NewGen Asset Management Ltd Acquires Shares of 70,000 The Descartes Systems Group Inc. $DSGX

NewGen Asset Management Ltd acquired a new position in shares of The Descartes Systems Group Inc. (NASDAQ:DSGX) (TSE:DSG) during the 4th quarter, Holdings Channel reports. The firm acquired 70,000 shares of the technology company’s stock, valued at approximately $6,143,000. The Descartes Systems Group accounts for about 3.8% of NewGen Asset Management Ltd’s investment portfolio, making the stock its 10th biggest position.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Quarry LP acquired a new stake in shares of The Descartes Systems Group during the third quarter worth approximately $27,000. Danske Bank A S bought a new position in The Descartes Systems Group during the third quarter worth $34,000. Measured Wealth Private Client Group LLC acquired a new position in shares of The Descartes Systems Group in the 3rd quarter valued at about $40,000. Caitong International Asset Management Co. Ltd boosted its stake 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 during the period. Finally, Clearstead Advisors LLC grew its holdings in shares of The Descartes Systems Group by 369.5% during the fourth quarter. Clearstead Advisors LLC now owns 1,047 shares of the technology company’s stock valued at $92,000 after purchasing an additional 824 shares during the last quarter. 77.73% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Weiss Ratings cut The Descartes Systems Group from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Thursday, April 9th. Barclays lowered their price objective on The Descartes Systems Group from $90.00 to $89.00 and set an “overweight” rating for the company in a research note on Thursday, March 12th. BMO Capital Markets cut their target price on The Descartes Systems Group from $95.00 to $82.00 and set a “market perform” rating on the stock in a research note on Thursday, March 12th. Canaccord Genuity Group lowered their price target on shares of The Descartes Systems Group from $110.00 to $92.00 and set a “buy” rating for the company in a research report on Thursday, March 12th. Finally, Canadian Imperial Bank of Commerce increased their price objective on shares of The Descartes Systems Group from $116.00 to $118.00 and gave the stock an “outperformer” rating in a report on Thursday, June 4th. 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 assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $103.17.

The Descartes Systems Group Price Performance

DSGX opened at $72.51 on Tuesday. The Descartes Systems Group Inc. has a 12 month low of $62.56 and a 12 month high of $109.00. The stock has a market cap of $6.23 billion, a P/E ratio of 36.26 and a beta of 0.64. The stock’s 50 day moving average price is $71.87 and its 200 day moving average price is $75.92.

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 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 company had revenue of $166.96 million during the quarter, compared to analyst estimates of $193.57 million. During the same quarter in the previous year, the firm posted $0.41 EPS. The firm’s quarterly revenue was up 14.7% on a year-over-year basis. Equities analysts anticipate that The Descartes Systems Group Inc. will post 2.37 EPS for the current year.

About The Descartes Systems Group

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.