Gartner (NYSE:IT) Share Price Breaks Below Fifty Day Moving Average – Here’s Why

Gartner, Inc. (NYSE:IT) passed 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 trading hands.

Analysts Set New Price Targets

Several brokerages have recently commented on IT. 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. UBS Group increased their price objective on shares of Gartner from $208.00 to $220.00 and gave the company a “neutral” rating in a report on Wednesday. The Goldman Sachs Group raised their price objective on shares of Gartner from $181.00 to $207.00 and gave the company a “neutral” rating in a research note on Wednesday. Truist Financial lowered shares of Gartner from a “buy” rating to a “hold” rating and lowered their target price for the stock from $235.00 to $210.00 in a report on Wednesday. Finally, Wells Fargo & Company upped their target price on shares of Gartner from $150.00 to $175.00 and gave the company an “underweight” rating in a research report on Tuesday, October 20th. Seven research analysts have rated the stock with a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Reduce” and a consensus price target of $206.20.

Gartner Stock Performance

The company has a quick ratio of 0.88, a current ratio of 0.91 and a debt-to-equity ratio of 46.98. The stock has a market cap of $12.00 billion, a P/E ratio of 13.55, a PEG ratio of 0.82 and a beta of 0.92. The stock has a fifty day simple moving average of $197.27 and a 200-day simple moving average of $169.57.

Gartner (NYSE:IT) last announced its quarterly 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. The company had revenue of $1.50 billion during the quarter, compared to analysts’ expectations of $1.49 billion. Gartner had a return on equity of 2,287.71% and a net margin of 14.81%. Gartner’s revenue was down 1.2% on a year-over-year basis. During the same period in the prior year, the business posted $2.76 EPS. Equities analysts expect that Gartner, Inc. will post 15.02 earnings per share for the current fiscal year.

Insider Activity at Gartner

In other Gartner news, EVP Yvonne Genovese sold 1,205 shares of the stock in a transaction on Monday, August 10th. The shares were sold at an average price of $190.06, for a total value of $229,022.30. Following the sale, the executive vice president directly owned 6,208 shares in the company, valued at approximately $1,179,892.48. This trade represents a 16.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Akhil Jain sold 700 shares of Gartner stock in a transaction on Monday, August 24th. The stock was sold at an average price of $201.73, for a total transaction of $141,211.00. Following the transaction, the executive vice president directly owned 8,130 shares in the company, valued at approximately $1,640,064.90. This represents a 7.93% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 5,183 shares of company stock worth $1,014,360. 2.60% of the stock is currently owned by company insiders.

Institutional Trading of Gartner

Several hedge funds have recently added to or reduced their stakes in the business. Elevation Wealth Partners LLC acquired a new position in Gartner in the third quarter valued at about $30,000. Financial Management Professionals Inc. acquired a new stake in shares of Gartner during the third quarter worth about $30,000. Provenance Wealth Advisors LLC bought a new position in shares of Gartner during the 3rd quarter valued at about $36,000. Cassaday & Co Wealth Management LLC bought a new position in shares of Gartner during the 1st quarter valued at about $34,000. Finally, Basecamp Wealth Advisors LLC lifted its holdings in shares of Gartner by 107.0% during the 1st quarter. Basecamp Wealth Advisors LLC now owns 236 shares of the information technology services provider’s stock valued at $37,000 after purchasing an additional 122 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Gartner Company Profile

Gartner, Inc is a global research and advisory company that provides business and technology leaders with insights to support decision-making. Its research covers areas such as information technology, digital transformation, cybersecurity, finance, human resources, and supply chain management.

The company offers research subscriptions, advisory services, consulting, and conferences. Its research includes tools and analysis such as Magic Quadrants and Hype Cycles, which help organizations assess markets, technologies, and potential vendors.

Founded in 1979 by Gideon Gartner, the company serves clients across a range of industries and geographies.