Korea Investment CORP Takes $923,000 Position in The Descartes Systems Group Inc. $DSGX

Korea Investment CORP purchased a new stake in The Descartes Systems Group Inc. (NASDAQ:DSGX) (TSE:DSG) during the second quarter, Holdings Channel reports. The institutional investor purchased 13,333 shares of the technology company’s stock, valued at approximately $923,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in The Descartes Systems Group in the 4th quarter worth about $100,405,000. Morgan Stanley raised its holdings in shares of The Descartes Systems Group by 97.2% during the fourth quarter. Morgan Stanley now owns 1,584,393 shares of the technology company’s stock valued at $138,888,000 after acquiring an additional 780,857 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its holdings 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 acquiring an additional 743,104 shares during the last quarter. BlackRock Inc. purchased a new position in shares of The Descartes Systems Group in the second quarter valued at approximately $48,684,000. Finally, The Manufacturers Life Insurance Company lifted its position in shares of The Descartes Systems Group by 140.5% in the first quarter. The Manufacturers Life Insurance Company now owns 1,100,755 shares of the technology company’s stock valued at $78,772,000 after acquiring an additional 643,071 shares in the last quarter. Hedge funds and other institutional investors own 77.73% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently commented on DSGX. Canadian Imperial Bank of Commerce boosted their price target on 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. Weiss Ratings raised The Descartes Systems Group from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, July 21st. Loop Capital restated 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 lowered their target price on shares of The Descartes Systems Group from $118.00 to $108.00 and set an “outperform” rating on the stock in a research note on Thursday, June 4th. Finally, National Bank Financial set a $95.00 target price on shares of The Descartes Systems Group and gave the stock an “outperform” rating in a report on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $102.54.

The Descartes Systems Group Price Performance

DSGX opened at $77.52 on Wednesday. The firm has a market capitalization of $6.64 billion, a price-to-earnings ratio of 38.76 and a beta of 0.62. The company’s 50 day simple moving average is $73.32 and its two-hundred day simple moving average is $71.53. The Descartes Systems Group Inc. has a 1-year low of $62.56 and a 1-year high of $109.00.

The Descartes Systems Group (NASDAQ:DSGX) (TSE:DSG) last posted its quarterly earnings results on Wednesday, June 3rd. The technology company reported $0.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.03. The Descartes Systems Group had a return on equity of 11.17% and a net margin of 23.35%.The business had revenue of $166.96 million during the quarter, compared to analyst estimates of $193.57 million. During the same period in the prior year, the business earned $0.41 earnings per share. The business’s revenue was up 14.7% compared to the same quarter last year. On average, equities analysts anticipate 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.