Gartner (NYSE:IT) Updates FY 2022 Earnings Guidance

Gartner (NYSE:ITGet Rating) updated its FY 2022 earnings guidance on Tuesday. The company provided earnings per share guidance of $8.85- for the period, compared to the consensus earnings per share estimate of $8.06. The company issued revenue guidance of $5.35B-, compared to the consensus revenue estimate of $5.31 billion.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on IT. Morgan Stanley upped their price objective on shares of Gartner from $274.00 to $300.00 and gave the stock an equal weight rating in a report on Wednesday. TheStreet lowered shares of Gartner from a b rating to a c+ rating in a report on Tuesday, May 3rd. Bank of America upgraded shares of Gartner from a neutral rating to a buy rating and set a $340.00 target price on the stock in a report on Thursday, April 14th. Robert W. Baird increased their target price on shares of Gartner from $334.00 to $365.00 in a report on Wednesday. Finally, BMO Capital Markets reduced their price objective on shares of Gartner from $315.00 to $265.00 and set a market perform rating on the stock in a report on Tuesday, June 21st. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $321.67.

Gartner Stock Up 0.7 %

NYSE:IT traded up $2.17 during midday trading on Friday, hitting $295.44. 281,241 shares of the company were exchanged, compared to its average volume of 530,180. The company has a fifty day simple moving average of $250.98 and a 200 day simple moving average of $271.83. Gartner has a fifty-two week low of $221.39 and a fifty-two week high of $368.99. The company has a current ratio of 0.62, a quick ratio of 0.70 and a debt-to-equity ratio of 20.79. The company has a market capitalization of $23.79 billion, a PE ratio of 33.31 and a beta of 1.45.

Gartner (NYSE:ITGet Rating) last issued its quarterly earnings data on Tuesday, August 2nd. The information technology services provider reported $2.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.15 by $0.70. Gartner had a net margin of 14.42% and a return on equity of 497.67%. The company had revenue of $1.38 billion for the quarter, compared to the consensus estimate of $1.32 billion. During the same period last year, the firm posted $2.24 EPS. Gartner’s revenue for the quarter was up 18.0% on a year-over-year basis. As a group, equities analysts anticipate that Gartner will post 8.7 earnings per share for the current fiscal year.

Gartner announced that its board has approved a share repurchase program on Tuesday, May 3rd that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the information technology services provider to reacquire up to 2.2% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In related news, EVP Alwyn Dawkins sold 500 shares of the company’s stock in a transaction that occurred on Monday, May 23rd. The stock was sold at an average price of $250.82, for a total value of $125,410.00. Following the sale, the executive vice president now owns 45,596 shares in the company, valued at approximately $11,436,388.72. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Gartner news, CEO Eugene A. Hall sold 10,425 shares of the stock in a transaction on Wednesday, August 3rd. The stock was sold at an average price of $294.26, for a total transaction of $3,067,660.50. Following the sale, the chief executive officer now owns 1,167,041 shares in the company, valued at approximately $343,413,484.66. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Alwyn Dawkins sold 500 shares of the stock in a transaction on Monday, May 23rd. The shares were sold at an average price of $250.82, for a total value of $125,410.00. Following the sale, the executive vice president now owns 45,596 shares in the company, valued at approximately $11,436,388.72. The disclosure for this sale can be found here. Over the last three months, insiders have sold 17,951 shares of company stock worth $5,188,596. 3.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Gartner

Several hedge funds have recently made changes to their positions in IT. US Bancorp DE boosted its holdings in Gartner by 6.0% in the first quarter. US Bancorp DE now owns 2,563 shares of the information technology services provider’s stock valued at $762,000 after acquiring an additional 144 shares during the last quarter. Aviva PLC boosted its holdings in Gartner by 53.3% in the first quarter. Aviva PLC now owns 42,028 shares of the information technology services provider’s stock valued at $12,502,000 after acquiring an additional 14,618 shares during the last quarter. Canada Pension Plan Investment Board boosted its holdings in Gartner by 9.5% in the first quarter. Canada Pension Plan Investment Board now owns 27,043 shares of the information technology services provider’s stock valued at $8,044,000 after acquiring an additional 2,347 shares during the last quarter. Allianz Asset Management GmbH raised its position in Gartner by 25.2% in the first quarter. Allianz Asset Management GmbH now owns 98,889 shares of the information technology services provider’s stock valued at $29,415,000 after purchasing an additional 19,892 shares during the period. Finally, Vanguard Group Inc. raised its position in Gartner by 1.1% in the first quarter. Vanguard Group Inc. now owns 9,198,161 shares of the information technology services provider’s stock valued at $2,736,085,000 after purchasing an additional 102,709 shares during the period. Institutional investors and hedge funds own 92.05% of the company’s stock.

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 and Estimates for Gartner (NYSE:IT)

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