Gartner (NYSE:IT) Updates FY 2024 Earnings Guidance

Gartner (NYSE:IT) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 11.050- for the period, compared to the consensus earnings per share estimate of 11.630. The company issued revenue guidance of $6.2 billion-, compared to the consensus revenue estimate of $6.2 billion.

Analyst Ratings Changes

A number of research firms have recently commented on IT. Deutsche Bank Aktiengesellschaft started coverage on Gartner in a report on Tuesday, April 16th. They issued a hold rating and a $507.00 price target for the company. UBS Group lowered their price objective on Gartner from $550.00 to $510.00 and set a buy rating for the company in a research report on Wednesday, May 1st. Robert W. Baird reduced their target price on Gartner from $536.00 to $517.00 and set an outperform rating on the stock in a research note on Wednesday, May 1st. BMO Capital Markets reduced their price target on Gartner from $450.00 to $432.00 and set a market perform rating on the stock in a research note on Thursday, May 2nd. Finally, Morgan Stanley boosted their price objective on shares of Gartner from $440.00 to $470.00 and gave the stock an equal weight rating in a research note on Thursday, July 11th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, Gartner currently has an average rating of Hold and a consensus target price of $478.50.

Gartner Price Performance

NYSE IT traded up $34.07 during trading on Tuesday, hitting $504.91. 407,112 shares of the stock traded hands, compared to its average volume of 402,423. The company has a market capitalization of $39.20 billion, a P/E ratio of 49.50, a price-to-earnings-growth ratio of 4.08 and a beta of 1.33. Gartner has a 12-month low of $323.61 and a 12-month high of $505.58. The firm has a 50-day simple moving average of $446.18 and a 200-day simple moving average of $454.07. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 3.42.

Gartner (NYSE:IT) last released its quarterly earnings results on Tuesday, April 30th. The information technology services provider reported $2.93 EPS for the quarter, topping analysts’ consensus estimates of $2.53 by $0.40. The firm had revenue of $1.47 billion during the quarter, compared to analysts’ expectations of $1.47 billion. Gartner had a net margin of 13.35% and a return on equity of 141.55%. The firm’s revenue for the quarter was up 4.5% compared to the same quarter last year. During the same period in the previous year, the company earned $2.88 EPS. As a group, analysts predict that Gartner will post 11.63 EPS for the current year.

Insider Transactions at Gartner

In other Gartner news, Director James C. Smith sold 10,000 shares of the company’s stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $439.29, for a total value of $4,392,900.00. Following the transaction, the director now directly owns 599,074 shares in the company, valued at approximately $263,167,217.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director James C. Smith sold 10,000 shares of the business’s stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $439.29, for a total value of $4,392,900.00. Following the completion of the transaction, the director now directly owns 599,074 shares of the company’s stock, valued at approximately $263,167,217.46. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Anne Sutherland Fuchs sold 705 shares of the firm’s stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $428.99, for a total transaction of $302,437.95. Following the completion of the transaction, the director now directly owns 8,524 shares of the company’s stock, valued at approximately $3,656,710.76. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 22,544 shares of company stock worth $10,079,813. Insiders own 3.60% of the company’s stock.

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.