Gartner (NYSE:IT) Stock Price Crosses Below 50 Day Moving Average - Here's What Happened

Key Points

• Gartner shares fell below their 50-day moving average, trading as low as $185 and last at $190.09, versus the moving average of $197.27.
• Analyst sentiment is cautious: MarketBeat reports an average “Reduce” rating and a $206.20 average price target, with seven Hold and three Sell ratings; Truist downgraded the stock to Hold.
• Gartner beat quarterly earnings expectations, reporting $3.59 per share versus $2.84 expected, while revenue of $1.50 billion slightly exceeded forecasts but declined 1.2% year over year.

Gartner, Inc. (NYSE:IT - Get Free Report) shares crossed below its fifty day moving average during trading on Friday. The stock has a fifty day moving average of $197.27 and traded as low as $185.00. Gartner shares last traded at $190.0850, with a volume of 1,360,527 shares changing hands.

Analyst Upgrades and Downgrades

Several analysts have issued reports on IT shares. Royal Bank Of Canada reissued a "sector perform" rating and set a $198.00 price target on shares of Gartner in a report on Tuesday, October 20th. Morgan Stanley increased their target price on Gartner from $182.00 to $192.00 and gave the stock an "equal weight" rating in a research note on Wednesday. Truist Financial downgraded Gartner from a "buy" rating to a "hold" rating and decreased their price target for the stock from $235.00 to $210.00 in a report on Wednesday. Wells Fargo & Company boosted their target price on Gartner from $150.00 to $175.00 and gave the stock an "underweight" rating in a report on Tuesday, October 20th. Finally, BMO Capital Markets reiterated a "market perform" rating and set a $231.00 price target on shares of Gartner in a research report on Wednesday. Seven research analysts have rated the stock with a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, Gartner currently has an average rating of "Reduce" and an average target price of $206.20.

Gartner Stock Performance

The firm has a market capitalization of $12.00 billion, a P/E ratio of 13.55, a price-to-earnings-growth ratio of 0.89 and a beta of 0.92. The business's 50 day simple moving average is $197.27 and its two-hundred day simple moving average is $169.57. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 46.98.

Gartner (NYSE:IT - Get Free Report) last announced its earnings results on Tuesday, November 3rd. The information technology services provider reported $3.59 EPS for the quarter, beating analysts' consensus estimates of $2.84 by $0.75. Gartner had a return on equity of 525.46% and a net margin of 11.99%. The business had revenue of $1.50 billion during the quarter, compared to analysts' expectations of $1.49 billion. During the same quarter in the prior year, the firm earned $2.76 earnings per share. The business's revenue was down 1.2% compared to the same quarter last year. Sell-side analysts anticipate that Gartner, Inc. will post 15.02 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Yvonne Genovese sold 1,205 shares of the company's stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $190.06, for a total transaction of $229,022.30. Following the completion of the sale, the executive vice president owned 6,208 shares of the company's stock, valued at $1,179,892.48. This represents a 16.26% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Akhil Jain sold 700 shares of the firm's stock in a transaction on Monday, August 24th. The shares were sold at an average price of $201.73, for a total transaction of $141,211.00. Following the completion of the transaction, the executive vice president directly owned 8,130 shares of the company's stock, valued at approximately $1,640,064.90. This trade represents a 7.93% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 5,183 shares of company stock valued at $1,014,360. Corporate insiders own 2.60% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Oppenheimer Asset Management Inc. purchased a new position in shares of Gartner in the second quarter valued at approximately $2,872,000. Wedge Capital Management L L P NC grew its position in shares of Gartner by 34.1% in the 2nd quarter. Wedge Capital Management L L P NC now owns 54,196 shares of the information technology services provider's stock valued at $7,025,000 after buying an additional 13,776 shares during the last quarter. Bank of America Corp DE increased its position in Gartner by 60.1% in the 1st quarter. Bank of America Corp DE now owns 773,771 shares of the information technology services provider's stock valued at $122,519,000 after acquiring an additional 290,499 shares during the period. Corient Private Wealth LP acquired a new stake in shares of Gartner in the 2nd quarter valued at approximately $1,600,000. Finally, Assenagon Asset Management S.A. increased its stake in Gartner by 80.7% in the 3rd quarter. Assenagon Asset Management S.A. now owns 127,110 shares of the information technology services provider's stock valued at $23,711,000 after purchasing an additional 56,762 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

About Gartner

Gartner, Inc is a global research and advisory company that provides information, analysis and guidance to business leaders, technology professionals and public-sector organizations. Its work focuses on helping clients evaluate technology markets, develop business strategies, manage risk and make decisions about digital transformation and other organizational priorities.

The company delivers its services through research and advisory programs, consulting engagements, executive guidance and conferences.

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