Hsbc Holdings PLC Trims Position in The Descartes Systems Group Inc. $DSGX

Key Points

• Hsbc Holdings PLC reduced its stake in The Descartes Systems Group Inc. by 11.6%, owning 66,631 shares valued at approximately $6.69 million after selling 8,758 shares in the first quarter.
• Several institutional investors have increased their positions, with Northern Trust Corp raising its stake by 39% and Northwest & Ethical Investments L.P. increasing theirs by 84.5% during the same period.
• In recent analyst updates, Royal Bank of Canada and Barclays both lowered their price targets for DSGX, now set at $126.00 and $108.00, respectively, while the consensus rating remains a "Moderate Buy."

Hsbc Holdings PLC cut its stake in The Descartes Systems Group Inc. (NASDAQ:DSGX - Free Report) TSE: DSG by 11.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 66,631 shares of the technology company's stock after selling 8,758 shares during the quarter. Hsbc Holdings PLC owned approximately 0.08% of The Descartes Systems Group worth $6,693,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Wells Fargo & Company MN boosted its holdings in The Descartes Systems Group by 42.9% during the fourth quarter. Wells Fargo & Company MN now owns 6,587 shares of the technology company's stock worth $748,000 after buying an additional 1,977 shares in the last quarter. NewEdge Advisors LLC raised its position in shares of The Descartes Systems Group by 10.9% in the fourth quarter. NewEdge Advisors LLC now owns 3,427 shares of the technology company's stock worth $389,000 after acquiring an additional 336 shares during the period. First Trust Advisors LP boosted its stake in shares of The Descartes Systems Group by 24.4% during the 4th quarter. First Trust Advisors LP now owns 14,389 shares of the technology company's stock worth $1,635,000 after acquiring an additional 2,820 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of The Descartes Systems Group by 2.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 111,643 shares of the technology company's stock worth $12,683,000 after acquiring an additional 2,839 shares in the last quarter. Finally, MGO One Seven LLC grew its position in shares of The Descartes Systems Group by 29.0% during the 4th quarter. MGO One Seven LLC now owns 5,271 shares of the technology company's stock valued at $599,000 after acquiring an additional 1,185 shares during the period. Institutional investors and hedge funds own 77.73% of the company's stock.

The Descartes Systems Group Stock Down 0.0%

Shares of The Descartes Systems Group stock traded down $0.05 during trading hours on Friday, reaching $99.95. 629,060 shares of the company's stock were exchanged, compared to its average volume of 480,720. The business has a fifty day moving average of $102.39 and a two-hundred day moving average of $104.50. The company has a market capitalization of $8.59 billion, a P/E ratio of 60.21 and a beta of 0.80. The Descartes Systems Group Inc. has a 1 year low of $92.00 and a 1 year high of $124.31.

The Descartes Systems Group (NASDAQ:DSGX - Get Free Report) TSE: DSG last posted its quarterly earnings results on Wednesday, June 4th. The technology company reported $0.41 earnings per share 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 business had revenue of $168.74 million for the quarter, compared to analyst estimates of $169.60 million. During the same quarter in the previous year, the firm posted $0.40 earnings per share. The business's revenue was up 11.5% compared to the same quarter last year. As a group, research analysts predict that The Descartes Systems Group Inc. will post 1.64 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on DSGX. Wall Street Zen downgraded The Descartes Systems Group from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd. Barclays decreased their target price on The Descartes Systems Group from $118.00 to $108.00 and set an "equal weight" rating on the stock in a research report on Thursday, June 5th. Morgan Stanley assumed coverage on shares of The Descartes Systems Group in a report on Monday, July 14th. They issued an "equal weight" rating and a $110.00 price target for the company. Finally, Royal Bank Of Canada reduced their price objective on shares of The Descartes Systems Group from $130.00 to $126.00 and set an "outperform" rating for the company in a research report on Thursday, June 5th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $122.18.

The Descartes Systems Group 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.