Fred Alger Management LLC Sells 69,660 Shares of The Descartes Systems Group Inc. $DSGX

Key Points

• Fred Alger Management LLC has significantly reduced its stake in The Descartes Systems Group by 93.5%, selling 69,660 shares and now holding only 4,858 shares valued at approximately $490,000.
• Despite a 10% increase in year-over-year revenue to $178.98 million, the company reported an earnings per share of $0.43, missing analysts' expectations of $0.49.
• Analysts have mixed views on the stock, with a consensus target price of $123.60 and ratings ranging from "Strong Buy" to "Hold." Barclays recently lowered its price target from $118 to $108.

Fred Alger Management LLC cut its stake in The Descartes Systems Group Inc. (NASDAQ:DSGX - Free Report) TSE: DSG by 93.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,858 shares of the technology company's stock after selling 69,660 shares during the quarter. Fred Alger Management LLC's holdings in The Descartes Systems Group were worth $490,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. NBC Securities Inc. purchased a new position in The Descartes Systems Group in the first quarter valued at about $25,000. Cullen Frost Bankers Inc. acquired a new stake in shares of The Descartes Systems Group during the 1st quarter valued at about $49,000. Versant Capital Management Inc grew its stake in shares of The Descartes Systems Group by 2,013.5% in the 1st quarter. Versant Capital Management Inc now owns 1,099 shares of the technology company's stock valued at $111,000 after buying an additional 1,047 shares in the last quarter. Intact Investment Management Inc. acquired a new position in The Descartes Systems Group in the first quarter worth approximately $141,000. Finally, Vident Advisory LLC acquired a new position in The Descartes Systems Group in the first quarter worth approximately $220,000. 77.73% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have issued reports on DSGX shares. Wall Street Zen upgraded shares of The Descartes Systems Group from a "sell" rating to a "hold" rating in a research note on Friday, September 5th. Morgan Stanley started coverage on shares of The Descartes Systems Group in a research note on Monday, July 14th. They issued an "equal weight" rating and a $110.00 price objective for the company. Zacks Research upgraded shares of The Descartes Systems Group from a "strong sell" rating to a "hold" rating in a report on Tuesday, September 2nd. Royal Bank Of Canada lowered their target price on shares of The Descartes Systems Group from $130.00 to $126.00 and set an "outperform" rating on the stock in a research report on Thursday, June 5th. Finally, Barclays reduced their price target on The Descartes Systems Group from $118.00 to $108.00 and set an "equal weight" rating for the company in a research report on Thursday, June 5th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $123.60.

The Descartes Systems Group Trading Down 2.5%

The Descartes Systems Group stock traded down $2.69 on Friday, reaching $104.30. 487,393 shares of the stock were exchanged, compared to its average volume of 459,203. The Descartes Systems Group Inc. has a twelve month low of $92.00 and a twelve month high of $124.31. The firm has a fifty day moving average price of $102.85 and a two-hundred day moving average price of $103.92. The stock has a market cap of $8.96 billion, a PE ratio of 61.72 and a beta of 0.80.

The Descartes Systems Group (NASDAQ:DSGX - Get Free Report) TSE: DSG last issued its quarterly earnings results on Wednesday, September 3rd. The technology company reported $0.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.49 by ($0.06). The Descartes Systems Group had a net margin of 21.64% and a return on equity of 10.41%. The business had revenue of $178.98 million during the quarter, compared to analyst estimates of $176.51 million. During the same period in the prior year, the business posted $0.40 earnings per share. The company's revenue for the quarter was up 10.0% compared to the same quarter last year. Equities analysts anticipate that The Descartes Systems Group Inc. will post 1.64 EPS for the current fiscal year.

The Descartes Systems Group Company Profile

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.