Wells Fargo & Company Cuts Gartner (NYSE:IT) Price Target to $401.00

Gartner (NYSE:IT) had its target price dropped by equities research analysts at Wells Fargo & Company from $488.00 to $401.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has an “underweight” rating on the information technology services provider’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 0.06% from the stock’s current price.

IT has been the subject of a number of other reports. StockNews.com lowered shares of Gartner from a “buy” rating to a “hold” rating in a research report on Friday, March 21st. Morgan Stanley dropped their target price on shares of Gartner from $564.00 to $555.00 and set an “equal weight” rating for the company in a report on Thursday, January 16th. The Goldman Sachs Group reissued a “buy” rating on shares of Gartner in a report on Tuesday, February 4th. Robert W. Baird dropped their price objective on Gartner from $605.00 to $557.00 and set an “outperform” rating for the company in a research note on Friday, March 21st. Finally, Barclays cut their target price on shares of Gartner from $600.00 to $510.00 and set an “overweight” rating for the company in a research note on Friday, April 4th. One research analyst has rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $518.00.

Gartner Stock Performance

Shares of NYSE:IT traded up $23.26 during trading on Wednesday, hitting $400.76. The company’s stock had a trading volume of 1,103,505 shares, compared to its average volume of 444,583. The company has a debt-to-equity ratio of 1.81, a current ratio of 1.06 and a quick ratio of 1.06. The firm has a market cap of $30.79 billion, a price-to-earnings ratio of 25.00, a P/E/G ratio of 3.30 and a beta of 1.26. The company has a 50-day moving average of $473.02 and a 200-day moving average of $499.35. Gartner has a 12 month low of $366.05 and a 12 month high of $584.01.

Gartner (NYSE:IT) last released its quarterly earnings results on Tuesday, February 4th. The information technology services provider reported $5.45 earnings per share for the quarter, topping the consensus estimate of $3.22 by $2.23. Gartner had a net margin of 20.00% and a return on equity of 116.56%. The business had revenue of $1.72 billion for the quarter, compared to the consensus estimate of $1.69 billion. During the same period last year, the firm earned $3.04 earnings per share. The company’s quarterly revenue was up 8.1% on a year-over-year basis. On average, sell-side analysts expect that Gartner will post 12.5 earnings per share for the current year.

Insider Activity

In related news, SVP John J. Rinello sold 90 shares of the company’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $530.51, for a total transaction of $47,745.90. Following the completion of the sale, the senior vice president now directly owns 3,259 shares in the company, valued at $1,728,932.09. This represents a 2.69 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Eileen Serra sold 1,200 shares of the firm’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $489.77, for a total value of $587,724.00. Following the sale, the director now directly owns 1,627 shares in the company, valued at approximately $796,855.79. The trade was a 42.45 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 3.60% of the company’s stock.

Institutional Investors Weigh In On Gartner

Hedge funds and other institutional investors have recently bought and sold shares of the company. Howard Capital Management Inc. lifted its holdings in shares of Gartner by 4.4% during the 4th quarter. Howard Capital Management Inc. now owns 452 shares of the information technology services provider’s stock valued at $219,000 after purchasing an additional 19 shares during the last quarter. Gilbert & Cook Inc. boosted its holdings in Gartner by 1.5% in the fourth quarter. Gilbert & Cook Inc. now owns 1,364 shares of the information technology services provider’s stock worth $661,000 after acquiring an additional 20 shares in the last quarter. Dorsey & Whitney Trust CO LLC grew its stake in shares of Gartner by 2.5% during the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 826 shares of the information technology services provider’s stock worth $400,000 after acquiring an additional 20 shares during the last quarter. Sompo Asset Management Co. Ltd. increased its holdings in shares of Gartner by 1.7% during the fourth quarter. Sompo Asset Management Co. Ltd. now owns 1,210 shares of the information technology services provider’s stock valued at $586,000 after acquiring an additional 20 shares in the last quarter. Finally, Parallel Advisors LLC raised its position in shares of Gartner by 2.9% in the 4th quarter. Parallel Advisors LLC now owns 737 shares of the information technology services provider’s stock valued at $357,000 after purchasing an additional 21 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

About Gartner

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.