Primecap Management Co. CA Makes New Investment in The Descartes Systems Group Inc. $DSGX

Primecap Management Co. CA bought a new position in shares of The Descartes Systems Group Inc. (NASDAQ:DSGX) (TSE:DSG) during the second quarter, Holdings Channel.com reports. The fund bought 728,775 shares of the technology company’s stock, valued at approximately $50,460,000.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Clearbridge Investments LLC grew its stake in The Descartes Systems Group by 25.2% during the 4th quarter. Clearbridge Investments LLC now owns 403,854 shares of the technology company’s stock worth $35,402,000 after buying an additional 81,354 shares during the last quarter. Norges Bank purchased a new stake in The Descartes Systems Group in the fourth quarter valued at approximately $100,405,000. Bank of America Corp DE lifted its stake in The Descartes Systems Group by 62.0% in the first quarter. Bank of America Corp DE now owns 733,483 shares of the technology company’s stock valued at $52,488,000 after buying an additional 280,713 shares during the last quarter. Peregrine Capital Management LLC acquired a new stake in shares of The Descartes Systems Group in the first quarter valued at approximately $8,671,000. Finally, Vanguard Group Inc. boosted its holdings in shares of The Descartes Systems Group by 2.0% in the fourth quarter. Vanguard Group Inc. now owns 3,602,652 shares of the technology company’s stock valued at $316,050,000 after acquiring an additional 69,260 shares during the period. 77.73% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on DSGX shares. Weiss Ratings raised shares of 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 target on shares of The Descartes Systems Group and gave the stock an “outperform” rating in a research note on Monday, July 20th. Loop Capital reissued a “buy” rating and set a $96.00 price objective on shares of The Descartes Systems Group in a research report on Thursday, June 4th. Raymond James Financial reduced their target price on shares of The Descartes Systems Group from $118.00 to $108.00 and set an “outperform” rating for the company in a report on Thursday, June 4th. Finally, Canadian Imperial Bank of Commerce increased their target price on shares of The Descartes Systems Group from $116.00 to $118.00 and gave the stock 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 assigned a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $102.54.

The Descartes Systems Group Stock Performance

Shares of The Descartes Systems Group stock opened at $77.49 on Thursday. The company has a market cap of $6.64 billion, a P/E ratio of 38.74 and a beta of 0.62. The Descartes Systems Group Inc. has a one year low of $62.56 and a one year high of $109.00. The firm has a fifty day moving average of $73.46 and a two-hundred day moving average of $71.60.

The Descartes Systems Group (NASDAQ:DSGX) (TSE:DSG) last issued its earnings results on Wednesday, June 3rd. The technology company reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.03. The business had revenue of $166.96 million for the quarter, compared to the consensus estimate of $193.57 million. The Descartes Systems Group had a net margin of 23.35% and a return on equity of 11.17%. The business’s quarterly revenue was up 14.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.41 earnings per share. As a group, equities analysts predict that The Descartes Systems Group Inc. will post 2.35 earnings per share for the current year.

The Descartes Systems Group 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.