Wells Fargo & Company Issues Pessimistic Forecast for Gartner (NYSE:IT) Stock Price

Gartner (NYSE:IT) had its price objective cut by Wells Fargo & Company from $470.00 to $460.00 in a report issued on Friday morning,Benzinga reports. They currently have an underweight rating on the information technology services provider’s stock.

A number of other brokerages also recently issued reports on IT. Barclays upgraded shares of Gartner from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $525.00 to $600.00 in a report on Friday. StockNews.com upgraded shares of Gartner from a “hold” rating to a “buy” rating in a research report on Wednesday, November 6th. Robert W. Baird upped their price target on Gartner from $565.00 to $590.00 and gave the stock an “outperform” rating in a report on Wednesday, November 6th. Morgan Stanley lifted their price objective on Gartner from $560.00 to $564.00 and gave the stock an “equal weight” rating in a report on Thursday, December 12th. Finally, Deutsche Bank Aktiengesellschaft upped their target price on Gartner from $529.00 to $531.00 and gave the company a “hold” rating in a report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, Gartner currently has an average rating of “Hold” and a consensus price target of $551.88.

Gartner Price Performance

Shares of NYSE:IT opened at $488.91 on Friday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 2.31. The company has a 50-day moving average price of $509.76 and a 200 day moving average price of $496.27. Gartner has a 52 week low of $411.15 and a 52 week high of $559.00. The company has a market cap of $37.71 billion, a P/E ratio of 36.06, a PEG ratio of 3.18 and a beta of 1.33.

Gartner (NYSE:IT) last posted its quarterly earnings results on Tuesday, November 5th. The information technology services provider reported $2.50 EPS for the quarter, beating the consensus estimate of $2.45 by $0.05. Gartner had a return on equity of 118.27% and a net margin of 17.33%. The business had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.48 billion. During the same period last year, the firm earned $2.56 EPS. The company’s quarterly revenue was up 5.4% compared to the same quarter last year. Research analysts predict that Gartner will post 11.87 earnings per share for the current year.

Insider Buying and Selling at Gartner

In other Gartner news, Director James C. Smith sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $535.76, for a total transaction of $5,357,600.00. Following the sale, the director now directly owns 554,274 shares of the company’s stock, valued at $296,957,838.24. This trade represents a 1.77 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP William James Wartinbee III sold 189 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $523.54, for a total transaction of $98,949.06. Following the completion of the transaction, the executive vice president now directly owns 7,311 shares of the company’s stock, valued at approximately $3,827,600.94. This represents a 2.52 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 35,583 shares of company stock worth $19,241,974. 3.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Gartner

Hedge funds and other institutional investors have recently made changes to their positions in the business. Eastern Bank purchased a new position in Gartner during the third quarter worth approximately $26,000. Ashton Thomas Securities LLC acquired a new stake in shares of Gartner during the 3rd quarter worth $44,000. True Wealth Design LLC raised its position in shares of Gartner by 2,350.0% in the 3rd quarter. True Wealth Design LLC now owns 98 shares of the information technology services provider’s stock worth $50,000 after buying an additional 94 shares during the period. Fortitude Family Office LLC boosted its holdings in Gartner by 23.8% in the third quarter. Fortitude Family Office LLC now owns 104 shares of the information technology services provider’s stock valued at $53,000 after acquiring an additional 20 shares during the last quarter. Finally, Asset Dedication LLC grew its position in Gartner by 46.5% during the third quarter. Asset Dedication LLC now owns 148 shares of the information technology services provider’s stock valued at $75,000 after acquiring an additional 47 shares during the period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Gartner Company Profile

Gartner, Inc operates as a research and advisory company in the United States, Canada, Europe, the Middle East, Africa, and internationally. It operates through three segments: Research, Conferences, and Consulting. The Research segment delivers its research primarily through a subscription service that include on-demand access to published research content, data and benchmarks, and direct access to a network of research experts.