Management Guidance Impacted Gartner (IT) in Q1

Conestoga Capital Advisors, an asset management company, released its “Mid Cap Strategy” first-quarter 2023 investor letter. A copy of the same can be downloaded here. The Mid Cap Composite rose 10.23% net of fees in the first quarter, compared to the Russell Midcap Growth Index’s 9.14% return. The strategy primarily benefitted from the stock selection while the sector allocation also contributed to the relative performance. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Conestoga Mid Cap Strategy highlighted stocks like Gartner, Inc. (NYSE:IT) in the first quarter 2023 investor letter. Headquartered in Stamford, Connecticut, Gartner, Inc. (NYSE:IT) is a research and advisory company. On May 26, 2023, Gartner, Inc. (NYSE:IT) stock closed at $343.26 per share. One-month return of Gartner, Inc. (NYSE:IT) was 13.49%, and its shares gained 28.76% of their value over the last 52 weeks. Gartner, Inc. (NYSE:IT) has a market capitalization of $27.138 billion.

Conestoga Mid Cap Strategy made the following comment about Gartner, Inc. (NYSE:IT) in its Q1 2023 investor letter:

“Gartner, Inc. (NYSE:IT): IT is a research and advisory company, which equips business leaders with insights, advice, and tools to improve their businesses. The company reported Q4 results that exceeded expectations on both the top and bottom line, driven by healthy spending in the enterprise business, strong growth in consulting, and a continued return to in-person conferences. However, management introduced FY23 guidance that indicated slower growth and lower margins compared to its recent performance. We believe the company’s guide is appropriately conservative given the current economic uncertainty.”

Research, Investment, Finance

Gartner, Inc. (NYSE:IT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 44 hedge fund portfolios held Gartner, Inc. (NYSE:IT) at the end of the first quarter 2023 which was 44 in the previous quarter.

We discussed Gartner, Inc. (NYSE:IT) in another article and shared the list of best consulting stocks to buy. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.