Bank of Nova Scotia Trust Co. Increases Stake in The Descartes Systems Group Inc. (NASDAQ:DSGX)

Key Points

• Bank of Nova Scotia Trust Co. increased its holdings in The Descartes Systems Group by 5.9%, now owning 51,560 shares worth approximately $5.2 million.
• Research firms have adjusted their price targets for The Descartes Systems Group, with Royal Bank of Canada lowering it from $130 to $126 and Barclays from $118 to $108, while maintaining an "outperform" and "equal weight" rating respectively.
• The Descartes Systems Group reported earnings per share (EPS) of $0.41, missing expectations by $0.05, with quarterly revenue of $168.74 million, slightly below analyst estimates.

Bank of Nova Scotia Trust Co. increased its holdings in shares of The Descartes Systems Group Inc. (NASDAQ:DSGX - Free Report) TSE: DSG by 5.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 51,560 shares of the technology company's stock after purchasing an additional 2,877 shares during the quarter. Bank of Nova Scotia Trust Co. owned approximately 0.06% of The Descartes Systems Group worth $5,199,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. NBC Securities Inc. purchased a new position in shares of The Descartes Systems Group in the 1st quarter worth approximately $25,000. GeoWealth Management LLC increased 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 purchasing an additional 132 shares during the period. Cullen Frost Bankers Inc. purchased a new stake in shares of The Descartes Systems Group in the 1st quarter worth approximately $49,000. Optiver Holding B.V. purchased a new stake in The Descartes Systems Group during the fourth quarter worth $66,000. Finally, Johnson Financial Group Inc. raised its position in shares of The Descartes Systems Group by 830.9% in the 4th quarter. Johnson Financial Group Inc. now owns 875 shares of the technology company's stock worth $101,000 after acquiring an additional 781 shares in the last quarter. 77.73% of the stock is owned by hedge funds and other institutional investors.

The Descartes Systems Group Stock Performance

Shares of The Descartes Systems Group stock traded down $3.85 on Wednesday, hitting $103.78. The company's stock had a trading volume of 355,832 shares, compared to its average volume of 333,939. The company has a market capitalization of $8.91 billion, a price-to-earnings ratio of 62.52 and a beta of 0.81. The Descartes Systems Group Inc. has a 1 year low of $92.00 and a 1 year high of $124.31. The firm has a fifty day moving average price of $104.19 and a 200-day moving average price of $106.85.

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 EPS for the quarter, missing the consensus estimate of $0.46 by ($0.05). The company had revenue of $168.74 million during the quarter, compared to analysts' expectations of $169.60 million. The Descartes Systems Group had a return on equity of 10.53% and a net margin of 21.67%. The Descartes Systems Group's revenue was up 11.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.40 EPS. As a group, analysts forecast that The Descartes Systems Group Inc. will post 1.64 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Barclays reduced their target price on shares of The Descartes Systems Group from $118.00 to $108.00 and set an "equal weight" rating for the company in a report on Thursday, June 5th. Wall Street Zen downgraded The Descartes Systems Group from a "hold" rating to a "sell" rating in a research note on Saturday. Royal Bank Of Canada decreased their price target on The Descartes Systems Group from $130.00 to $126.00 and set an "outperform" rating for the company in a research note on Thursday, June 5th. Morgan Stanley initiated coverage on shares of The Descartes Systems Group in a report on Monday, July 14th. They set an "equal weight" rating and a $110.00 price objective on the stock. Finally, Stephens dropped their target price 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 equities research analyst has rated the stock with a sell rating, three have given a hold rating, eight have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $122.18.

The Descartes Systems Group Company 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.