Lord Abbett & CO. LLC Trims Stake in The Descartes Systems Group Inc. $DSGX

Key Points

• Lord Abbett & CO. LLC has reduced its stake in The Descartes Systems Group by 30.4%, selling 200,015 shares and now holding 457,697 shares valued at approximately $46.15 million.
• The Descartes Systems Group reported a quarterly earnings miss with an EPS of $0.41, falling short of the expected $0.46, while revenue was also slightly below projections.
• Analysts have mixed ratings for The Descartes Systems Group, with a consensus rating of "Moderate Buy" and an average price target of $122.18.

Lord Abbett & CO. LLC trimmed its stake in The Descartes Systems Group Inc. (NASDAQ:DSGX - Free Report) TSE: DSG by 30.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 457,697 shares of the technology company's stock after selling 200,015 shares during the quarter. Lord Abbett & CO. LLC owned 0.53% of The Descartes Systems Group worth $46,149,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of DSGX. NBC Securities Inc. purchased a new position in shares of The Descartes Systems Group in the 1st quarter worth about $25,000. GeoWealth Management LLC increased its stake in The Descartes Systems Group by 63.2% during the 4th quarter. GeoWealth Management LLC now owns 341 shares of the technology company's stock valued at $39,000 after purchasing an additional 132 shares in the last quarter. Cullen Frost Bankers Inc. bought a new stake in The Descartes Systems Group during the 1st quarter valued at about $49,000. Optiver Holding B.V. purchased a new position in The Descartes Systems Group in the fourth quarter worth about $66,000. Finally, Johnson Financial Group Inc. raised its holdings in The Descartes Systems Group by 830.9% in the fourth quarter. Johnson Financial Group Inc. now owns 875 shares of the technology company's stock worth $101,000 after buying an additional 781 shares during the last quarter. 77.73% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

The Descartes Systems Group Trading Down 0.8%

DSGX stock traded down $0.77 during trading on Wednesday, reaching $98.06. The stock had a trading volume of 243,818 shares, compared to its average volume of 460,422. The firm has a market cap of $8.42 billion, a PE ratio of 59.07 and a beta of 0.81. The stock's 50 day moving average is $102.31 and its two-hundred day moving average is $105.56. The Descartes Systems Group Inc. has a 52 week low of $92.00 and a 52 week high of $124.31.

The Descartes Systems Group (NASDAQ:DSGX - Get Free Report) TSE: DSG last released its quarterly earnings results on Wednesday, June 4th. The technology company reported $0.41 EPS for the quarter, missing the consensus estimate of $0.46 by ($0.05). The Descartes Systems Group had a net margin of 21.67% and a return on equity of 10.53%. The business had revenue of $168.74 million for the quarter, compared to analysts' expectations of $169.60 million. During the same period in the previous year, the company earned $0.40 EPS. The Descartes Systems Group's revenue for the quarter was up 11.5% compared to the same quarter last year. On average, research analysts anticipate that The Descartes Systems Group Inc. will post 1.64 EPS for the current year.

About The Descartes Systems Group

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.