Primecap Management Co. CA Sells 130,201 Shares of The Descartes Systems Group Inc. (NASDAQ:DSGX)

Key Points

• Primecap Management Co. CA decreased its stake in The Descartes Systems Group by 6.8%, now holding approximately 1,787,352 shares valued at $180.2 million.
• Recent analyst reports have revised the price targets for DSGX, with Royal Bank of Canada and Barclays lowering their targets, while Morgan Stanley initiated coverage with a $110 target.
• The Descartes Systems Group reported earnings of $0.41 per share for the last quarter, falling short of analysts' expectations of $0.46, despite a year-over-year revenue increase of 11.5%.

Primecap Management Co. CA decreased its position in shares of The Descartes Systems Group Inc. (NASDAQ:DSGX - Free Report) TSE: DSG by 6.8% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,787,352 shares of the technology company's stock after selling 130,201 shares during the period. Primecap Management Co. CA owned approximately 2.09% of The Descartes Systems Group worth $180,219,000 at the end of the most recent reporting period.

Several other large 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 first quarter worth about $25,000. GeoWealth Management LLC boosted its position 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 acquiring 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 approximately $49,000. Optiver Holding B.V. bought a new stake in The Descartes Systems Group during the 4th quarter valued at approximately $66,000. Finally, Johnson Financial Group Inc. boosted its position in The Descartes Systems Group by 830.9% during the 4th quarter. Johnson Financial Group Inc. now owns 875 shares of the technology company's stock valued at $101,000 after acquiring an additional 781 shares in the last quarter. Hedge funds and other institutional investors own 77.73% of the company's stock.

The Descartes Systems Group Price Performance

Shares of NASDAQ:DSGX traded down $1.23 during midday trading on Friday, hitting $101.23. The company had a trading volume of 235,352 shares, compared to its average volume of 387,164. The company has a market cap of $8.69 billion, a price-to-earnings ratio of 60.98 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 company has a fifty day moving average of $103.48 and a two-hundred day moving average of $106.61.

The Descartes Systems Group (NASDAQ:DSGX - Get Free Report) TSE: DSG last issued its quarterly 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 business had revenue of $168.74 million during the quarter, compared to analysts' expectations of $169.60 million. During the same quarter in the previous year, the company posted $0.40 EPS. The company's quarterly revenue was up 11.5% on a year-over-year basis. Research analysts expect that The Descartes Systems Group Inc. will post 1.64 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Royal Bank Of Canada cut their price target on The Descartes Systems Group from $130.00 to $126.00 and set an "outperform" rating on the stock in a research note on Thursday, June 5th. Morgan Stanley began coverage on The Descartes Systems Group in a research report on Monday, July 14th. They issued an "equal weight" rating and a $110.00 price objective on the stock. Barclays lowered their price objective 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. Finally, Wall Street Zen lowered shares of The Descartes Systems Group from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $122.18.

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.