Gartner (IT) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research cut shares of Gartner (NYSE:IT) from a buy rating to a hold rating in a research note issued to investors on Monday morning.

According to Zacks, “Gartner has a large and diverse addressable market with low customer concentration that mitigates operating risks. Over the years, Gartner research reports have become indispensable tools for diverse companies across different sectors, strengthening its leading position in the market. The company offers timely, thought-provoking and comprehensive analysis that is known for its high quality, independence and objectivity. The company has outperformed the industry in the last three months. However, a significant portion of Gartner’s revenues is generated from operations outside the United States, making it vulnerable to adverse foreign currency fluctuations. Gartner faces stiff competition from other players in the market. Post the Brexit referendum, the company faces the risk of being stifled by the renegotiated deals and restrictions. Some of its services are also cyclically sensitive, affecting its long-term profitability.”

Several other equities research analysts have also commented on IT. Morgan Stanley boosted their price target on shares of Gartner from $120.00 to $131.00 and gave the stock an equal weight rating in a report on Wednesday, January 31st. Piper Jaffray Companies reissued a hold rating and issued a $130.00 price target on shares of Gartner in a report on Tuesday, January 23rd. Royal Bank of Canada boosted their price target on shares of Gartner to $98.00 and gave the stock a top pick rating in a report on Friday, January 19th. They noted that the move was a valuation call. Cantor Fitzgerald reissued a buy rating and issued a $139.00 price target on shares of Gartner in a report on Thursday, November 2nd. Finally, BMO Capital Markets reissued a buy rating and issued a $137.00 price target on shares of Gartner in a report on Friday, October 13th. Four investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of Buy and an average price target of $134.30.

Gartner (NYSE:IT) opened at $119.45 on Monday. The company has a debt-to-equity ratio of 3.38, a quick ratio of 0.73 and a current ratio of 0.73. The firm has a market cap of $11,242.54, a P/E ratio of 37.58, a PEG ratio of 1.90 and a beta of 1.06. Gartner has a 1-year low of $97.96 and a 1-year high of $142.16.

Gartner (NYSE:IT) last posted its earnings results on Tuesday, February 6th. The information technology services provider reported $1.17 earnings per share for the quarter, missing the consensus estimate of $1.32 by ($0.15). The firm had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1 billion. Gartner had a net margin of 0.10% and a return on equity of 49.06%. Gartner’s revenue for the quarter was up 44.3% compared to the same quarter last year. During the same period last year, the firm earned $0.97 earnings per share. sell-side analysts anticipate that Gartner will post 3.95 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently modified their holdings of IT. Advisory Services Network LLC boosted its stake in Gartner by 466.7% during the 2nd quarter. Advisory Services Network LLC now owns 969 shares of the information technology services provider’s stock worth $120,000 after purchasing an additional 798 shares during the last quarter. Advisors Asset Management Inc. boosted its stake in Gartner by 52.4% during the 3rd quarter. Advisors Asset Management Inc. now owns 1,468 shares of the information technology services provider’s stock worth $183,000 after purchasing an additional 505 shares during the last quarter. Fieldpoint Private Securities LLC acquired a new stake in Gartner during the 3rd quarter worth $185,000. Parkwood LLC acquired a new stake in Gartner during the 3rd quarter worth $201,000. Finally, Lourd Capital LLC acquired a new stake in Gartner during the 4th quarter worth $204,000. 95.73% of the stock is owned by institutional investors.

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About Gartner

Gartner, Inc is an information technology research and advisory company. The Company works with clients to research, analyze and interpret the business of information technology (IT), supply chain and marketing within the context of their individual roles. It operates in three segments: Research, Consulting and Events.

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