Canada Pension Plan Investment Board Purchases 55,100 Shares of The Descartes Systems Group Inc. (NASDAQ:DSGX)

Canada Pension Plan Investment Board lifted its position in shares of The Descartes Systems Group Inc. (NASDAQ:DSGX) (TSE:DSG) by 59.2% during the 2nd quarter, HoldingsChannel reports. The firm owned 148,151 shares of the technology company’s stock after acquiring an additional 55,100 shares during the period. Canada Pension Plan Investment Board’s holdings in The Descartes Systems Group were worth $14,351,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Central Pacific Bank Trust Division bought a new stake in shares of The Descartes Systems Group during the 1st quarter valued at $28,000. Brown Brothers Harriman & Co. purchased a new position in The Descartes Systems Group during the 4th quarter valued at about $27,000. Accent Capital Management LLC bought a new stake in The Descartes Systems Group during the fourth quarter worth about $32,000. Whittier Trust Co. of Nevada Inc. grew its holdings in The Descartes Systems Group by 703.3% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 490 shares of the technology company’s stock worth $45,000 after purchasing an additional 429 shares during the period. Finally, Intact Investment Management Inc. bought a new position in shares of The Descartes Systems Group during the second quarter valued at approximately $61,000. 77.73% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have recently issued reports on DSGX. CIBC lifted their target price on shares of The Descartes Systems Group from $101.00 to $108.00 and gave the company an “outperform” rating in a report on Thursday, May 30th. TD Securities boosted their target price on The Descartes Systems Group from $110.00 to $115.00 and gave the stock a “buy” rating in a report on Thursday, May 30th. Canaccord Genuity Group set a $108.00 target price on The Descartes Systems Group and gave the stock a “buy” rating in a research note on Thursday, September 5th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $115.00 price target on shares of The Descartes Systems Group in a research report on Thursday, September 5th. Finally, BMO Capital Markets increased their price objective on shares of The Descartes Systems Group from $100.00 to $104.00 and gave the company a “market perform” rating in a research report on Thursday, September 5th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $103.00.

The Descartes Systems Group Stock Performance

DSGX opened at $103.55 on Tuesday. The company’s 50-day simple moving average is $98.98 and its two-hundred day simple moving average is $96.10. The Descartes Systems Group Inc. has a 52-week low of $69.59 and a 52-week high of $104.71. The stock has a market capitalization of $8.84 billion, a P/E ratio of 73.96 and a beta of 0.98.

The Descartes Systems Group (NASDAQ:DSGX) (TSE:DSG) last issued its earnings results on Wednesday, September 4th. The technology company reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.03). The company had revenue of $163.43 million during the quarter, compared to analysts’ expectations of $160.17 million. The Descartes Systems Group had a return on equity of 10.21% and a net margin of 21.02%. The company’s revenue for the quarter was up 14.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.32 EPS. Research analysts forecast that The Descartes Systems Group Inc. will post 1.67 EPS for the current fiscal year.

About The Descartes Systems Group

The Descartes Systems Group Inc provides cloud-based logistics and supply chain management solutions worldwide. Its Logistics Technology platform offers a range of modular, interoperable web and wireless logistics management solutions. The company provides a suite of solutions that include routing, mobile, and telematics; transportation management; ecommerce, shipping, and fulfillment; customs and regulatory compliance; global trade intelligence; broker and forwarder enterprise systems; and B2B messaging and connectivity services.