Scotia Capital Inc. Purchases 17,815 Shares of The Descartes Systems Group Inc. (NASDAQ:DSGX)

Key Points

• Scotia Capital Inc. increased its holdings in The Descartes Systems Group by 28.9% in the first quarter, owning approximately $8.017 million worth of shares.
• Several other institutional investors have also made significant moves, with 77.73% of the stock now owned by hedge funds and other institutions.
• Despite a missed earnings estimate for the quarter, the stock has a consensus rating of "Moderate Buy" with a target price of $122.18.

Scotia Capital Inc. grew its holdings in shares of The Descartes Systems Group Inc. (NASDAQ:DSGX - Free Report) TSE: DSG by 28.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 79,510 shares of the technology company's stock after buying an additional 17,815 shares during the quarter. Scotia Capital Inc. owned 0.09% of The Descartes Systems Group worth $8,017,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in DSGX. Bank of Nova Scotia Trust Co. raised its holdings in The Descartes Systems Group by 5.9% in the first quarter. Bank of Nova Scotia Trust Co. now owns 51,560 shares of the technology company's stock valued at $5,199,000 after acquiring an additional 2,877 shares in the last quarter. J. Safra Sarasin Holding AG bought a new position in shares of The Descartes Systems Group in the first quarter worth $2,921,000. Forge First Asset Management Inc. acquired a new position in shares of The Descartes Systems Group during the first quarter valued at approximately $2,238,000. Alberta Investment Management Corp lifted its holdings in shares of The Descartes Systems Group by 46.6% in the first quarter. Alberta Investment Management Corp now owns 151,972 shares of the technology company's stock valued at $15,297,000 after buying an additional 48,285 shares during the period. Finally, Nicolet Advisory Services LLC raised its holdings in shares of The Descartes Systems Group by 5.7% in the 1st quarter. Nicolet Advisory Services LLC now owns 6,433 shares of the technology company's stock worth $648,000 after purchasing an additional 345 shares in the last quarter. 77.73% of the stock is owned by hedge funds and other institutional investors.

The Descartes Systems Group Stock Down 1.3%

NASDAQ:DSGX traded down $1.32 during trading hours on Thursday, hitting $102.46. 377,199 shares of the stock were exchanged, compared to its average volume of 334,546. The company has a market capitalization of $8.80 billion, a P/E ratio of 61.72 and a beta of 0.81. The Descartes Systems Group Inc. has a twelve month low of $92.00 and a twelve month high of $124.31. The company's 50 day moving average is $103.97 and its two-hundred day moving average is $106.82.

The Descartes Systems Group (NASDAQ:DSGX - Get Free Report) TSE: DSG last posted its earnings results on Wednesday, June 4th. The technology company reported $0.41 earnings per share for the quarter, missing the consensus estimate 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 analyst estimates of $169.60 million. During the same quarter last year, the business posted $0.40 earnings per share. The company's revenue for the quarter was up 11.5% on a year-over-year basis. On average, equities research analysts expect that The Descartes Systems Group Inc. will post 1.64 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on DSGX. Wall Street Zen lowered shares of The Descartes Systems Group from a "hold" rating to a "sell" rating in a report on Saturday, August 2nd. Royal Bank Of Canada decreased their target price 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 dropped their price target 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 initiated coverage on The Descartes Systems Group in a report on Monday, July 14th. They issued an "equal weight" rating and a $110.00 target price on the stock. Finally, Stephens lowered their price objective on shares of The Descartes Systems Group from $137.00 to $125.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 9th. One analyst has rated the stock with a sell rating, three have given a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $122.18.

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.