Gartner Price Target Raised to $76.00 at Stifel Nicolaus (IT)
Analysts at Stifel Nicolaus hoisted their price objective on shares of Gartner (NYSE:IT) from $67.00 to $76.00 in a research report issued to clients and investors on Monday, Stock Ratings Network.com reports. The firm currently has a “buy” rating on the stock. Stifel Nicolaus’ price target suggests a potential upside of 14.30% from the stock’s previous close.
The analysts wrote, “Our Buy thesis is based on the combination of the growing importance of technology, the company’s pre-eminent position as the intellectual leader in IT subject matter, a very large global market opportunity, the gradual global economic activity, above-average visibility and predictability of the business model, strong double digit organic growth prospects, a mix shift to faster growing, higher margin research, and excellent cash generation. In short the company has exceptional business model and is experiencing strong positive momentum in its business. The stock is not cheap on a valuation basis relative to the market or its typically referenced peer group, however, we believe sustained,and predictable organic double digit growth will drive share price appreciation over time.”
In other Gartner news, CFO Christopher Lafond sold 20,301 shares of the company’s stock on the open market in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $65.19, for a total transaction of $1,323,422.19. Following the completion of the transaction, the chief financial officer now directly owns 27,659 shares of the company’s stock, valued at approximately $1,803,090. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.
Other equities research analysts have also recently issued reports about the stock. Analysts at FBR & Co. initiated coverage on shares of Gartner in a research note to investors on Thursday, November 21st. They set a “market perform” rating on the stock. Separately, analysts at FBR Capital Markets initiated coverage on shares of Gartner in a research note to investors on Wednesday, November 20th. They set a “market perform” rating and a $67.00 price target on the stock. Finally, analysts at Goldman Sachs Group Inc. initiated coverage on shares of Gartner in a research note to investors on Friday, September 20th. They set a “neutral” rating and a $60.00 price target on the stock. Six equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Gartner currently has an average rating of “Hold” and an average price target of $62.25.
Gartner (NYSE:IT) traded down 0.56% during mid-day trading on Monday, hitting $66.12. The stock had a trading volume of 49,631 shares. Gartner has a 52-week low of $43.80 and a 52-week high of $66.63. The stock’s 50-day moving average is $62.29 and its 200-day moving average is $59.40. The company has a market cap of $6.095 billion and a price-to-earnings ratio of 35.16.
Gartner (NYSE:IT) last released its earnings data on Thursday, November 7th. The company reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.01. The company had revenue of $410.70 million for the quarter, compared to the consensus estimate of $417.06 million. During the same quarter in the previous year, the company posted $0.33 earnings per share. The company’s revenue for the quarter was up 9.7% on a year-over-year basis. On average, analysts predict that Gartner will post $1.98 earnings per share for the current fiscal year.
Gartner, Inc (NYSE:IT) is an information technology (IT) research and advisory company.
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