Granahan Investment Management LLC Raises Stock Position in The Descartes Systems Group Inc. $DSGX

Key Points

• Granahan Investment Management increased its stake in The Descartes Systems Group by 66.2% in the first quarter, buying 22,016 additional shares and bringing its total holdings to 55,253 shares worth about $3.95 million.
• Institutional ownership remains high, with 77.73% of DSGX shares held by hedge funds and other institutional investors. Several firms, including Goldman Sachs, Amundi, and UBS AM, also raised their positions recently.
• Analysts remain generally positive on Descartes, with a consensus rating of Moderate Buy and an average price target of $102.54, even though some firms trimmed their targets.

Granahan Investment Management LLC grew its stake in The Descartes Systems Group Inc. (NASDAQ:DSGX - Free Report) TSE: DSG by 66.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 55,253 shares of the technology company's stock after purchasing an additional 22,016 shares during the quarter. Granahan Investment Management LLC owned about 0.06% of The Descartes Systems Group worth $3,954,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of DSGX. Goldman Sachs Group Inc. increased its position in shares of The Descartes Systems Group by 35.1% during the first quarter. Goldman Sachs Group Inc. now owns 377,140 shares of the technology company's stock valued at $38,027,000 after buying an additional 98,054 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in The Descartes Systems Group by 1.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 54,618 shares of the technology company's stock worth $5,507,000 after buying an additional 660 shares during the period. Amundi boosted its position in The Descartes Systems Group by 74.5% during the 2nd quarter. Amundi now owns 82,319 shares of the technology company's stock valued at $8,360,000 after acquiring an additional 35,132 shares in the last quarter. Federated Hermes Inc. boosted its position in The Descartes Systems Group by 25.6% during the 2nd quarter. Federated Hermes Inc. now owns 1,246 shares of the technology company's stock valued at $127,000 after acquiring an additional 254 shares in the last quarter. Finally, AXA S.A. grew its holdings in shares of The Descartes Systems Group by 2.0% during the 2nd quarter. AXA S.A. now owns 6,702 shares of the technology company's stock worth $681,000 after acquiring an additional 130 shares during the period. 77.73% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on DSGX shares. Raymond James Financial lowered their target price on 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. Loop Capital reaffirmed a "buy" rating and issued a $96.00 price target on shares of The Descartes Systems Group in a research note on Thursday, June 4th. Rothschild & Co Redburn upgraded The Descartes Systems Group from a "neutral" rating to a "buy" rating and decreased their price objective for the stock from $100.00 to $90.00 in a report on Thursday, April 16th. National Bank Financial set a $95.00 price objective on The Descartes Systems Group and gave the company an "outperform" rating in a research report on Monday, July 20th. Finally, Canadian Imperial Bank of Commerce boosted their target price on shares of The Descartes Systems Group from $116.00 to $118.00 and gave the company an "outperformer" rating in a report on Thursday, June 4th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, The Descartes Systems Group has an average rating of "Moderate Buy" and a consensus price target of $102.54.

The Descartes Systems Group Stock Performance

DSGX stock opened at $68.18 on Friday. The firm has a 50 day moving average price of $71.69 and a 200-day moving average price of $72.38. The Descartes Systems Group Inc. has a 52-week low of $62.56 and a 52-week high of $109.00. The firm has a market capitalization of $5.84 billion, a price-to-earnings ratio of 34.09 and a beta of 0.64.

The Descartes Systems Group (NASDAQ:DSGX - Get Free Report) TSE: DSG last issued its quarterly earnings results on Wednesday, June 3rd. The technology company reported $0.55 EPS for the quarter, topping analysts' consensus estimates of $0.52 by $0.03. The firm had revenue of $166.96 million for 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 business's revenue for the quarter was up 14.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.41 EPS. As a group, sell-side analysts forecast that The Descartes Systems Group Inc. will post 2.37 earnings per share for the current fiscal 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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