Claire Herkes, Executive Vice President of Conferences at Gartner Inc. (NYSE:IT), recently sold shares of the company's common stock, according to an SEC filing. The transactions, which took place on November 27, involved the sale of a total of 411 shares. The sale comes as Gartner trades near its 52-week high of $559, with the company maintaining strong profitability and a market capitalization of approximately $40 billion. The shares were sold at prices ranging from $521.04 to $521.45, amounting to a total value of $214,229. Following these transactions, Herkes now directly owns 1,494 shares of Gartner. According to InvestingPro data, analysts maintain a moderate buy consensus with price targets ranging from $470 to $592, while the company demonstrates robust financial health with a 68% gross profit margin. Get access to 12+ additional exclusive ProTips and comprehensive insider trading analysis with InvestingPro.
In other recent news, Gartner Inc. has reported a 5% increase in its revenue, reaching $1.5 billion in the third quarter of 2024. The company's earnings per share adjusted to $2.50. A significant driver of this growth was Gartner's research business, particularly its enterprise function leaders segment, which saw a 9% contract value growth. The company also benefited from a $300 million insurance payout due to conference cancellations.
Gartner's recent developments include raising its full-year guidance for revenue, EBITDA, EPS, and free cash flow. The company's balance sheet remains robust with $1.8 billion in cash and a gross debt to EBITDA ratio of under 2x. Gartner has projected 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.
Despite these positive developments, the company reported that smaller, financially challenged tech vendors are renewing contracts at lower rates. Nevertheless, Gartner remains optimistic about its 2025 budgets based on client feedback and aims for growth in consulting and tech vendor segments.
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