Cibc World Market Inc. acquired a new position in The Descartes Systems Group Inc. (NASDAQ:DSGX - Free Report) TSE: DSG during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 62,096 shares of the technology company's stock, valued at approximately $4,297,000. Cibc World Market Inc. owned about 0.07% of The Descartes Systems Group as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of The Descartes Systems Group in the fourth quarter worth about $100,405,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of The Descartes Systems Group during the 2nd quarter valued at about $58,755,000. Morgan Stanley increased its holdings in shares of The Descartes Systems Group by 97.2% during the 4th quarter. Morgan Stanley now owns 1,584,393 shares of the technology company's stock valued at $138,888,000 after acquiring an additional 780,857 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its stake 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 valued at $152,898,000 after acquiring an additional 743,104 shares in the last quarter. Finally, BlackRock Inc. bought a new position in shares of The Descartes Systems Group in the 2nd quarter valued at approximately $48,684,000. Institutional investors own 77.73% of the company's stock.
The Descartes Systems Group Stock Down 1.2%
Shares of NASDAQ DSGX opened at $77.52 on Wednesday. The business's 50 day moving average is $73.32 and its two-hundred day moving average is $71.53. The company has a market cap of $6.64 billion, a P/E ratio of 38.76 and a beta of 0.62. The Descartes Systems Group Inc. has a 12 month low of $62.56 and a 12 month high of $109.00.
The Descartes Systems Group (NASDAQ:DSGX - Get Free Report) TSE: DSG last posted 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 company had revenue of $166.96 million during the quarter, compared to analysts' expectations of $193.57 million. The Descartes Systems Group had a return on equity of 11.17% and a net margin of 23.35%.The Descartes Systems Group's revenue for the quarter was up 14.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.41 earnings per share. Sell-side analysts expect that The Descartes Systems Group Inc. will post 2.37 earnings per share for the current fiscal year.
Analyst Ratings Changes
A number of equities research analysts have issued reports on DSGX shares. Loop Capital reaffirmed a "buy" rating and set a $96.00 target price on shares of The Descartes Systems Group in a research report on Thursday, June 4th. Raymond James Financial reduced 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 note on Thursday, June 4th. 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. National Bank Financial set a $95.00 target price on shares of The Descartes Systems Group and gave the company an "outperform" rating in a research note on Monday, July 20th. Finally, Canadian Imperial Bank of Commerce lifted their target price 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 investment 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 stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $102.54.
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The Descartes Systems Group Profile
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Free Report)
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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