Empowered Funds LLC Takes Position in The Descartes Systems Group Inc. $DSGX

Empowered Funds LLC bought a new position in The Descartes Systems Group Inc. (NASDAQ:DSGX) (TSE:DSG) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 46,881 shares of the technology company’s stock, valued at approximately $3,246,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Grandeur Peak Global Advisors LLC acquired a new position in shares of The Descartes Systems Group in the 2nd quarter valued at about $4,118,000. Centaurus Financial Inc. purchased a new stake in The Descartes Systems Group during the second quarter worth approximately $2,981,000. Public Employees Retirement System of Ohio acquired a new stake in shares of The Descartes Systems Group in the second quarter worth $1,867,000. Corient Private Wealth LP acquired a new position in shares of The Descartes Systems Group during the 2nd quarter valued at $238,000. Finally, Bank of America Corp DE purchased a new stake in The Descartes Systems Group during the 2nd quarter worth $35,269,000. 77.73% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have commented on the company. Loop Capital reissued a “buy” rating and issued a $96.00 price objective on shares of The Descartes Systems Group in a research report on Thursday, June 4th. Weiss Ratings upgraded The Descartes Systems Group from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, July 21st. Raymond James Financial dropped their target price on The Descartes Systems Group from $118.00 to $108.00 and set an “outperform” rating on the stock in a report on Thursday, June 4th. 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. Finally, National Bank Financial set a $95.00 price objective on shares of The Descartes Systems Group and gave the company an “outperform” rating in a research report on Monday, July 20th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $102.54.

The Descartes Systems Group Stock Down 0.3%

DSGX stock opened at $80.43 on Wednesday. The company has a market capitalization of $6.89 billion, a PE ratio of 40.22 and a beta of 0.62. The stock’s 50 day moving average is $74.55 and its two-hundred day moving average is $71.98. 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 posted its quarterly earnings results on Wednesday, June 3rd. The technology company reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.03. The firm had revenue of $166.96 million for the quarter, compared to analysts’ expectations of $193.57 million. The Descartes Systems Group had a net margin of 23.35% and a return on equity of 11.17%. The firm’s quarterly revenue was up 14.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.41 earnings per share. As a group, sell-side analysts anticipate that The Descartes Systems Group Inc. will post 2.34 EPS 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.