Bank of America Corp DE Purchases 280,713 Shares of The Descartes Systems Group Inc. $DSGX

Key Points

• Bank of America increased its Descartes Systems Group stake by 62%, purchasing 280,713 additional shares to hold 733,483 shares worth approximately $52.5 million. Institutional investors collectively own 77.73% of the company.
• Analysts maintain a favorable outlook, with one Strong Buy, 11 Buy and three Hold ratings, producing a consensus “Moderate Buy” rating and an average price target of $102.54.
• Descartes reported quarterly EPS of $0.55, beating estimates by $0.03, while revenue rose 14.7% year over year to $166.96 million. DSGX shares opened at $79.18, with a market capitalization of about $6.78 billion.

Bank of America Corp DE lifted its holdings in shares of The Descartes Systems Group Inc. (NASDAQ:DSGX - Free Report) TSE: DSG by 62.0% in the first quarter, according to its most recent filing with the SEC. The firm owned 733,483 shares of the technology company's stock after acquiring an additional 280,713 shares during the period. Bank of America Corp DE owned approximately 0.85% of The Descartes Systems Group worth $52,488,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. AXA S.A. lifted its holdings in The Descartes Systems Group by 2.0% during the 2nd quarter. AXA S.A. now owns 6,702 shares of the technology company's stock valued at $681,000 after purchasing an additional 130 shares during the last quarter. Reynders McVeigh Capital Management LLC raised its holdings in shares of The Descartes Systems Group by 0.3% in the third quarter. Reynders McVeigh Capital Management LLC now owns 55,260 shares of the technology company's stock valued at $5,207,000 after buying an additional 140 shares during the last quarter. Orion Porfolio Solutions LLC lifted its position in The Descartes Systems Group by 4.1% during the 2nd quarter. Orion Porfolio Solutions LLC now owns 3,616 shares of the technology company's stock worth $368,000 after buying an additional 143 shares in the last quarter. Federated Hermes Inc. grew its holdings in The Descartes Systems Group by 19.2% during the 4th quarter. Federated Hermes Inc. now owns 1,098 shares of the technology company's stock worth $96,000 after acquiring an additional 177 shares during the last quarter. Finally, EverSource Wealth Advisors LLC increased its position in The Descartes Systems Group by 57.5% in the 1st quarter. EverSource Wealth Advisors LLC now owns 548 shares of the technology company's stock valued at $39,000 after acquiring an additional 200 shares in the last quarter. Institutional investors own 77.73% of the company's stock.

Wall Street Analyst Weigh In

DSGX has been the topic of a number of research reports. National Bank Financial set a $95.00 target price on shares of The Descartes Systems Group and gave the stock an "outperform" rating in a research report on Monday, July 20th. Rothschild & Co Redburn raised shares of The Descartes Systems Group from a "neutral" rating to a "buy" rating and lowered their price target for the company from $100.00 to $90.00 in a report on Thursday, April 16th. Raymond James Financial dropped their price objective on shares of The Descartes Systems Group from $118.00 to $108.00 and set an "outperform" rating for the company in a research report on Thursday, June 4th. Canadian Imperial Bank of Commerce upped their price objective on The Descartes Systems Group from $116.00 to $118.00 and gave the stock an "outperformer" rating in a report on Thursday, June 4th. Finally, Weiss Ratings upgraded The Descartes Systems Group from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Tuesday, July 21st. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $102.54.

The Descartes Systems Group Stock Down 1.0%

DSGX stock opened at $79.18 on Wednesday. The business's fifty day moving average is $72.71 and its 200-day moving average is $71.48. The company has a market cap of $6.78 billion, a P/E ratio of 39.59 and a beta of 0.62. The Descartes Systems Group Inc. has a twelve month low of $62.56 and a twelve month high of $109.00.

The Descartes Systems Group (NASDAQ:DSGX - Get Free Report) TSE: DSG last announced its quarterly earnings data on Wednesday, June 3rd. The technology company reported $0.55 EPS for the quarter, topping analysts' consensus estimates of $0.52 by $0.03. The Descartes Systems Group had a return on equity of 11.17% and a net margin of 23.35%.The business had revenue of $166.96 million during the quarter, compared to analysts' expectations of $193.57 million. During the same period in the previous year, the firm earned $0.41 earnings per share. The firm's quarterly revenue was up 14.7% compared to the same quarter last year. Research analysts anticipate that The Descartes Systems Group Inc. will post 2.37 earnings per share for the current fiscal year.

The Descartes Systems Group Company Profile

The Descartes Systems Group Inc NASDAQ: DSGX is a global provider of cloud-based logistics and supply chain management solutions. The company's software-as-a-service platform connects and optimizes the flow of goods, information and payments across the global supply chain, helping businesses coordinate transportation, customs clearance, routing, scheduling and fleet management. Descartes' modular applications serve shippers, carriers, third-party logistics providers and regulatory authorities by enabling real-time visibility, compliance and execution across complex trade networks.

Headquartered in Waterloo, Ontario, Descartes was founded in 1981 and has grown through a combination of organic development and strategic acquisitions.

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