Alwyn Dawkins, Executive Vice President of Global Business Sales at Gartner Inc. (NYSE:IT), recently sold shares of the company's common stock. The transaction, disclosed in a filing with the Securities and Exchange Commission, took place on November 8, 2024. Dawkins sold a total of 2,000 shares at a price of $546.80 per share, amounting to a total value of approximately $1.09 million.
Following the sale, Dawkins retains ownership of 53,662 shares of Gartner. The transaction was executed directly, as indicated in the filing. Gartner, a leading global research and advisory firm, is headquartered in Stamford, Connecticut.
In other recent news, Gartner Inc. has reported a noteworthy increase in revenue, reaching $1.5 billion, a 5% year-over-year rise. This growth was led by a 9% surge in the enterprise function leaders segment of Gartner's research business. Additionally, the company received a significant boost from a $300 million insurance payout due to conference cancellations.
Gartner also revised its 2024 guidance, projecting optimistic figures for revenue and EBITDA, and expects continued growth in its consulting and tech vendor segments. However, the company reported a decrease in adjusted EPS, down from $2.56 in the previous year to $2.50, and noted that smaller tech vendors are renewing contracts at lower rates.
According to analyst notes, the company's balance sheet remains robust, with $1.8 billion in cash and a gross debt to EBITDA ratio under 2x. The company's sales headcount is expanding, and AI is being implemented in client services. These are recent developments that indicate a strong position for continued success in the upcoming year.
InvestingPro Insights
In light of Alwyn Dawkins' recent stock sale, it's worth examining Gartner Inc.'s (NYSE:IT) current financial position and market performance. According to InvestingPro data, Gartner boasts a substantial market capitalization of $42.48 billion, reflecting its significant presence in the research and advisory industry.
The company's stock has shown impressive momentum, with a 15.78% price return over the past three months and a robust 33.78% return over the last year. This strong performance aligns with an InvestingPro Tip indicating that Gartner is trading near its 52-week high, with the current price at 98.51% of that peak.
Gartner's financial metrics reveal a company with solid profitability. The firm reported a revenue of $6.14 billion in the last twelve months as of Q3 2024, with a healthy gross profit margin of 67.78%. Additionally, Gartner's operating income margin stands at 18.67%, demonstrating efficient operational management.
However, investors should note that Gartner is trading at relatively high valuation multiples. The company's P/E ratio (adjusted) is 51.39, and its Price to Book ratio is 39.89. An InvestingPro Tip highlights that Gartner is trading at high earnings, EBIT, EBITDA, and revenue valuation multiples, which may be a consideration for value-focused investors.
For those interested in a deeper analysis, InvestingPro offers 16 additional tips on Gartner, providing a more comprehensive view of the company's financial health and market position. These insights could be particularly valuable in contextualizing executive stock transactions like Dawkins' recent sale.
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