Bank of America Corp DE Makes New $35.27 Million Investment in The Descartes Systems Group Inc. $DSGX

Key Points

• Bank of America acquired 509,372 shares of The Descartes Systems Group during the second quarter, representing an investment of approximately $35.27 million and a 0.59% stake.
• Institutional ownership remains high at 77.73%, with several other investment firms—including Jupiter Topco, Primecap Management and Praesidium Investment Management—also initiating positions.
• Analysts maintain a generally positive outlook, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $102.71. Descartes recently matched earnings expectations at $0.57 per share while revenue rose 11.8% year over year.

Bank of America Corp DE acquired a new stake in The Descartes Systems Group Inc. (NASDAQ:DSGX - Free Report) TSE: DSG in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 509,372 shares of the technology company's stock, valued at approximately $35,269,000. Bank of America Corp DE owned approximately 0.59% of The Descartes Systems Group as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Praesidium Investment Management Company LLC acquired a new position in shares of The Descartes Systems Group during the second quarter worth about $11,744,420. American Capital Management Inc. acquired a new stake in The Descartes Systems Group in the 2nd quarter valued at approximately $1,357,000. Man Group plc acquired a new stake in The Descartes Systems Group in the 2nd quarter valued at approximately $6,571,000. Jupiter Topco LLC bought a new stake in The Descartes Systems Group in the 2nd quarter valued at approximately $181,742,000. Finally, Primecap Management Co. CA bought a new stake in The Descartes Systems Group in the 2nd quarter valued at approximately $50,460,000. 77.73% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Loop Capital restated a "buy" rating and set a $96.00 price objective on shares of The Descartes Systems Group in a research note on Thursday, June 4th. Royal Bank Of Canada set a $125.00 target price on The Descartes Systems Group and gave the stock an "outperform" rating in a research note on Friday, September 4th. Raymond James Financial decreased their price target on shares of The Descartes Systems Group from $118.00 to $108.00 and set an "outperform" rating on the stock in a research note on Thursday, June 4th. National Bank Financial upped their price objective on The Descartes Systems Group from $95.00 to $100.00 and gave the company an "outperform" rating in a report on Monday, September 14th. Finally, Weiss Ratings raised shares of The Descartes Systems Group from a "sell (d+)" rating to a "hold (c-)" rating in a report on Tuesday, July 21st. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $102.71.

The Descartes Systems Group Stock Up 2.7%

Shares of DSGX opened at $79.39 on Tuesday. The business has a 50-day simple moving average of $76.46 and a two-hundred day simple moving average of $73.15. The Descartes Systems Group Inc. has a 12-month low of $62.56 and a 12-month high of $104.43. The stock has a market cap of $6.79 billion, a PE ratio of 37.10 and a beta of 0.62.

The Descartes Systems Group (NASDAQ:DSGX - Get Free Report) TSE: DSG last posted its earnings results on Thursday, September 10th. The technology company reported $0.57 EPS for the quarter, hitting the consensus estimate of $0.57. The business had revenue of $198.12 million for the quarter, compared to the consensus estimate of $197.54 million. The Descartes Systems Group had a net margin of 24.25% and a return on equity of 11.66%. The firm's revenue was up 11.8% compared to the same quarter last year. During the same period last year, the company earned $0.43 EPS. On average, equities research analysts expect that The Descartes Systems Group Inc. will post 2.37 EPS for the current year.

The Descartes Systems Group Profile

The Descartes Systems Group Inc is a Canadian technology company that provides cloud-based logistics and supply chain management software. Its platform helps businesses manage the movement of goods, shipments, vehicles and trade-related information across complex supply chains.

The company's offerings include transportation management, route planning and optimization, shipment tracking, telematics, freight matching, customs and regulatory compliance, logistics messaging, and electronic connectivity among shippers, carriers, brokers, manufacturers and other supply chain participants.

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