Principal Financial Group Inc. Buys 186,780 Shares of The Descartes Systems Group Inc. $DSGX

Key Points

• Principal Financial Group Inc. increased its stake in The Descartes Systems Group by 67% in the first quarter, buying an additional 186,780 shares and bringing its total holdings to 465,403 shares worth about $33.2 million.
• Institutional ownership in Descartes remains high, with 77.73% of the stock held by institutions after several other firms also added or initiated positions.
• The company reported better-than-expected earnings of $0.55 per share, though revenue of $166.96 million missed estimates; analysts currently rate the stock a Moderate Buy with an average price target of $102.54.

Principal Financial Group Inc. raised its stake in shares of The Descartes Systems Group Inc. (NASDAQ:DSGX - Free Report) TSE: DSG by 67.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 465,403 shares of the technology company's stock after purchasing an additional 186,780 shares during the period. Principal Financial Group Inc. owned 0.54% of The Descartes Systems Group worth $33,229,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of DSGX. Quarry LP purchased a new position in shares of The Descartes Systems Group in the 3rd quarter worth approximately $27,000. Danske Bank A S bought a new stake in The Descartes Systems Group in the third quarter worth $34,000. Measured Wealth Private Client Group LLC bought a new stake in The Descartes Systems Group in the third quarter worth $40,000. Caitong International Asset Management Co. Ltd boosted its stake in The Descartes Systems Group by 267.3% during the third quarter. Caitong International Asset Management Co. Ltd now owns 551 shares of the technology company's stock worth $52,000 after buying an additional 401 shares during the period. Finally, Rockefeller Capital Management L.P. boosted its stake in The Descartes Systems Group by 269.2% during the fourth quarter. Rockefeller Capital Management L.P. now owns 779 shares of the technology company's stock worth $68,000 after buying an additional 568 shares during the period. 77.73% of the stock is owned by institutional investors.

The Descartes Systems Group Price Performance

The Descartes Systems Group stock opened at $74.16 on Monday. The stock has a market cap of $6.35 billion, a price-to-earnings ratio of 37.08 and a beta of 0.64. The firm has a 50-day moving average of $71.51 and a two-hundred day moving average of $72.91. The Descartes Systems Group Inc. has a 1 year low of $62.56 and a 1 year high of $109.00.

The Descartes Systems Group (NASDAQ:DSGX - Get Free Report) TSE: DSG last announced its quarterly earnings results on Wednesday, June 3rd. The technology company reported $0.55 EPS for the quarter, beating the consensus estimate of $0.52 by $0.03. The firm had revenue of $166.96 million for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter last year, the firm posted $0.41 earnings per share. Research analysts expect that The Descartes Systems Group Inc. will post 2.37 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. National Bank Financial set a $95.00 price objective on shares of The Descartes Systems Group and gave the stock an "outperform" rating in a research report on Tuesday, July 14th. Loop Capital reiterated a "buy" rating and issued a $96.00 price target on shares of The Descartes Systems Group in a report on Thursday, June 4th. Canadian Imperial Bank of Commerce raised their price target on The Descartes Systems Group from $116.00 to $118.00 and gave the stock an "outperformer" rating in a research note on Thursday, June 4th. 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 report on Thursday, June 4th. Finally, Weiss Ratings reiterated a "sell (d+)" rating on shares of The Descartes Systems Group in a research note on Tuesday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, The Descartes Systems Group has an average rating of "Moderate Buy" and an average target price of $102.54.

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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