Gartner (NYSE:IT) Issues FY 2022 Earnings Guidance

Gartner (NYSE:ITGet Rating) issued an update on its FY 2022 earnings guidance on Tuesday morning. The company provided EPS guidance of $8.85- for the period, compared to the consensus EPS estimate of $8.06. The company issued revenue guidance of $5.35B-, compared to the consensus revenue estimate of $5.31 billion.

Gartner Trading Up 0.7 %

Shares of NYSE IT traded up $2.17 during midday trading on Friday, hitting $295.44. The company’s stock had a trading volume of 281,241 shares, compared to its average volume of 530,180. The company has a current ratio of 0.62, a quick ratio of 0.70 and a debt-to-equity ratio of 20.79. The business’s 50 day moving average is $250.98 and its two-hundred day moving average is $271.83. Gartner has a 12-month low of $221.39 and a 12-month high of $368.99. The firm has a market cap of $23.79 billion, a P/E ratio of 33.31 and a beta of 1.45.

Gartner (NYSE:ITGet Rating) last released its quarterly earnings data on Tuesday, August 2nd. The information technology services provider reported $2.85 EPS for the quarter, topping the consensus estimate of $2.15 by $0.70. The company had revenue of $1.38 billion for the quarter, compared to the consensus estimate of $1.32 billion. Gartner had a return on equity of 497.67% and a net margin of 14.42%. Gartner’s quarterly revenue was up 18.0% on a year-over-year basis. During the same period last year, the business posted $2.24 EPS. As a group, equities research analysts expect that Gartner will post 8.7 EPS for the current year.

Gartner declared that its board has approved a stock repurchase program on Tuesday, May 3rd that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the information technology services provider to purchase up to 2.2% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Wells Fargo & Company raised their price objective on Gartner from $305.00 to $345.00 and gave the stock an overweight rating in a report on Wednesday. BMO Capital Markets reduced their price objective on Gartner from $315.00 to $265.00 and set a market perform rating on the stock in a report on Tuesday, June 21st. Barclays lifted their price target on Gartner from $265.00 to $315.00 and gave the company an equal weight rating in a report on Thursday. Bank of America upgraded Gartner from a neutral rating to a buy rating and set a $340.00 price target on the stock in a report on Thursday, April 14th. Finally, Morgan Stanley lifted their price target on Gartner from $274.00 to $300.00 and gave the company an equal weight rating in a report on Wednesday. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus target price of $321.67.

Insider Activity

In other news, EVP Robin B. Kranich sold 1,321 shares of the company’s stock in a transaction dated Thursday, May 26th. The shares were sold at an average price of $256.95, for a total transaction of $339,430.95. Following the transaction, the executive vice president now owns 9,717 shares in the company, valued at $2,496,783.15. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, EVP Robin B. Kranich sold 1,321 shares of the stock in a transaction that occurred on Thursday, May 26th. The shares were sold at an average price of $256.95, for a total value of $339,430.95. Following the transaction, the executive vice president now owns 9,717 shares in the company, valued at approximately $2,496,783.15. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Alwyn Dawkins sold 500 shares of the stock in a transaction that occurred on Monday, May 23rd. The stock was sold at an average price of $250.82, for a total transaction of $125,410.00. Following the completion of the transaction, the executive vice president now owns 45,596 shares in the company, valued at approximately $11,436,388.72. The disclosure for this sale can be found here. Insiders have sold a total of 17,951 shares of company stock worth $5,188,596 over the last 90 days. 3.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Gartner

A number of hedge funds and other institutional investors have recently made changes to their positions in IT. Carolinas Wealth Consulting LLC acquired a new stake in shares of Gartner during the 1st quarter worth approximately $39,000. Point72 Hong Kong Ltd grew its stake in shares of Gartner by 148.9% during the 1st quarter. Point72 Hong Kong Ltd now owns 179 shares of the information technology services provider’s stock worth $53,000 after purchasing an additional 545 shares during the period. KB Financial Partners LLC purchased a new position in shares of Gartner during the 1st quarter valued at approximately $68,000. Covestor Ltd lifted its position in shares of Gartner by 103.4% during the 1st quarter. Covestor Ltd now owns 242 shares of the information technology services provider’s stock valued at $72,000 after buying an additional 123 shares in the last quarter. Finally, Fund Management at Engine No. 1 LLC purchased a new position in shares of Gartner during the 1st quarter valued at approximately $207,000. Institutional investors and hedge funds own 92.05% of the company’s stock.

About Gartner

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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.

See Also

Earnings History and Estimates for Gartner (NYSE:IT)

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