Barclays Maintains an 'Overweight' on Gartner (IT); Buys Remaining ValueAct Shares

Barclays maintains an 'Overweight' on Gartner (NYSE: IT) price target of $42.00.

Barclays analyst says, "Gartner announced it had bought back the remaining 1,648,434 shares that ValueAct Capital Partner's held at $35.20/share compared to yesterday's close of $36.46/share; a roughly 3.5% discount. This will leave the company another ~$300 million under its share-repurchase authorization."

"The total $58M spent on buybacks was above the $40M we had estimated this quarter, and moves our FY12 EPS estimate up by $0.01. Our estimate does not reflect any further share repurchases, but we believe the company will likely continue to do so...We believe that the concern about insider selling (particularly since Jeff Ubben, CIO of ValueAct, is on the board at Gartner) is priced into the stock since the sales began in late 2010."

For an analyst ratings summary and ratings history on Gartner click here. For more ratings news on Gartner click here.

Shares of Gartner closed at $36.25 yesterday.

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