Gartner (NYSE:IT – Get Free Report) had its price objective increased by Wells Fargo & Company from $380.00 to $435.00 in a research note issued to investors on Friday. The brokerage currently has an “overweight” rating on the information technology services provider’s stock. Wells Fargo & Company‘s price target indicates a potential downside of 2.25% from the company’s previous close.

Separately, StockNews.com cut shares of Gartner from a “buy” rating to a “hold” rating in a report on Monday, November 6th. Four equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $380.25.

Read Our Latest Stock Analysis on IT

Gartner Trading Down 2.0 %

Shares of Gartner stock traded down $9.01 on Friday, hitting $445.00. The stock had a trading volume of 520,866 shares, compared to its average volume of 479,072. The stock has a market cap of $34.69 billion, a price-to-earnings ratio of 38.27, a PEG ratio of 5.73 and a beta of 1.32. The stock’s 50-day simple moving average is $394.71 and its two-hundred day simple moving average is $364.21. Gartner has a one year low of $292.60 and a one year high of $469.58. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 4.32.

Gartner (NYSE:IT – Get Free Report) last released its quarterly earnings results on Friday, November 3rd. The information technology services provider reported $2.56 earnings per share for the quarter, beating the consensus estimate of $1.96 by $0.60. The business had revenue of $1.41 billion for the quarter, compared to analysts’ expectations of $1.39 billion. Gartner had a net margin of 15.97% and a return on equity of 206.71%. The firm’s revenue for the quarter was up 5.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.41 earnings per share. As a group, sell-side analysts predict that Gartner will post 11.06 EPS for the current year.

Gartner announced that its Board of Directors has approved a share buyback plan on Friday, November 3rd that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the information technology services provider to reacquire up to 1.6% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

Insider Activity

In other news, Director James C. Smith sold 15,083 shares of the business’s stock in a transaction on Monday, November 6th. The shares were sold at an average price of $388.67, for a total transaction of $5,862,309.61. Following the sale, the director now owns 675,574 shares in the company, valued at approximately $262,575,346.58. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CFO Craig Safian sold 4,387 shares of Gartner stock in a transaction dated Wednesday, December 13th. The stock was sold at an average price of $467.37, for a total value of $2,050,352.19. Following the completion of the transaction, the chief financial officer now owns 64,307 shares of the company’s stock, valued at approximately $30,055,162.59. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director James C. Smith sold 15,083 shares of Gartner stock in a transaction dated Monday, November 6th. The stock was sold at an average price of $388.67, for a total value of $5,862,309.61. Following the completion of the transaction, the director now directly owns 675,574 shares of the company’s stock, valued at approximately $262,575,346.58. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 85,686 shares of company stock worth $34,523,235. Corporate insiders own 3.90% of the company’s stock.

Hedge Funds Weigh In On Gartner

Several large investors have recently modified their holdings of IT. OFI Invest Asset Management purchased a new position in shares of Gartner in the 3rd quarter worth about $25,000. Arlington Partners LLC raised its position in Gartner by 275.0% in the 2nd quarter. Arlington Partners LLC now owns 75 shares of the information technology services provider’s stock worth $26,000 after buying an additional 55 shares during the last quarter. Cornerstone Planning Group LLC purchased a new position in Gartner in the 2nd quarter worth about $27,000. VisionPoint Advisory Group LLC raised its position in Gartner by 254.2% in the 3rd quarter. VisionPoint Advisory Group LLC now owns 85 shares of the information technology services provider’s stock worth $29,000 after buying an additional 61 shares during the last quarter. Finally, Resurgent Financial Advisors LLC purchased a new position in Gartner in the 4th quarter worth about $29,000. Hedge funds and other institutional investors own 90.28% of the company’s stock.

About Gartner (Get Free Report)

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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Original: MarketBeat News Feed: Wells Fargo & Company Boosts Gartner (NYSE:IT) Price Target to $435.00