BlackRock Inc. Takes Position in The Descartes Systems Group Inc. $DSGX

Key Points

• BlackRock purchased 703,114 shares of The Descartes Systems Group in the second quarter, worth approximately $48.7 million and representing about 0.82% of the company. Institutional investors collectively own 77.73% of DSGX.
• Analyst sentiment remains positive, with one Strong Buy, eleven Buy and three Hold ratings. The stock has an average “Moderate Buy” rating and an average price target of $102.54.
• DSGX recently traded at $80.64, with a market capitalization of $6.91 billion and a P/E ratio of 40.32. In its latest quarter, earnings per share beat estimates at $0.55, while revenue rose 14.7% year over year to $166.96 million but fell short of expectations.

BlackRock Inc. bought a new position in shares of The Descartes Systems Group Inc. (NASDAQ:DSGX - Free Report) TSE: DSG in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 703,114 shares of the technology company's stock, valued at approximately $48,684,000. BlackRock Inc. owned about 0.82% of The Descartes Systems Group as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Clearbridge Investments LLC boosted its position in shares of The Descartes Systems Group by 25.2% during the fourth quarter. Clearbridge Investments LLC now owns 403,854 shares of the technology company's stock worth $35,402,000 after buying an additional 81,354 shares during the period. Norges Bank purchased a new position in The Descartes Systems Group during the 4th quarter valued at about $100,405,000. Bank of America Corp DE grew its position in The Descartes Systems Group by 62.0% in the 1st quarter. Bank of America Corp DE now owns 733,483 shares of the technology company's stock valued at $52,488,000 after acquiring an additional 280,713 shares in the last quarter. Peregrine Capital Management LLC acquired a new position in The Descartes Systems Group in the 1st quarter valued at about $8,671,000. Finally, The Manufacturers Life Insurance Company increased its stake in The Descartes Systems Group by 140.5% during the first quarter. The Manufacturers Life Insurance Company now owns 1,100,755 shares of the technology company's stock worth $78,772,000 after purchasing an additional 643,071 shares during the period. Hedge funds and other institutional investors own 77.73% of the company's stock.

Analyst Upgrades and Downgrades

DSGX has been the subject of several recent research reports. Canadian Imperial Bank of Commerce raised their price objective on shares of The Descartes Systems Group from $116.00 to $118.00 and gave the company an "outperformer" rating in a research note on Thursday, June 4th. Raymond James Financial dropped their price target on shares of The Descartes Systems Group from $118.00 to $108.00 and set an "outperform" rating for the company in a research note on Thursday, June 4th. Weiss Ratings upgraded The Descartes Systems Group from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Tuesday, July 21st. Loop Capital reiterated a "buy" rating and issued a $96.00 target price on shares of The Descartes Systems Group in a report on Thursday, June 4th. Finally, National Bank Financial set a $95.00 price target on The Descartes Systems Group and gave the stock an "outperform" rating in a report on Monday, July 20th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, The Descartes Systems Group has an average rating of "Moderate Buy" and an average target price of $102.54.

The Descartes Systems Group Stock Down 1.5%

DSGX stock opened at $80.64 on Tuesday. The business has a 50 day moving average price of $74.30 and a 200 day moving average price of $71.88. The stock has a market cap of $6.91 billion, a price-to-earnings ratio of 40.32 and a beta of 0.62. The Descartes Systems Group Inc. has a fifty-two week low of $62.56 and a fifty-two week high of $109.00.

The Descartes Systems Group (NASDAQ:DSGX - Get Free Report) TSE: DSG last released its quarterly earnings data on Wednesday, June 3rd. The technology company reported $0.55 earnings per share for the quarter, topping analysts' consensus estimates of $0.52 by $0.03. The company had revenue of $166.96 million for the quarter, compared to analysts' expectations of $193.57 million. The Descartes Systems Group had a net margin of 23.35% and a return on equity of 11.17%. The firm's revenue for the quarter was up 14.7% on a year-over-year basis. During the same quarter last year, the company earned $0.41 earnings per share. As a group, sell-side analysts anticipate that The Descartes Systems Group Inc. will post 2.34 EPS for the current year.

About The Descartes Systems Group

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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