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

by · The Cerbat Gem

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

Gartner Trading Up 3.6 %

Gartner stock traded up $18.38 during mid-day trading on Wednesday, hitting $531.86. 253,565 shares of the stock were exchanged, compared to its average volume of 367,554. The firm’s fifty day simple moving average is $509.34 and its two-hundred day simple moving average is $472.61. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 3.80. Gartner has a 12 month low of $392.49 and a 12 month high of $542.13. The stock has a market capitalization of $40.99 billion, a price-to-earnings ratio of 50.55, a PEG ratio of 3.13 and a beta of 1.32.

Insider Buying and Selling

In other news, CFO Craig Safian sold 6,310 shares of the business’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $483.57, for a total value of $3,051,326.70. Following the transaction, the chief financial officer now directly owns 71,544 shares of the company’s stock, valued at $34,596,532.08. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, EVP Yvonne Genovese sold 443 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $483.62, for a total value of $214,243.66. Following the transaction, the executive vice president now owns 1,959 shares in the company, valued at approximately $947,411.58. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Craig Safian sold 6,310 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $483.57, for a total value of $3,051,326.70. Following the completion of the sale, the chief financial officer now owns 71,544 shares in the company, valued at approximately $34,596,532.08. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 49,899 shares of company stock valued at $24,959,886 over the last quarter. Insiders own 3.60% of the company’s stock.

Wall Street Analysts Forecast Growth

IT has been the topic of a number of recent research reports. Morgan Stanley raised their price objective on Gartner from $490.00 to $528.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 10th. Bank of America boosted their price target on Gartner from $525.00 to $580.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. BMO Capital Markets increased their price objective on shares of Gartner from $450.00 to $510.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 31st. Robert W. Baird upped their price target on shares of Gartner from $565.00 to $590.00 and gave the stock an “outperform” rating in a report on Wednesday. Finally, UBS Group lifted their price objective on shares of Gartner from $510.00 to $580.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. One research analyst has rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $539.25.

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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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