Gartner (NYSE:IT - Get Free Report) had its price objective cut by equities research analysts at Wells Fargo & Company from $345.00 to $225.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has an "underweight" rating on the information technology services provider's stock. Wells Fargo & Company's price target would indicate a potential downside of 9.25% from the stock's current price.
Several other analysts also recently weighed in on IT. The Goldman Sachs Group cut their price target on Gartner from $535.00 to $457.00 and set a "buy" rating on the stock in a research note on Wednesday. Morgan Stanley dropped their price target on Gartner from $455.00 to $322.00 and set an "equal weight" rating on the stock in a research note on Wednesday. UBS Group reissued a "neutral" rating and set a $270.00 price objective (down from $480.00) on shares of Gartner in a research note on Wednesday. Barclays lowered their target price on Gartner from $475.00 to $320.00 and set an "overweight" rating for the company in a report on Wednesday. Finally, BMO Capital Markets cut their price objective on shares of Gartner from $409.00 to $272.00 and set a "market perform" rating for the company in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, Gartner presently has a consensus rating of "Hold" and a consensus target price of $369.25.
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Gartner Price Performance
IT stock traded up $4.02 during mid-day trading on Wednesday, hitting $247.95. 1,423,120 shares of the stock were exchanged, compared to its average volume of 736,318. The company has a debt-to-equity ratio of 1.64, a current ratio of 1.09 and a quick ratio of 1.09. The business has a fifty day moving average price of $387.48 and a 200 day moving average price of $434.27. Gartner has a 12 month low of $231.00 and a 12 month high of $584.01. The stock has a market capitalization of $19.08 billion, a price-to-earnings ratio of 15.43 and a beta of 1.19.
Gartner (NYSE:IT - Get Free Report) last released its earnings results on Tuesday, August 5th. The information technology services provider reported $3.53 earnings per share for the quarter, topping analysts' consensus estimates of $3.38 by $0.15. The firm had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $1.68 billion. Gartner had a net margin of 19.82% and a return on equity of 96.70%. The company's revenue was up 5.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.22 EPS. On average, sell-side analysts anticipate that Gartner will post 12.5 EPS for the current year.
Insider Transactions at Gartner
In other news, CFO Craig Safian sold 3,415 shares of the stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $450.17, for a total value of $1,537,330.55. Following the sale, the chief financial officer directly owned 77,890 shares in the company, valued at $35,063,741.30. This represents a 4.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Akhil Jain sold 625 shares of the stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $450.00, for a total transaction of $281,250.00. Following the completion of the sale, the executive vice president owned 6,548 shares in the company, valued at $2,946,600. This represents a 8.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 4,578 shares of company stock worth $2,060,191 over the last ninety days. 3.60% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Gartner
Institutional investors and hedge funds have recently modified their holdings of the company. Cary Street Partners Financial LLC acquired a new position in Gartner during the 4th quarter worth $27,000. Ransom Advisory Ltd bought a new stake in shares of Gartner during the 1st quarter worth about $29,000. Itau Unibanco Holding S.A. raised its position in shares of Gartner by 453.3% during the 4th quarter. Itau Unibanco Holding S.A. now owns 83 shares of the information technology services provider's stock worth $40,000 after buying an additional 68 shares in the last quarter. Olde Wealth Management LLC bought a new stake in shares of Gartner during the 1st quarter worth about $42,000. Finally, GW&K Investment Management LLC raised its position in shares of Gartner by 210.8% during the 1st quarter. GW&K Investment Management LLC now owns 115 shares of the information technology services provider's stock worth $48,000 after buying an additional 78 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company's stock.
Gartner Company Profile
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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.
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