Allspring Global Investments Holdings LLC Sells 121,683 Shares of The Descartes Systems Group Inc. $DSGX

Key Points

• Allspring Global Investments Holdings LLC reduced its stake in The Descartes Systems Group by 23.0%, selling 121,683 shares to hold approximately 0.47% of the company, worth about $41.55 million.
• The Descartes Systems Group reported earnings of $0.43 per share for the recent quarter, missing analysts' expectations of $0.49, despite a 10.0% year-over-year increase in revenue to $178.98 million.
• Analysts have a Moderate Buy consensus on the stock, with a target price averaging $121.80, as several firms recently adjusted their ratings, including a buy rating from TD Securities.

Allspring Global Investments Holdings LLC trimmed its position in The Descartes Systems Group Inc. (NASDAQ:DSGX - Free Report) TSE: DSG by 23.0% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 407,196 shares of the technology company's stock after selling 121,683 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.47% of The Descartes Systems Group worth $41,548,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. American Century Companies Inc. lifted its stake in The Descartes Systems Group by 5.9% in the 1st quarter. American Century Companies Inc. now owns 223,925 shares of the technology company's stock valued at $22,543,000 after acquiring an additional 12,571 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of The Descartes Systems Group by 23.2% in the second quarter. GAMMA Investing LLC now owns 622 shares of the technology company's stock valued at $63,000 after purchasing an additional 117 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of The Descartes Systems Group by 2.7% in the first quarter. Bank of New York Mellon Corp now owns 128,335 shares of the technology company's stock worth $12,940,000 after purchasing an additional 3,316 shares in the last quarter. Harbor Capital Advisors Inc. acquired a new position in The Descartes Systems Group during the second quarter worth $1,230,000. Finally, Crown Oak Advisors LLC bought a new position in The Descartes Systems Group in the second quarter valued at $4,356,000. 77.73% of the stock is currently owned by institutional investors.

The Descartes Systems Group Stock Down 0.8%

DSGX opened at $96.74 on Thursday. The Descartes Systems Group Inc. has a 12-month low of $91.00 and a 12-month high of $124.31. The business has a 50 day moving average of $99.50 and a 200-day moving average of $103.08. The stock has a market cap of $8.31 billion, a price-to-earnings ratio of 57.24 and a beta of 0.77.

The Descartes Systems Group (NASDAQ:DSGX - Get Free Report) TSE: DSG last posted its quarterly earnings results on Wednesday, September 3rd. The technology company reported $0.43 earnings per share for the quarter, missing analysts' consensus estimates of $0.49 by ($0.06). The Descartes Systems Group had a net margin of 21.64% and a return on equity of 10.41%. The business had revenue of $178.98 million during the quarter, compared to the consensus estimate of $176.51 million. During the same quarter last year, the company posted $0.40 EPS. The firm's revenue was up 10.0% on a year-over-year basis. As a group, analysts expect that The Descartes Systems Group Inc. will post 1.64 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts have commented on DSGX shares. TD Securities assumed coverage on shares of The Descartes Systems Group in a research report on Friday, October 3rd. They set a "buy" rating and a $121.00 price target on the stock. Morgan Stanley began coverage on The Descartes Systems Group in a report on Monday, July 14th. They set an "equal weight" rating and a $110.00 target price on the stock. Wall Street Zen upgraded The Descartes Systems Group from a "sell" rating to a "hold" rating in a research note on Friday, September 5th. TD Cowen reiterated a "buy" rating and set a $121.00 price objective on shares of The Descartes Systems Group in a research note on Friday, October 3rd. Finally, Weiss Ratings reissued a "hold (c+)" rating on shares of The Descartes Systems Group in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $121.80.

The Descartes Systems Group Company Profile

The Descartes Systems Group Inc provides cloud-based logistics and supply chain management solutions worldwide. Its Logistics Technology platform offers a range of modular, interoperable web and wireless logistics management solutions. The company provides a suite of solutions that include routing, mobile, and telematics; transportation management; ecommerce, shipping, and fulfillment; customs and regulatory compliance; global trade intelligence; broker and forwarder enterprise systems; and B2B messaging and connectivity services.

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