Gartner (NYSE:IT) Sets New 52-Week High Following Strong Earnings

Gartner, Inc. (NYSE:IT - Get Free Report)'s stock price hit a new 52-week high on Wednesday following a better than expected earnings announcement. 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 earnings per share for the quarter, beating analysts' consensus estimates of $2.45 by $0.05. Gartner had a net margin of 13.67% and a return on equity of 142.05%. The company had revenue of $1.48 billion during the quarter, compared to analysts' expectations of $1.48 billion. During the same quarter in the previous year, the company earned $2.56 earnings per share. The firm's revenue for the quarter was up 5.4% on a year-over-year basis.

Analysts Set New Price Targets

IT has been the topic of several research analyst reports. BMO Capital Markets raised their price objective on Gartner from $450.00 to $510.00 and gave the company a "market perform" rating in a report on Wednesday, July 31st. Robert W. Baird lifted their price target on shares of Gartner from $565.00 to $590.00 and gave the company an "outperform" rating in a research note on Wednesday. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Gartner from $529.00 to $531.00 and gave the stock a "hold" rating in a research report on Wednesday. Wells Fargo & Company lifted their target price on shares of Gartner from $460.00 to $470.00 and gave the company an "underweight" rating in a research report on Wednesday. Finally, StockNews.com downgraded shares of Gartner from a "buy" rating to a "hold" rating in a research report on Wednesday, July 17th. One analyst has rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $539.25.

Insider Activity at Gartner

In related 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 value of $194,000.00. Following the completion of the sale, the executive vice president now owns 4,839 shares of the company's stock, valued at approximately $2,346,915. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, EVP Akhil Jain sold 400 shares of the firm's stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $485.00, for a total transaction of $194,000.00. Following the completion of the sale, the executive vice president now directly owns 4,839 shares in the company, valued at approximately $2,346,915. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Craig Safian sold 6,310 shares of the business's stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $483.57, for a total transaction of $3,051,326.70. Following the completion of the transaction, the chief financial officer now owns 71,544 shares in the company, valued at $34,596,532.08. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 49,899 shares of company stock valued at $24,959,886. Corporate insiders own 3.60% of the company's stock.

Institutional Investors Weigh In On Gartner

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IT. Eastern Bank acquired a new stake in shares of Gartner during the third quarter valued at about $26,000. Central Pacific Bank Trust Division purchased a new stake in Gartner in the first quarter valued at approximately $36,000. Crewe Advisors LLC lifted its stake in Gartner by 223.3% during the second quarter. Crewe Advisors LLC now owns 97 shares of the information technology services provider's stock worth $44,000 after purchasing an additional 67 shares in the last quarter. Ashton Thomas Securities LLC purchased a new position in shares of Gartner during the third quarter worth $44,000. Finally, Fortitude Family Office LLC grew its stake in shares of Gartner by 23.8% in the third quarter. Fortitude Family Office LLC now owns 104 shares of the information technology services provider's stock valued at $53,000 after buying an additional 20 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company's stock.

Gartner Price Performance

The company has a fifty day moving average of $509.34 and a 200-day moving average of $472.61. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 3.80. The stock has a market cap of $41.37 billion, a PE ratio of 50.55, a P/E/G ratio of 3.13 and a beta of 1.32.

Gartner Company Profile

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.