Joseph P. Beck, Executive Vice President of Global Technology Sales at Gartner Inc. (NYSE:IT), recently sold a notable portion of his holdings in the company. According to a recent SEC filing, Beck sold 2,445 shares of common stock on November 11 at an average price of $553.34 per share, totaling approximately $1.35 million.
In addition to the sale, Beck exercised stock appreciation rights to acquire 5,755 shares at a price of $143.01 per share on November 8. These acquisitions were part of a series of transactions that also included the disposition of 1,504 shares and the withholding of 1,806 shares for tax purposes, both at $547.40 per share.
Following these transactions, Beck's direct ownership in Gartner stands at 9,955 shares.
In other recent news, Gartner Inc. reported a year-over-year revenue increase of 5%, totaling $1.5 billion in the third quarter of 2024. The growth was led by a 9% increase in contract value from the enterprise function leaders segment. Additionally, a $300 million insurance payout due to conference cancellations significantly boosted the company's revenue. Gartner also raised its full-year guidance for revenue, EBITDA, EPS, and free cash flow. Despite these promising figures, the company's adjusted EPS of $2.50 was a slight decrease from $2.56 in the previous year. Looking forward, Gartner anticipates continued growth in its consulting and tech vendor segments, based on client feedback and the company's strategic investments. These are among the recent developments for Gartner.
InvestingPro Insights
The recent stock transactions by Gartner Inc.'s Executive Vice President Joseph P. Beck come at a time when the company's stock is performing strongly. According to InvestingPro data, Gartner's shares are trading near their 52-week high, with a robust 33.78% price total return over the past year. This aligns with an InvestingPro Tip indicating that the stock has shown a strong return over the last three months, with a 15.78% price total return in that period.
Gartner's financial metrics reveal a company with solid profitability. The company boasts a gross profit margin of 67.78% for the last twelve months as of Q3 2023, demonstrating its ability to maintain healthy margins in its operations. Additionally, an InvestingPro Tip highlights that Gartner has been profitable over the last twelve months, with analysts predicting continued profitability this year.
However, investors should note that Gartner is trading at relatively high valuation multiples. The company's P/E ratio stands at 40.51, which an InvestingPro Tip suggests is high relative to near-term earnings growth. This valuation perspective is further supported by Gartner's price-to-book ratio of 39.89, indicating that the stock is trading at a premium to its book value.
For readers interested in a more comprehensive analysis, InvestingPro offers 16 additional tips for Gartner Inc., providing a deeper insight into the company's financial health and market position.
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