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MORN · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Morningstar, Inc. (MORN) stock moving?
Morningstar beat Q3 2026 estimates on October 28, with adjusted EPS of $3.48 against $3.04 expected and sales of $672.1M against $664.75M. BMO then raised its price target to $258 from $237 and kept an Outperform rating. The stock has moved from a close of $214.86 on Oct 28 to $246.47 on Nov 10, a gain of about 15%. The gain was led by a gap up on Nov 2 to a $238.73 close on 284K shares, followed by higher-volume sessions on Nov 5 (496K shares, close $247.17) and Nov 9 (485K shares, close $246.15). The last session traded on lower volume (214K shares) and closed near its VWAP of $245.89, which suggests the rally is pausing near the recent high of $248.88. Recent prices have held above the $240 area, which has acted as a floor. A $1.79M insider sale was disclosed on Nov 9. It is small against the company's size and is the only negative item in the news. The earnings beat is now about two weeks old, so the near-term call depends more on whether the price holds the $240 area than on new company news.
News behind the analysis
- Morningstar Insider Sold Shares Worth $1,790,590An insider sold Morningstar shares worth about $1.79 million, according to a recent SEC filing. The sale is small relative to the company's market value.
- BMO Raises Price Target on Morningstar to $258 From $237BMO raised its price target on Morningstar from $237 to $258 and kept an Outperform rating after the quarterly results.
- Morningstar Q3 Adj. EPS $3.48 Beats $3.04 Estimate, Sales $672.100M Beat $664.750M EstimateMorningstar reported Q3 adjusted EPS of $3.48 versus a $3.04 estimate and sales of $672.1M versus a $664.75M estimate.
- Form 8-K: Results of Operations, Regulation FD Disclosure, ExhibitsThe 8-K furnished the Q3 2026 earnings release, a supplemental presentation and a shareholder letter, all dated October 28, 2026.
- Form 10-Q Quarterly ReportMorningstar filed its quarterly report on Form 10-Q alongside the Q3 2026 results.
About Morningstar, Inc.
Morningstar, Inc. is a Chicago-based company that provides investment research, data, ratings and software to individual investors, financial advisors, asset managers and lenders. It is known for its fund star ratings and also owns PitchBook (private-market data), a credit-ratings business (DBRS Morningstar), and index and ESG-research units.
How it makes money
Most revenue comes from subscriptions and licenses. Using mid-2026 quarterly figures (all approximate): the Morningstar Direct Platform (investment data, the Direct research software and Advisor Workstation) brings in about a third of revenue. PitchBook's private-capital data subscriptions bring in about a quarter. Morningstar Credit (credit ratings, paid mainly when bonds and structured deals are issued) brings in about 15%. Morningstar Wealth and Morningstar Retirement together bring in roughly 15%. These two charge fees based on the assets they manage or advise on, such as managed portfolios and retirement-plan advice. The remaining roughly 10% comes from Morningstar Indexes and Sustainalytics ESG research. Revenue for the first nine months of 2026 was about $1.98 billion.
What usually moves MORN
- Subscription growth at PitchBook and Morningstar Direct
- Bond and structured-finance issuance volumes, which drive credit-ratings revenue
- Stock and bond market levels, which affect asset-based fees
- Asset managers' spending on data and research
- Operating margin expansion and cost discipline