Gartner (NYSE:IT) Reaches New 1-Year High on Better-Than-Expected Earnings

Shares of Gartner, Inc. (NYSE:IT) hit a new 52-week high on Wednesday following a stronger than expected earnings report. The company traded as high as $542.13 and last traded at $536.88, with a volume of 2276 shares traded. The stock had previously closed at $513.48.

The information technology services provider reported $2.50 EPS for the quarter, beating the consensus estimate of $2.45 by $0.05. The company had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.48 billion. Gartner had a return on equity of 142.05% and a net margin of 13.67%. The firm’s revenue was up 5.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.56 EPS.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. UBS Group lifted their price target on shares of Gartner from $510.00 to $580.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. Morgan Stanley boosted their price target on Gartner from $490.00 to $528.00 and gave the company an “equal weight” rating in a research report on Thursday, October 10th. StockNews.com upgraded Gartner from a “hold” rating to a “buy” rating in a report on Wednesday. Wells Fargo & Company lifted their price objective on Gartner from $460.00 to $470.00 and gave the company an “underweight” rating in a research note on Wednesday. Finally, Bank of America increased their target price on shares of Gartner from $525.00 to $580.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. One research analyst has rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $539.25.

Insider Transactions at Gartner

In other news, EVP Akhil Jain sold 400 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $485.00, for a total transaction of $194,000.00. Following the completion of the transaction, the executive vice president now directly owns 4,839 shares in the company, valued at approximately $2,346,915. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Gartner news, EVP Akhil Jain sold 400 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $485.00, for a total transaction of $194,000.00. Following the transaction, the executive vice president now owns 4,839 shares of the company’s stock, valued at $2,346,915. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Yvonne Genovese sold 443 shares of Gartner stock in a transaction on Monday, August 26th. The stock was sold at an average price of $483.62, for a total transaction of $214,243.66. Following the completion of the transaction, the executive vice president now directly owns 1,959 shares of the company’s stock, valued at approximately $947,411.58. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 49,899 shares of company stock valued at $24,959,886. 3.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Gartner

A number of hedge funds have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. lifted its position in Gartner by 11.4% in the 1st quarter. Russell Investments Group Ltd. now owns 25,063 shares of the information technology services provider’s stock valued at $11,987,000 after purchasing an additional 2,560 shares during the last quarter. Transcend Capital Advisors LLC acquired a new stake in Gartner during the 2nd quarter worth about $512,000. Tidal Investments LLC raised its stake in Gartner by 24.4% during the 1st quarter. Tidal Investments LLC now owns 9,890 shares of the information technology services provider’s stock valued at $4,717,000 after purchasing an additional 1,940 shares during the period. Magnetar Financial LLC acquired a new stake in Gartner during the 1st quarter worth about $1,049,000. Finally, Vident Advisory LLC grew its position in Gartner by 543.2% during the first quarter. Vident Advisory LLC now owns 9,178 shares of the information technology services provider’s stock valued at $4,375,000 after purchasing an additional 7,751 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors.

Gartner Price Performance

The stock’s 50 day moving average price is $510.44 and its two-hundred day moving average price is $473.06. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 3.80. The firm has a market capitalization of $41.37 billion, a price-to-earnings ratio of 51.13, a P/E/G ratio of 3.13 and a beta of 1.32.

About Gartner

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.