Kornitzer Capital Management Inc. KS Invests $1.79 Million in The Descartes Systems Group Inc. $DSGX

Key Points

• Kornitzer Capital Management opened a new position in The Descartes Systems Group during the first quarter, buying 25,000 shares worth about $1.79 million.
• Institutional ownership in Descartes remains high, with hedge funds and other investors holding 77.73% of the stock.
• Analyst sentiment is mixed but generally positive: the stock has a Moderate Buy consensus rating with an average price target of $103.17, while Descartes recently beat earnings estimates despite missing revenue expectations.

Kornitzer Capital Management Inc. KS purchased a new position in The Descartes Systems Group Inc. (NASDAQ:DSGX - Free Report) TSE: DSG during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 25,000 shares of the technology company's stock, valued at approximately $1,789,000.

Other hedge funds have also recently bought and sold shares of the company. Quarry LP acquired a new position in shares of The Descartes Systems Group in the 3rd quarter valued at approximately $27,000. Danske Bank A S bought a new stake in shares of The Descartes Systems Group in the third quarter worth $34,000. Measured Wealth Private Client Group LLC bought a new stake in shares of The Descartes Systems Group in the third quarter worth $40,000. Caitong International Asset Management Co. Ltd raised its holdings in The Descartes Systems Group by 267.3% in the third quarter. Caitong International Asset Management Co. Ltd now owns 551 shares of the technology company's stock valued at $52,000 after acquiring an additional 401 shares in the last quarter. Finally, Rockefeller Capital Management L.P. raised its holdings in The Descartes Systems Group by 269.2% in the fourth quarter. Rockefeller Capital Management L.P. now owns 779 shares of the technology company's stock valued at $68,000 after acquiring an additional 568 shares in the last quarter. Institutional investors and hedge funds own 77.73% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on DSGX shares. Canadian Imperial Bank of Commerce raised their price objective on shares of The Descartes Systems Group from $116.00 to $118.00 and gave the stock an "outperformer" rating in a report on Thursday, June 4th. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of The Descartes Systems Group in a research report on Tuesday, July 7th. Zacks Research downgraded The Descartes Systems Group from a "strong-buy" rating to a "hold" rating in a research note on Monday, March 16th. Loop Capital reissued a "buy" rating and issued a $96.00 price objective on shares of The Descartes Systems Group in a report on Thursday, June 4th. Finally, Raymond James Financial cut their price objective on The Descartes Systems Group from $118.00 to $108.00 and set an "outperform" rating on the stock in a research note on Thursday, June 4th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, The Descartes Systems Group has an average rating of "Moderate Buy" and a consensus price target of $103.17.

The Descartes Systems Group Stock Performance

The Descartes Systems Group stock opened at $72.07 on Monday. The Descartes Systems Group Inc. has a 1 year low of $62.56 and a 1 year high of $109.00. The firm's 50-day moving average is $71.42 and its 200-day moving average is $73.47. The company has a market cap of $6.18 billion, a P/E ratio of 36.03 and a beta of 0.64.

The Descartes Systems Group (NASDAQ:DSGX - Get Free Report) TSE: DSG last released its quarterly earnings data on Wednesday, June 3rd. The technology company reported $0.55 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.03. The Descartes Systems Group had a net margin of 23.35% and a return on equity of 11.17%. The firm had revenue of $166.96 million for the quarter, compared to analyst estimates of $193.57 million. During the same quarter in the prior year, the business earned $0.41 earnings per share. The Descartes Systems Group's quarterly revenue was up 14.7% on a year-over-year basis. As a group, sell-side analysts predict that The Descartes Systems Group Inc. will post 2.37 earnings per share for the current 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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