Gartner (NYSE:IT – Get Rating) had its price target reduced by equities researchers at Barclays from $325.00 to $265.00 in a note issued to investors on Friday, The Fly reports. Barclays’s price objective indicates a potential upside of 9.58% from the stock’s current price.
Several other analysts also recently commented on IT. TheStreet downgraded shares of Gartner from a “b” rating to a “c+” rating in a research report on Tuesday, May 3rd. StockNews.com started coverage on Gartner in a research note on Thursday, March 31st. They set a “buy” rating on the stock. Morgan Stanley decreased their price objective on Gartner from $316.00 to $300.00 and set an “equal weight” rating for the company in a report on Thursday, May 26th. BMO Capital Markets decreased their price objective on Gartner from $315.00 to $265.00 and set a “market perform” rating for the company in a report on Tuesday, June 21st. Finally, Bank of America raised Gartner from a “neutral” rating to a “buy” rating and set a $340.00 target price for the company in a report on Thursday, April 14th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, Gartner has an average rating of “Moderate Buy” and a consensus target price of $309.00.
Shares of IT stock opened at $241.83 on Friday. The company’s fifty day simple moving average is $256.28 and its 200-day simple moving average is $282.47. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 20.79. The firm has a market cap of $19.48 billion, a PE ratio of 25.54 and a beta of 1.50. Gartner has a 12 month low of $221.39 and a 12 month high of $368.99.
Gartner (NYSE:IT – Get Rating) last posted its earnings results on Tuesday, May 3rd. The information technology services provider reported $2.33 EPS for the quarter, topping analysts’ consensus estimates of $1.89 by $0.44. The firm had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $1.24 billion. Gartner had a net margin of 16.39% and a return on equity of 239.82%. The business’s revenue for the quarter was up 14.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.00 earnings per share. On average, equities analysts predict that Gartner will post 8.14 earnings per share for the current fiscal year.
Gartner declared that its Board of Directors has initiated a share repurchase plan on Tuesday, May 3rd that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the information technology services provider to purchase up to 2.2% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board of directors believes its stock is undervalued.
In related news, EVP Robin B. Kranich sold 1,321 shares of the firm’s stock in a transaction that occurred on Thursday, May 26th. The stock was sold at an average price of $256.95, for a total transaction of $339,430.95. Following the completion of the sale, the executive vice president now directly owns 9,717 shares of the company’s stock, valued at approximately $2,496,783.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Jules Kaufman sold 4,541 shares of Gartner stock in a transaction on Wednesday, May 4th. The shares were sold at an average price of $271.27, for a total value of $1,231,837.07. Following the completion of the transaction, the executive vice president now owns 4,641 shares in the company, valued at $1,258,964.07. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 6,586 shares of company stock worth $1,756,421. Corporate insiders own 3.70% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Amalgamated Bank grew its position in shares of Gartner by 4.2% in the first quarter. Amalgamated Bank now owns 21,616 shares of the information technology services provider’s stock valued at $6,430,000 after purchasing an additional 878 shares in the last quarter. Markel Corp acquired a new position in Gartner during the first quarter worth $744,000. American Trust acquired a new stake in shares of Gartner in the first quarter valued at $274,000. Verition Fund Management LLC acquired a new stake in shares of Gartner in the first quarter valued at $299,000. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Gartner in the first quarter valued at $3,051,000. 92.05% of the stock is owned by institutional investors and hedge funds.
Gartner Company Profile (Get Rating)
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.