Bank of Nova Scotia Invests $28.83 Million in The Descartes Systems Group Inc. $DSGX

Key Points

• Bank of Nova Scotia acquired 416,236 shares of Descartes Systems Group in the second quarter, valued at approximately $28.83 million and representing about 0.49% of the company.
• Institutional ownership remains substantial at 77.73%, with Morgan Stanley and Arrowstreet Capital among firms that significantly increased their holdings.
• Analysts maintain a favorable outlook, with a consensus rating of “Moderate Buy” and an average price target of $102.54. Descartes also exceeded quarterly EPS expectations, reporting $0.55 versus the $0.52 consensus estimate.

Bank of Nova Scotia acquired a new stake in shares of The Descartes Systems Group Inc. (NASDAQ:DSGX - Free Report) TSE: DSG during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 416,236 shares of the technology company's stock, valued at approximately $28,827,000. Bank of Nova Scotia owned approximately 0.49% of The Descartes Systems Group as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in DSGX. Vanguard Group Inc. increased its stake in The Descartes Systems Group by 2.0% in the fourth quarter. Vanguard Group Inc. now owns 3,602,652 shares of the technology company's stock valued at $316,050,000 after acquiring an additional 69,260 shares during the last quarter. Mackenzie Financial Corp lifted its stake in The Descartes Systems Group by 1.7% during the fourth quarter. Mackenzie Financial Corp now owns 3,371,562 shares of the technology company's stock worth $296,326,000 after purchasing an additional 56,069 shares during the last quarter. Janus Henderson Group PLC boosted its holdings in shares of The Descartes Systems Group by 4.1% in the 1st quarter. Janus Henderson Group PLC now owns 2,574,468 shares of the technology company's stock worth $184,127,000 after purchasing an additional 100,937 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in shares of The Descartes Systems Group by 74.3% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,743,262 shares of the technology company's stock worth $152,898,000 after purchasing an additional 743,104 shares in the last quarter. Finally, Morgan Stanley boosted its holdings in shares of The Descartes Systems Group by 97.2% in the 4th quarter. Morgan Stanley now owns 1,584,393 shares of the technology company's stock worth $138,888,000 after purchasing an additional 780,857 shares in the last quarter. 77.73% of the stock is owned by institutional investors.

Analyst Ratings Changes

DSGX has been the topic of a number of research reports. Loop Capital reissued a "buy" rating and set a $96.00 price objective on shares of The Descartes Systems Group in a report on Thursday, June 4th. National Bank Financial set a $95.00 target price on The Descartes Systems Group and gave the stock an "outperform" rating in a research note on Monday, July 20th. Weiss Ratings upgraded shares of The Descartes Systems Group from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Tuesday, July 21st. 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. Finally, Canadian Imperial Bank of Commerce boosted their price objective on shares of The Descartes Systems Group from $116.00 to $118.00 and gave the stock an "outperformer" rating in a report on Thursday, June 4th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, The Descartes Systems Group currently has a consensus rating of "Moderate Buy" and an average target price of $102.54.

The Descartes Systems Group Price Performance

DSGX opened at $78.21 on Monday. The stock's 50 day simple moving average is $73.07 and its 200 day simple moving average is $71.37. The firm has a market cap of $6.70 billion, a price-to-earnings ratio of 39.10 and a beta of 0.62. The Descartes Systems Group Inc. has a 1 year low of $62.56 and a 1 year 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 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $166.96 million during the quarter, compared to the consensus estimate of $193.57 million. During the same quarter in the previous year, the company posted $0.41 earnings per share. The business's revenue was up 14.7% on a year-over-year basis. As a group, sell-side analysts anticipate that The Descartes Systems Group Inc. will post 2.37 EPS for the current 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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