Moore Capital Management LP Purchases New Stake in The Descartes Systems Group Inc. $DSGX

Moore Capital Management LP acquired a new stake in shares of The Descartes Systems Group Inc. (NASDAQ:DSGX) (TSE:DSG) in the second quarter, Holdings Channel.com reports. The institutional investor acquired 37,500 shares of the technology company’s stock, valued at approximately $2,596,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in DSGX. Goldman Sachs Group Inc. grew its holdings in The Descartes Systems Group by 35.1% during the first quarter. Goldman Sachs Group Inc. now owns 377,140 shares of the technology company’s stock worth $38,027,000 after buying an additional 98,054 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in The Descartes Systems Group by 1.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 54,618 shares of the technology company’s stock worth $5,507,000 after acquiring an additional 660 shares during the last quarter. Amundi grew its stake in shares of The Descartes Systems Group by 74.5% in the 2nd quarter. Amundi now owns 82,319 shares of the technology company’s stock worth $8,360,000 after acquiring an additional 35,132 shares in the last quarter. Federated Hermes Inc. grew its stake in shares of The Descartes Systems Group by 25.6% in the 2nd quarter. Federated Hermes Inc. now owns 1,246 shares of the technology company’s stock worth $127,000 after acquiring an additional 254 shares in the last quarter. Finally, AXA S.A. raised its holdings in shares of The Descartes Systems Group by 2.0% in the second quarter. AXA S.A. now owns 6,702 shares of the technology company’s stock valued at $681,000 after purchasing an additional 130 shares during the last quarter. Institutional investors and hedge funds own 77.73% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Raymond James Financial reduced their price objective on shares of The Descartes Systems Group from $118.00 to $108.00 and set an “outperform” rating for the company in a research report on Thursday, June 4th. Loop Capital reaffirmed a “buy” rating and issued a $96.00 target price on shares of The Descartes Systems Group in a report on Thursday, June 4th. Weiss Ratings upgraded The Descartes Systems Group from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, July 21st. National Bank Financial set a $95.00 price objective on The Descartes Systems Group and gave the stock an “outperform” rating in a research report on Monday, July 20th. Finally, Canadian Imperial Bank of Commerce upped their price objective on The Descartes Systems Group from $116.00 to $118.00 and gave the company an “outperformer” rating in a research note on Thursday, June 4th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, The Descartes Systems Group presently has an average rating of “Moderate Buy” and an average target price of $102.54.

The Descartes Systems Group Stock Down 1.5%

The Descartes Systems Group stock opened at $80.64 on Tuesday. The Descartes Systems Group Inc. has a twelve month low of $62.56 and a twelve month high of $109.00. The firm has a 50 day moving average price of $74.30 and a 200-day moving average price of $71.88. The company has a market capitalization of $6.91 billion, a P/E ratio of 40.32 and a beta of 0.62.

The Descartes Systems Group (NASDAQ:DSGX) (TSE:DSG) last posted its quarterly earnings results on Wednesday, June 3rd. The technology company reported $0.55 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.03. The Descartes Systems Group had a net margin of 23.35% and a return on equity of 11.17%. The company had revenue of $166.96 million for the quarter, compared to analysts’ expectations of $193.57 million. During the same quarter in the previous year, the firm posted $0.41 EPS. The Descartes Systems Group’s revenue was up 14.7% on a year-over-year basis. Equities analysts expect that The Descartes Systems Group Inc. will post 2.34 EPS for the current fiscal year.

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.