Gartner (NYSE:IT) Upgraded to Buy at Bank of America

Gartner (NYSE:ITGet Rating) was upgraded by equities research analysts at Bank of America from a “neutral” rating to a “buy” rating in a research note issued on Thursday, The Fly reports.

Several other analysts have also commented on IT. Zacks Investment Research lowered Gartner from a “strong-buy” rating to a “hold” rating and set a $336.00 price objective for the company. in a report on Tuesday, January 4th. StockNews.com started coverage on Gartner in a report on Thursday, March 31st. They issued a “buy” rating for the company. Finally, Morgan Stanley cut their price objective on Gartner from $357.00 to $339.00 and set an “equal weight” rating for the company in a report on Wednesday, February 9th. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $347.80.

Gartner stock opened at $295.37 on Thursday. The firm has a market cap of $24.31 billion, a price-to-earnings ratio of 32.00 and a beta of 1.58. The stock has a fifty day simple moving average of $289.36 and a two-hundred day simple moving average of $305.24. Gartner has a 12 month low of $188.16 and a 12 month high of $368.99. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 6.62.

Gartner (NYSE:ITGet Rating) last posted its earnings results on Tuesday, February 8th. The information technology services provider reported $2.99 EPS for the quarter, topping the Zacks’ consensus estimate of $2.46 by $0.53. The business had revenue of $1.31 billion during the quarter, compared to analyst estimates of $1.25 billion. Gartner had a return on equity of 149.70% and a net margin of 16.76%. The company’s quarterly revenue was up 17.3% compared to the same quarter last year. During the same quarter last year, the company earned $1.59 EPS. On average, equities research analysts forecast that Gartner will post 7.15 EPS for the current fiscal year.

Gartner declared that its board has authorized a stock buyback plan on Tuesday, February 8th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the information technology services provider to repurchase up to 2% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board believes its shares are undervalued.

In related news, EVP Alwyn Dawkins sold 1,000 shares of Gartner stock in a transaction on Tuesday, February 15th. The stock was sold at an average price of $297.08, for a total transaction of $297,080.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 3.60% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Jacobi Capital Management LLC lifted its position in Gartner by 553.3% during the third quarter. Jacobi Capital Management LLC now owns 98 shares of the information technology services provider’s stock valued at $30,000 after purchasing an additional 83 shares in the last quarter. Amplius Wealth Advisors LLC purchased a new position in shares of Gartner in the fourth quarter valued at about $37,000. D Orazio & Associates Inc. purchased a new position in shares of Gartner in the third quarter valued at about $35,000. BerganKDV Wealth Management LLC lifted its position in shares of Gartner by 1,350.0% in the third quarter. BerganKDV Wealth Management LLC now owns 116 shares of the information technology services provider’s stock valued at $35,000 after acquiring an additional 108 shares in the last quarter. Finally, Covestor Ltd purchased a new position in shares of Gartner in the fourth quarter valued at about $40,000. Institutional investors own 92.02% of the company’s stock.

About Gartner (Get Rating)

Gartner, Inc is a research and advisory company, which equips business leaders with insights, advice, and tools that help build organizations. It operates through the following segments: Research, Consulting, and Conferences. The Research segment provides executives with objective insights and advice through reports, briefings, proprietary tools, access to the firm’s research experts, peer networking services, and membership programs.

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