Gartner (NYSE:IT) Announces Earnings Results

Gartner (NYSE:ITGet Free Report) announced its quarterly earnings results on Tuesday. The information technology services provider reported $3.04 EPS for the quarter, topping the consensus estimate of $2.83 by $0.21, MarketWatch Earnings reports. The business had revenue of $1.60 billion for the quarter, compared to analyst estimates of $1.59 billion. Gartner had a return on equity of 206.71% and a net margin of 15.97%. The company’s quarterly revenue was up 6.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $3.70 EPS. Gartner updated its FY 2024 guidance to 10.550- EPS.

Gartner Trading Down 1.7 %

IT stock opened at $461.70 on Wednesday. The company has a market cap of $35.99 billion, a price-to-earnings ratio of 39.70, a PEG ratio of 3.71 and a beta of 1.30. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 4.32. The business has a fifty day simple moving average of $450.48 and a 200-day simple moving average of $391.61. Gartner has a 52 week low of $292.60 and a 52 week high of $471.76.

Gartner announced that its board has approved a share repurchase program on Friday, November 3rd that permits the company to buyback $500.00 million in shares. This buyback authorization permits the information technology services provider to purchase up to 1.6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

Several equities research analysts have recently commented on IT shares. StockNews.com raised Gartner from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Morgan Stanley lifted their price objective on Gartner from $421.00 to $446.00 and gave the stock an “equal weight” rating in a research report on Tuesday. UBS Group lifted their price objective on Gartner from $412.00 to $490.00 and gave the stock a “neutral” rating in a research report on Tuesday. Finally, Wells Fargo & Company lifted their price objective on Gartner from $380.00 to $435.00 and gave the stock an “overweight” rating in a research report on Friday, December 15th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Gartner currently has a consensus rating of “Hold” and a consensus target price of $429.25.

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Insider Transactions at Gartner

In other news, Director Richard J. Bressler sold 6,413 shares of the company’s stock in a transaction on Thursday, November 16th. The stock was sold at an average price of $418.97, for a total transaction of $2,686,854.61. Following the completion of the sale, the director now directly owns 11,871 shares in the company, valued at approximately $4,973,592.87. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Gartner news, Director Richard J. Bressler sold 6,413 shares of the company’s stock in a transaction dated Thursday, November 16th. The shares were sold at an average price of $418.97, for a total value of $2,686,854.61. Following the completion of the transaction, the director now directly owns 11,871 shares of the company’s stock, valued at approximately $4,973,592.87. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Robin B. Kranich sold 1,444 shares of the company’s stock in a transaction dated Friday, December 15th. The shares were sold at an average price of $455.29, for a total transaction of $657,438.76. Following the completion of the transaction, the executive vice president now directly owns 13,244 shares of the company’s stock, valued at $6,029,860.76. The disclosure for this sale can be found here. Insiders sold a total of 25,770 shares of company stock worth $10,992,112 in the last ninety days. Insiders own 3.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in IT. Cornerstone Planning Group LLC bought a new position in shares of Gartner in the second quarter valued at approximately $27,000. Resurgent Financial Advisors LLC bought a new stake in Gartner during the fourth quarter worth approximately $29,000. Carolinas Wealth Consulting LLC bought a new stake in Gartner during the first quarter worth approximately $39,000. Quarry LP boosted its holdings in Gartner by 276.9% during the first quarter. Quarry LP now owns 147 shares of the information technology services provider’s stock worth $48,000 after buying an additional 108 shares in the last quarter. Finally, Point72 Hong Kong Ltd boosted its holdings in Gartner by 148.9% during the first quarter. Point72 Hong Kong Ltd now owns 179 shares of the information technology services provider’s stock worth $53,000 after buying an additional 545 shares in the last quarter. 90.28% of the stock is currently owned by institutional investors.

About Gartner

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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.

See Also

Earnings History for Gartner (NYSE:IT)

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