Gartner (NYSE:IT) Price Target Cut to $457.00 by Analysts at The Goldman Sachs Group

Key Points

• Gartner's target price was reduced by The Goldman Sachs Group from $535.00 to $457.00 while maintaining a "buy" rating, suggesting a potential upside of 89.21% from the last closing price.
• Other analysts have also lowered their price targets for Gartner, with Morgan Stanley setting it at $455.00 and Wells Fargo at $345.00.
• Gartner's stock recently declined by 1.0%, trading at $241.54, amid a consensus rating of "Hold" among analysts.

Gartner (NYSE:IT - Get Free Report) had its target price reduced by analysts at The Goldman Sachs Group from $535.00 to $457.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the information technology services provider's stock. The Goldman Sachs Group's price objective would indicate a potential upside of 89.21% from the company's previous close.

Other research analysts have also recently issued research reports about the company. Morgan Stanley decreased their price target on Gartner from $490.00 to $455.00 and set an "equal weight" rating for the company in a research note on Thursday, July 31st. Wells Fargo & Company decreased their price target on Gartner from $400.00 to $345.00 and set an "underweight" rating for the company in a research note on Friday, July 18th. Barclays cut their price objective on Gartner from $510.00 to $475.00 and set an "overweight" rating for the company in a report on Monday, April 21st. Finally, UBS Group reaffirmed a "neutral" rating and issued a $270.00 price objective (down previously from $480.00) on shares of Gartner in a report on Wednesday. One research analyst has rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $400.88.

Gartner Stock Down 1.0%

NYSE:IT traded down $2.39 during trading hours on Wednesday, reaching $241.54. 483,283 shares of the company traded hands, compared to its average volume of 729,501. The business's 50-day moving average price is $387.48 and its two-hundred day moving average price is $434.27. The stock has a market capitalization of $18.59 billion, a P/E ratio of 15.01 and a beta of 1.19. Gartner has a 1 year low of $231.00 and a 1 year high of $584.01. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 1.64.

Gartner (NYSE:IT - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The information technology services provider reported $3.53 earnings per share for the quarter, topping the consensus estimate of $3.38 by $0.15. Gartner had a return on equity of 96.70% and a net margin of 19.82%. The firm had revenue of $1.66 billion during the quarter, compared to analysts' expectations of $1.68 billion. During the same quarter in the previous year, the business earned $3.22 earnings per share. The company's revenue was up 5.7% on a year-over-year basis. Analysts predict that Gartner will post 12.5 earnings per share for the current year.

Insider Buying and Selling at Gartner

In other news, EVP Akhil Jain sold 625 shares of the company's stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $450.00, for a total value of $281,250.00. Following the completion of the transaction, the executive vice president owned 6,548 shares of the company's stock, valued at $2,946,600. This represents a 8.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Craig Safian sold 3,415 shares of the company's stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $450.17, for a total value of $1,537,330.55. Following the completion of the transaction, the chief financial officer directly owned 77,890 shares of the company's stock, valued at approximately $35,063,741.30. This trade represents a 4.20% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 4,578 shares of company stock valued at $2,060,191. Company insiders own 3.60% of the company's stock.

Institutional Investors Weigh In On Gartner

Hedge funds have recently made changes to their positions in the company. Cary Street Partners Financial LLC purchased a new stake in Gartner during the fourth quarter valued at approximately $27,000. Ransom Advisory Ltd purchased a new stake in Gartner during the first quarter valued at approximately $29,000. Itau Unibanco Holding S.A. raised its position in Gartner by 453.3% during the fourth quarter. Itau Unibanco Holding S.A. now owns 83 shares of the information technology services provider's stock valued at $40,000 after purchasing an additional 68 shares during the period. Olde Wealth Management LLC purchased a new stake in Gartner during the first quarter valued at approximately $42,000. Finally, Chilton Capital Management LLC purchased a new stake in Gartner during the second quarter valued at approximately $47,000. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Gartner Company Profile

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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