based on client feedback and aims for growth in consulting and tech vendor segments.
InvestingPro Insights
Recent insider transactions at Gartner Inc. (NYSE:IT) have drawn attention to the company's stock performance and valuation. According to InvestingPro data, Gartner's stock is currently trading near its 52-week high, with a strong return of 15.78% over the last three months and an impressive 33.78% over the past year. This aligns with an InvestingPro Tip indicating that the stock has shown a large price uptick over the last six months.
The company's market capitalization stands at $42.48 billion, reflecting its significant presence in the information technology consulting sector. Gartner's financial health appears robust, with the company being profitable over the last twelve months and analysts predicting continued profitability this year, as noted in InvestingPro Tips.
However, investors should be aware that Gartner is trading at a high P/E ratio of 51.39 (adjusted for the last twelve months as of Q3 2024), which is considerably above the market average. This high valuation is further emphasized by the company's Price to Book ratio of 39.89, suggesting that the stock may be priced at a premium relative to its book value.
For those considering an investment in Gartner, it's worth noting that InvestingPro offers 16 additional tips that could provide deeper insights into the company's financial position and market performance. These additional tips could be particularly valuable given the company's high valuation multiples and recent insider transactions.
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