Gartner (NYSE:IT) Releases Quarterly Earnings Results, Beats Expectations By $0.43 EPS

Gartner (NYSE:IT) announced its quarterly earnings results on Tuesday. The information technology services provider reported $3.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.51 by $0.43, FiscalAI reports. Gartner had a return on equity of 92.12% and a net margin of 13.71%.The firm had revenue of $1.75 billion during the quarter, compared to analyst estimates of $1.75 billion.

Gartner Price Performance

Shares of NYSE IT opened at $202.33 on Tuesday. Gartner has a 52 week low of $201.78 and a 52 week high of $584.01. The business’s 50 day moving average price is $237.22 and its 200 day moving average price is $250.35. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 4.42. The firm has a market cap of $14.58 billion, a P/E ratio of 17.75 and a beta of 1.06.

Insider Transactions at Gartner

In related news, EVP Claire Herkes sold 367 shares of the firm’s stock in a transaction dated Wednesday, December 3rd. The stock was sold at an average price of $231.56, for a total transaction of $84,982.52. Following the sale, the executive vice president directly owned 4,074 shares of the company’s stock, valued at $943,375.44. This trade represents a 8.26% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Stephen G. Pagliuca acquired 43,300 shares of the stock in a transaction on Wednesday, December 10th. The stock was bought at an average price of $229.57 per share, for a total transaction of $9,940,381.00. Following the transaction, the director owned 111,613 shares in the company, valued at approximately $25,622,996.41. This represents a 63.38% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 3.60% of the company’s stock.

Institutional Investors Weigh In On Gartner

Institutional investors have recently added to or reduced their stakes in the stock. CIBC Bancorp USA Inc. acquired a new stake in shares of Gartner in the third quarter valued at about $2,758,000. Coldstream Capital Management Inc. increased its stake in Gartner by 9.3% during the 3rd quarter. Coldstream Capital Management Inc. now owns 2,756 shares of the information technology services provider’s stock worth $724,000 after buying an additional 235 shares in the last quarter. Danske Bank A S acquired a new position in shares of Gartner during the third quarter valued at approximately $12,954,000. NewEdge Advisors LLC raised its holdings in shares of Gartner by 5.1% during the third quarter. NewEdge Advisors LLC now owns 3,822 shares of the information technology services provider’s stock valued at $1,005,000 after acquiring an additional 187 shares during the last quarter. Finally, Dark Forest Capital Management LP purchased a new position in shares of Gartner in the third quarter valued at approximately $1,558,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on IT. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Gartner in a research report on Thursday, January 22nd. Truist Financial set a $300.00 target price on Gartner in a research report on Wednesday, November 26th. The Goldman Sachs Group reduced their price target on Gartner from $457.00 to $390.00 and set a “buy” rating for the company in a research report on Wednesday, November 5th. UBS Group raised their price objective on Gartner from $256.00 to $270.00 and gave the company a “neutral” rating in a research report on Friday, January 9th. Finally, Barclays reduced their target price on shares of Gartner from $270.00 to $260.00 and set an “equal weight” rating for the company in a report on Wednesday, November 5th. Four research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $309.67.

Gartner Company Profile

Gartner, Inc is a global research and advisory firm that provides insights, advice and tools for leaders in IT, finance, HR, customer service and other business functions. Founded in 1979 and headquartered in Stamford, Connecticut, Gartner specializes in helping organizations make informed decisions about technology, operations and strategy through a combination of published research, advisory services, consulting, executive programs and events.

The company’s offerings include proprietary research reports, market forecasts, and analytical frameworks that are widely used by technology buyers and vendors.