Gartner (NYSE:IT) Hits New 52-Week High Following Better-Than-Expected Earnings

Gartner, Inc. (NYSE:IT)’s share price reached 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 changing hands. The stock had previously closed at $513.48.

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

Analysts Set New Price Targets

A number of research firms recently issued reports on IT. Barclays lifted their price target on Gartner from $470.00 to $525.00 and gave the company an “equal weight” rating in a report on Wednesday. BMO Capital Markets increased their price target on shares of Gartner from $450.00 to $510.00 and gave the company a “market perform” rating in a research note on Wednesday, July 31st. StockNews.com upgraded shares of Gartner from a “hold” rating to a “buy” rating in a research report on Wednesday. Robert W. Baird lifted their target price on Gartner from $565.00 to $590.00 and gave the company an “outperform” rating in a research note on Wednesday. Finally, Morgan Stanley upped their price target on Gartner from $490.00 to $528.00 and gave the company an “equal weight” rating in a research note on Thursday, October 10th. One research analyst has rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $539.25.

Insider Buying and Selling

In other Gartner news, EVP Akhil Jain sold 400 shares of the stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $485.00, for a total value of $194,000.00. Following the transaction, the executive vice president now owns 4,839 shares of the company’s stock, valued at approximately $2,346,915. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CEO Eugene A. Hall sold 34,060 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $505.40, for a total transaction of $17,213,924.00. Following the sale, the chief executive officer now owns 1,143,401 shares of the company’s stock, valued at approximately $577,874,865.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Akhil Jain sold 400 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $485.00, for a total value of $194,000.00. Following the completion of the transaction, the executive vice president now directly owns 4,839 shares of the company’s stock, valued at approximately $2,346,915. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 49,899 shares of company stock valued at $24,959,886 over the last three months. Company insiders own 3.60% of the company’s stock.

Institutional Investors Weigh In On Gartner

Hedge funds have recently modified their holdings of the business. Eastern Bank acquired a new position in Gartner in the 3rd quarter worth $26,000. Central Pacific Bank Trust Division acquired a new stake in Gartner in the 1st quarter valued at approximately $36,000. Ashton Thomas Securities LLC bought a new stake in Gartner in the 3rd quarter valued at approximately $44,000. Crewe Advisors LLC boosted its position 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 acquiring an additional 67 shares during the last quarter. Finally, Fortitude Family Office LLC grew its stake in shares of 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 acquiring an additional 20 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Gartner Stock Up 0.7 %

The stock’s fifty day moving average price is $511.54 and its 200-day moving average price is $473.53. 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 company has a market capitalization of $41.67 billion, a price-to-earnings ratio of 51.50, a P/E/G ratio of 3.14 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.