Gartner (NYSE:IT) Sets New 1-Year High on Strong Earnings

Gartner, Inc. (NYSE:IT)’s stock price hit a new 52-week high on Tuesday following a better than expected earnings announcement. The stock traded as high as $564.00 and last traded at $570.53, with a volume of 4477 shares traded. The stock had previously closed at $547.80.

The information technology services provider reported $5.45 EPS for the quarter, topping analysts’ consensus estimates of $3.22 by $2.23. The firm had revenue of $1.72 billion during the quarter, compared to analysts’ expectations of $1.69 billion. Gartner had a net margin of 17.33% and a return on equity of 118.27%. The business’s revenue for the quarter was up 8.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.04 earnings per share.

Analyst Ratings Changes

Several research analysts have recently issued reports on IT shares. StockNews.com downgraded shares of Gartner from a “buy” rating to a “hold” rating in a report on Tuesday. Robert W. Baird upped their price target on Gartner from $565.00 to $590.00 and gave the company an “outperform” rating in a research report on Wednesday, November 6th. Deutsche Bank Aktiengesellschaft raised their price objective on Gartner from $529.00 to $531.00 and gave the stock a “hold” rating in a research report on Wednesday, November 6th. Wells Fargo & Company decreased their target price on shares of Gartner from $470.00 to $460.00 and set an “underweight” rating for the company in a research report on Friday, January 10th. Finally, Morgan Stanley dropped their price target on shares of Gartner from $564.00 to $555.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 16th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Gartner presently has a consensus rating of “Hold” and a consensus price target of $550.75.

Insiders Place Their Bets

In other Gartner news, Director James C. Smith sold 2,450 shares of the business’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $554.68, for a total transaction of $1,358,966.00. Following the completion of the sale, the director now owns 529,844 shares in the company, valued at approximately $293,893,869.92. The trade was a 0.46 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP William James Wartinbee III sold 189 shares of the firm’s stock in a transaction 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 in the company, valued at $3,827,600.94. This trade represents a 2.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 25,583 shares of company stock worth $13,884,374. Corporate insiders own 3.60% of the company’s stock.

Hedge Funds Weigh In On Gartner

Several large investors have recently added to or reduced their stakes in IT. State Street Corp grew its stake in shares of Gartner by 1.1% in the 3rd quarter. State Street Corp now owns 3,257,355 shares of the information technology services provider’s stock worth $1,650,697,000 after acquiring an additional 36,258 shares in the last quarter. Geode Capital Management LLC increased its stake in Gartner by 1.9% in the 3rd quarter. Geode Capital Management LLC now owns 2,018,358 shares of the information technology services provider’s stock valued at $1,020,378,000 after buying an additional 36,698 shares during the last quarter. Principal Financial Group Inc. lifted its position in shares of Gartner by 0.6% during the 4th quarter. Principal Financial Group Inc. now owns 2,012,799 shares of the information technology services provider’s stock worth $975,141,000 after buying an additional 11,657 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Gartner by 7.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,036,530 shares of the information technology services provider’s stock worth $525,272,000 after buying an additional 70,236 shares during the last quarter. Finally, Franklin Resources Inc. grew its holdings in shares of Gartner by 3.3% in the third quarter. Franklin Resources Inc. now owns 801,589 shares of the information technology services provider’s stock valued at $422,678,000 after acquiring an additional 25,315 shares in the last quarter. Institutional investors own 91.51% of the company’s stock.

Gartner Stock Down 0.3 %

The stock has a 50-day moving average of $508.97 and a 200 day moving average of $505.61. The company has a market capitalization of $42.14 billion, a PE ratio of 40.29, a P/E/G ratio of 3.37 and a beta of 1.34. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 2.31.

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.