Connor Clark & Lunn Investment Management Ltd. Decreases Holdings in The Descartes Systems Group Inc. (NASDAQ:DSGX)

Key Points

• Connor Clark & Lunn Investment Management Ltd. has reduced its holdings in The Descartes Systems Group by 10.7%, selling 203,578 shares, which represents the company's 29th biggest holding.
• Several hedge funds have made adjustments to their positions in The Descartes Systems Group, with 77.73% of the stock now owned by institutional investors.
• Analysts have varied opinions on the stock, with ratings ranging from sell to strong buy, and an average target price of $122.18.

Connor Clark & Lunn Investment Management Ltd. trimmed its position in shares of The Descartes Systems Group Inc. (NASDAQ:DSGX - Free Report) TSE: DSG by 10.7% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,697,733 shares of the technology company's stock after selling 203,578 shares during the period. The Descartes Systems Group makes up about 0.7% of Connor Clark & Lunn Investment Management Ltd.'s holdings, making the stock its 29th largest holding. Connor Clark & Lunn Investment Management Ltd. owned about 1.98% of The Descartes Systems Group worth $170,940,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Mackenzie Financial Corp raised its stake in shares of The Descartes Systems Group by 130.4% in the fourth quarter. Mackenzie Financial Corp now owns 4,947,789 shares of the technology company's stock valued at $561,827,000 after acquiring an additional 2,800,492 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of The Descartes Systems Group by 1.4% in the first quarter. Vanguard Group Inc. now owns 3,345,692 shares of the technology company's stock valued at $336,814,000 after acquiring an additional 46,369 shares in the last quarter. Fiera Capital Corp raised its stake in shares of The Descartes Systems Group by 8.0% in the first quarter. Fiera Capital Corp now owns 2,745,848 shares of the technology company's stock valued at $276,705,000 after acquiring an additional 202,973 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its stake in shares of The Descartes Systems Group by 6.1% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,766,861 shares of the technology company's stock valued at $200,716,000 after acquiring an additional 101,290 shares in the last quarter. Finally, Geneva Capital Management LLC raised its stake in shares of The Descartes Systems Group by 0.6% in the first quarter. Geneva Capital Management LLC now owns 1,467,921 shares of the technology company's stock valued at $148,011,000 after acquiring an additional 8,793 shares in the last quarter. 77.73% of the stock is currently owned by institutional investors and hedge funds.

The Descartes Systems Group Stock Performance

Shares of DSGX stock traded up $0.06 during mid-day trading on Wednesday, hitting $99.42. 1,750,973 shares of the stock were exchanged, compared to its average volume of 344,602. The stock's fifty day simple moving average is $102.87 and its two-hundred day simple moving average is $106.24. The stock has a market capitalization of $8.54 billion, a price-to-earnings ratio of 59.87 and a beta of 0.81. The Descartes Systems Group Inc. has a 12-month low of $92.00 and a 12-month high of $124.31.

The Descartes Systems Group (NASDAQ:DSGX - Get Free Report) TSE: DSG last released its quarterly earnings results on Wednesday, June 4th. The technology company reported $0.41 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.46 by ($0.05). The Descartes Systems Group had a return on equity of 10.53% and a net margin of 21.67%. The company had revenue of $168.74 million for the quarter, compared to analysts' expectations of $169.60 million. During the same period in the prior year, the business earned $0.40 EPS. The business's quarterly revenue was up 11.5% compared to the same quarter last year. On average, research analysts expect that The Descartes Systems Group Inc. will post 1.64 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages have recently issued reports on DSGX. Royal Bank Of Canada reduced their price objective on The Descartes Systems Group from $130.00 to $126.00 and set an "outperform" rating on the stock in a research note on Thursday, June 5th. Wall Street Zen cut The Descartes Systems Group from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. Barclays cut their price target on The Descartes Systems Group from $118.00 to $108.00 and set an "equal weight" rating on the stock in a research note on Thursday, June 5th. Finally, Morgan Stanley initiated coverage on The Descartes Systems Group in a research note on Monday, July 14th. They issued an "equal weight" rating and a $110.00 price target on the stock. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, The Descartes Systems Group has a consensus rating of "Moderate Buy" and an average target price of $122.18.

About The Descartes Systems Group

The Descartes Systems Group Inc provides cloud-based logistics and supply chain management solutions worldwide. Its Logistics Technology platform offers a range of modular, interoperable web and wireless logistics management solutions. The company provides a suite of solutions that include routing, mobile, and telematics; transportation management; ecommerce, shipping, and fulfillment; customs and regulatory compliance; global trade intelligence; broker and forwarder enterprise systems; and B2B messaging and connectivity services.