The Descartes Systems Group Inc. $DSGX Shares Acquired by Cidel Asset Management Inc.

Cidel Asset Management Inc. boosted its position in The Descartes Systems Group Inc. (NASDAQ:DSGX) (TSE:DSG) by 124.4% in the 1st quarter, HoldingsChannel reports. The firm owned 121,304 shares of the technology company’s stock after purchasing an additional 67,256 shares during the period. Cidel Asset Management Inc.’s holdings in The Descartes Systems Group were worth $8,661,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in DSGX. Norges Bank acquired a new stake in shares of The Descartes Systems Group during the 4th quarter worth about $100,405,000. Morgan Stanley raised its position in shares of The Descartes Systems Group by 97.2% in the fourth quarter. Morgan Stanley now owns 1,584,393 shares of the technology company’s stock valued at $138,888,000 after buying an additional 780,857 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in shares of The Descartes Systems Group by 74.3% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,743,262 shares of the technology company’s stock valued at $152,898,000 after buying an additional 743,104 shares during the period. Temasek Holdings Private Ltd lifted its stake in shares of The Descartes Systems Group by 63.3% during the third quarter. Temasek Holdings Private Ltd now owns 1,464,165 shares of the technology company’s stock valued at $137,968,000 after buying an additional 567,386 shares during the period. Finally, Westfield Capital Management Co. LP boosted its position in The Descartes Systems Group by 54.1% during the third quarter. Westfield Capital Management Co. LP now owns 1,001,331 shares of the technology company’s stock worth $94,355,000 after acquiring an additional 351,700 shares during the last quarter. 77.73% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have commented on DSGX. BMO Capital Markets lowered their target price on shares of The Descartes Systems Group from $95.00 to $82.00 and set a “market perform” rating for the company in a research note on Thursday, March 12th. Loop Capital restated a “buy” rating and set a $96.00 price objective on shares of The Descartes Systems Group in a report on Thursday, June 4th. Canadian Imperial Bank of Commerce lifted their price objective on The Descartes Systems Group from $116.00 to $118.00 and gave the company an “outperformer” rating in a research report on Thursday, June 4th. Morgan Stanley lowered their price objective on The Descartes Systems Group from $115.00 to $100.00 and set an “overweight” rating for the company in a research report on Thursday, March 12th. Finally, Rothschild & Co Redburn upgraded The Descartes Systems Group from a “neutral” rating to a “buy” rating and dropped their target price for the company from $100.00 to $90.00 in a research note on Thursday, April 16th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, The Descartes Systems Group presently has an average rating of “Moderate Buy” and a consensus target price of $103.17.

The Descartes Systems Group Stock Performance

DSGX opened at $67.71 on Wednesday. The company’s 50 day simple moving average is $71.94 and its 200 day simple moving average is $75.33. The Descartes Systems Group Inc. has a 1 year low of $62.56 and a 1 year high of $109.00. The stock has a market capitalization of $5.82 billion, a PE ratio of 33.85 and a beta of 0.64.

The Descartes Systems Group (NASDAQ:DSGX) (TSE:DSG) last issued its quarterly earnings results on Wednesday, June 3rd. The technology company reported $0.55 EPS for the quarter, topping the consensus estimate 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 firm had revenue of $166.96 million during the quarter, compared to analyst estimates of $193.57 million. During the same quarter in the prior year, the business posted $0.41 earnings per share. The Descartes Systems Group’s revenue for the quarter was up 14.7% compared to the same quarter last year. As a group, sell-side analysts expect that The Descartes Systems Group Inc. will post 2.37 earnings per share for the current fiscal year.

The Descartes Systems Group Company Profile

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.