Gartner (NYSE:IT) Posts Quarterly Earnings Results, Beats Expectations By $0.05 EPS

Gartner (NYSE:IT) posted its quarterly earnings data on Tuesday. The information technology services provider reported $2.50 earnings per share for the quarter, beating analysts’ consensus estimates of $2.45 by $0.05, Briefing.com reports. Gartner had a return on equity of 142.05% and a net margin of 13.67%. The company had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.48 billion. During the same quarter last year, the company earned $2.56 EPS. The firm’s revenue for the quarter was up 5.4% on a year-over-year basis. Gartner updated its FY 2024 guidance to 11.750- EPS.

Gartner Stock Performance

Shares of IT stock traded up $6.11 on Friday, reaching $546.86. The stock had a trading volume of 133,267 shares, compared to its average volume of 367,229. The company has a debt-to-equity ratio of 3.80, a quick ratio of 0.90 and a current ratio of 0.90. Gartner has a 1 year low of $397.43 and a 1 year high of $550.41. The stock has a market cap of $42.14 billion, a P/E ratio of 51.81, a price-to-earnings-growth ratio of 3.14 and a beta of 1.32. The company has a 50 day simple moving average of $511.54 and a 200 day simple moving average of $473.53.

Analyst Upgrades and Downgrades

IT has been the subject of several recent analyst reports. Wells Fargo & Company lifted their price target on Gartner from $460.00 to $470.00 and gave the stock an “underweight” rating in a research report on Wednesday. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Gartner from $529.00 to $531.00 and gave the stock a “hold” rating in a report on Wednesday. Bank of America increased their price target on shares of Gartner from $525.00 to $580.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. UBS Group boosted their price objective on shares of Gartner from $510.00 to $580.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Finally, Robert W. Baird increased their target price on Gartner from $565.00 to $590.00 and gave the company an “outperform” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, Gartner currently has a consensus rating of “Hold” and an average target price of $539.25.

Insider Activity at Gartner

In other news, CEO Eugene A. Hall sold 34,060 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $505.40, for a total value of $17,213,924.00. Following the transaction, the chief executive officer now owns 1,143,401 shares in the company, valued at $577,874,865.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Gartner news, CEO Eugene A. Hall sold 34,060 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $505.40, for a total transaction of $17,213,924.00. Following the completion of the sale, the chief executive officer now directly owns 1,143,401 shares of the company’s stock, valued at approximately $577,874,865.40. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Claire Herkes sold 478 shares of the business’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $506.01, for a total transaction of $241,872.78. Following the sale, the executive vice president now directly owns 1,905 shares of the company’s stock, valued at approximately $963,949.05. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 49,899 shares of company stock worth $24,959,886. 3.60% of the stock is owned by insiders.

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.