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

Gartner, Inc. (NYSE:IT) shares hit a new 52-week high during mid-day trading on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $542.13 and last traded at $536.88, with a volume of 2276 shares. The stock had previously closed at $513.48.

The information technology services provider reported $2.50 earnings per share for the quarter, beating analysts’ consensus estimates of $2.45 by $0.05. The company had revenue of $1.48 billion for 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%. Gartner’s revenue for the quarter was up 5.4% compared to the same quarter last year. During the same period last year, the firm posted $2.56 EPS.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. BMO Capital Markets lifted their price target on Gartner from $450.00 to $510.00 and gave the company a “market perform” rating in a research report on Wednesday, July 31st. Morgan Stanley lifted their price objective on Gartner from $490.00 to $528.00 and gave the company an “equal weight” rating in a research note on Thursday, October 10th. StockNews.com cut Gartner from a “buy” rating to a “hold” rating in a research note on Wednesday, July 17th. UBS Group boosted their price target on Gartner from $510.00 to $580.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Finally, Bank of America boosted their price target on Gartner from $525.00 to $580.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $535.00.

Insider Buying and Selling at Gartner

In other news, EVP Yvonne Genovese sold 443 shares of the company’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $483.62, for a total value of $214,243.66. Following the completion of the transaction, the executive vice president now owns 1,959 shares of the company’s stock, valued at $947,411.58. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, EVP Yvonne Genovese sold 443 shares of the company’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $483.62, for a total value of $214,243.66. Following the completion of the transaction, the executive vice president now owns 1,959 shares of the company’s stock, valued at $947,411.58. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Craig Safian sold 6,310 shares of the company’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $483.57, for a total value of $3,051,326.70. Following the completion of the transaction, the chief financial officer now directly owns 71,544 shares of the company’s stock, valued at approximately $34,596,532.08. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 49,899 shares of company stock valued at $24,959,886. Company insiders own 3.60% of the company’s stock.

Institutional Investors Weigh In On Gartner

A number of institutional investors and hedge funds have recently modified their holdings of the business. Eastern Bank purchased a new position in Gartner during the 3rd quarter worth $26,000. Central Pacific Bank Trust Division purchased a new position in Gartner during the 1st quarter worth $36,000. Crewe Advisors LLC grew its stake in Gartner by 223.3% during the 2nd quarter. Crewe Advisors LLC now owns 97 shares of the information technology services provider’s stock worth $44,000 after buying an additional 67 shares during the last quarter. Ashton Thomas Securities LLC purchased a new position in Gartner during the 3rd quarter worth $44,000. Finally, Fortitude Family Office LLC grew its stake in Gartner by 23.8% during the 3rd quarter. Fortitude Family Office LLC now owns 104 shares of the information technology services provider’s stock worth $53,000 after buying an additional 20 shares during the last quarter. 91.51% of the stock is owned by institutional investors.

Gartner Trading Up 3.3 %

The company has a debt-to-equity ratio of 3.80, a quick ratio of 0.90 and a current ratio of 0.90. The company has a 50 day moving average of $509.34 and a two-hundred day moving average of $472.61. The stock has a market capitalization of $40.88 billion, a PE 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.