Kayne Anderson Rudnick Investment Management LLC Makes New $16.73 Million Investment in The Descartes Systems Group Inc. $DSGX

Key Points

• Kayne Anderson Rudnick Investment Management LLC invested approximately $16.73 million in The Descartes Systems Group, acquiring 165,950 shares, representing about 0.19% ownership of the company.
• Wall Street analysts have recently downgraded The Descartes Systems Group, with Wall Street Zen cutting their rating from "hold" to "sell" and several others adjusting their price targets downward.
• The Descartes Systems Group's stock is currently trading at $101.37, with a market cap of $8.71 billion, and reported a 52-week high of $124.31 and a low of $92.00.

Kayne Anderson Rudnick Investment Management LLC bought a new stake in shares of The Descartes Systems Group Inc. (NASDAQ:DSGX - Free Report) TSE: DSG in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 165,950 shares of the technology company's stock, valued at approximately $16,733,000. Kayne Anderson Rudnick Investment Management LLC owned approximately 0.19% of The Descartes Systems Group as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in DSGX. Wells Fargo & Company MN lifted its stake in The Descartes Systems Group by 42.9% in the fourth quarter. Wells Fargo & Company MN now owns 6,587 shares of the technology company's stock worth $748,000 after acquiring an additional 1,977 shares during the period. NewEdge Advisors LLC raised its stake in 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 buying an additional 336 shares in the last quarter. GeoWealth Management LLC lifted its holdings in The Descartes Systems Group by 63.2% during the fourth quarter. GeoWealth Management LLC now owns 341 shares of the technology company's stock worth $39,000 after buying an additional 132 shares during the period. First Trust Advisors LP boosted its position in 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 valued at $1,635,000 after acquiring an additional 2,820 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of The Descartes Systems Group by 2.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 111,643 shares of the technology company's stock valued at $12,683,000 after acquiring an additional 2,839 shares during the period. Institutional investors own 77.73% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Royal Bank Of Canada reduced their price target on 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. Barclays reduced their target price on shares of The Descartes Systems Group from $118.00 to $108.00 and set an "equal weight" rating for the company in a report on Thursday, June 5th. Wall Street Zen cut shares of The Descartes Systems Group from a "hold" rating to a "sell" rating in a report on Saturday, August 2nd. Finally, Morgan Stanley began coverage on shares of The Descartes Systems Group in a research note on Monday, July 14th. They set an "equal weight" rating and a $110.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $122.18.

The Descartes Systems Group Stock Up 1.8%

Shares of DSGX traded up $1.78 during trading hours on Wednesday, reaching $99.70. 715,219 shares of the company traded hands, compared to its average volume of 461,888. The stock has a market capitalization of $8.56 billion, a P/E ratio of 60.06 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 business has a fifty day moving average price of $102.35 and a 200-day moving average price of $104.93.

The Descartes Systems Group (NASDAQ:DSGX - Get Free Report) TSE: DSG last issued its 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 firm had revenue of $168.74 million during the quarter, compared to analysts' expectations of $169.60 million. During the same quarter last year, the business earned $0.40 EPS. The business's revenue was up 11.5% on a year-over-year basis. As a group, research analysts predict that The Descartes Systems Group Inc. will post 1.64 EPS for the current fiscal year.

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.