Canoe Financial LP Sells 3,890 Shares of The Descartes Systems Group Inc. (NASDAQ:DSGX)

Canoe Financial LP decreased its position in The Descartes Systems Group Inc. (NASDAQ:DSGX) (TSE:DSG) by 5.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 65,998 shares of the technology company’s stock after selling 3,890 shares during the quarter. Canoe Financial LP owned approximately 0.08% of The Descartes Systems Group worth $6,645,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in DSGX. NBC Securities Inc. bought a new stake in The Descartes Systems Group in the first quarter worth about $25,000. GeoWealth Management LLC raised its position in The Descartes Systems Group by 63.2% in the fourth quarter. GeoWealth Management LLC now owns 341 shares of the technology company’s stock worth $39,000 after acquiring an additional 132 shares during the period. SBI Securities Co. Ltd. bought a new stake in The Descartes Systems Group in the fourth quarter worth about $43,000. Mitsubishi UFJ Trust & Banking Corp bought a new stake in The Descartes Systems Group in the fourth quarter worth about $57,000. Finally, Optiver Holding B.V. bought a new stake in The Descartes Systems Group in the fourth quarter worth about $66,000. Institutional investors own 77.73% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. CIBC dropped their price objective on shares of The Descartes Systems Group from $128.00 to $127.00 and set an “outperform” rating on the stock in a report on Thursday, March 6th. Stephens dropped 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 report on Wednesday, April 9th. BMO Capital Markets dropped their price objective on shares of The Descartes Systems Group from $120.00 to $113.00 and set a “market perform” rating on the stock in a report on Thursday, March 6th. Scotiabank upped their price objective on shares of The Descartes Systems Group from $125.00 to $127.00 and gave the company a “sector outperform” rating in a report on Wednesday, March 26th. Finally, Barclays dropped their price objective on shares of The Descartes Systems Group from $118.00 to $108.00 and set an “equal weight” rating on the stock in a report on Thursday, June 5th. Three investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $123.40.

The Descartes Systems Group Price Performance

Shares of DSGX opened at $99.22 on Friday. The firm’s 50 day simple moving average is $106.95 and its 200 day simple moving average is $109.52. The company has a market capitalization of $8.49 billion, a P/E ratio of 59.77 and a beta of 0.87. The Descartes Systems Group Inc. has a 1-year low of $90.61 and a 1-year high of $124.31.

The Descartes Systems Group (NASDAQ:DSGX) (TSE:DSG) last announced its earnings results on Wednesday, June 4th. The technology company reported $0.41 earnings per share for the quarter, missing analysts’ consensus estimates 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 net margin of 21.67% and a return on equity of 10.53%. The company’s revenue for the quarter was up 11.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.40 earnings per share. On average, equities analysts anticipate that The Descartes Systems Group Inc. will post 1.64 earnings per share for the current year.

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.