Bank of Nova Scotia Cuts Stake in The Descartes Systems Group Inc. $DSGX

Bank of Nova Scotia lessened its stake in shares of The Descartes Systems Group Inc. (NASDAQ:DSGX) (TSE:DSG) by 2.5% during the first quarter, HoldingsChannel reports. The firm owned 413,949 shares of the technology company’s stock after selling 10,514 shares during the period. Bank of Nova Scotia’s holdings in The Descartes Systems Group were worth $29,642,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Quarry LP purchased a new stake in shares of The Descartes Systems Group during the 3rd quarter valued at about $27,000. Danske Bank A S purchased a new position in The Descartes Systems Group in the 3rd quarter worth approximately $34,000. Measured Wealth Private Client Group LLC acquired a new stake in The Descartes Systems Group in the third quarter valued at approximately $40,000. Caitong International Asset Management Co. Ltd grew its position in The Descartes Systems Group by 267.3% in the third quarter. Caitong International Asset Management Co. Ltd now owns 551 shares of the technology company’s stock valued at $52,000 after acquiring an additional 401 shares in the last quarter. Finally, Parallel Advisors LLC raised its stake in shares of The Descartes Systems Group by 124.7% during the first quarter. Parallel Advisors LLC now owns 755 shares of the technology company’s stock valued at $54,000 after purchasing an additional 419 shares during the period. Hedge funds and other institutional investors own 77.73% of the company’s stock.

The Descartes Systems Group Trading Up 3.7%

NASDAQ:DSGX opened at $68.18 on Friday. The stock has a 50 day moving average of $71.69 and a 200-day moving average of $72.38. The firm has a market capitalization of $5.84 billion, a PE ratio of 34.09 and a beta of 0.64. The Descartes Systems Group Inc. has a 52 week low of $62.56 and a 52 week high of $109.00.

The Descartes Systems Group (NASDAQ:DSGX) (TSE:DSG) last announced its quarterly earnings results on Wednesday, June 3rd. The technology company reported $0.55 earnings per share (EPS) for the quarter, topping 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 return on equity of 11.17% and a net margin of 23.35%.The business’s revenue was up 14.7% on a year-over-year basis. During the same quarter last year, the business posted $0.41 EPS. As a group, analysts predict that The Descartes Systems Group Inc. will post 2.37 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

DSGX has been the topic of a number of recent research reports. Canadian Imperial Bank of Commerce boosted 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 report on Thursday, June 4th. 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 reiterated a “buy” rating and issued a $96.00 price objective on shares of The Descartes Systems Group in a report on Thursday, June 4th. Raymond James Financial decreased 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. Finally, Rothschild & Co Redburn raised The Descartes Systems Group from a “neutral” rating to a “buy” rating and dropped their target price for the stock from $100.00 to $90.00 in a research report on Thursday, April 16th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, The Descartes Systems Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $102.54.

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.