Primecap Management Co. CA Buys Shares of 728,775 The Descartes Systems Group Inc. $DSGX

Primecap Management Co. CA purchased a new stake in The Descartes Systems Group Inc. (NASDAQ:DSGX) (TSE:DSG) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 728,775 shares of the technology company’s stock, valued at approximately $50,460,000. Primecap Management Co. CA owned about 0.85% of The Descartes Systems Group as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. Clearbridge Investments LLC increased its holdings in The Descartes Systems Group by 25.2% during the 4th quarter. Clearbridge Investments LLC now owns 403,854 shares of the technology company’s stock worth $35,402,000 after purchasing an additional 81,354 shares during the period. Norges Bank purchased a new position in shares of The Descartes Systems Group in the 4th quarter valued at about $100,405,000. Bank of America Corp DE boosted its stake in shares of The Descartes Systems Group by 62.0% in the 1st quarter. Bank of America Corp DE now owns 733,483 shares of the technology company’s stock valued at $52,488,000 after buying an additional 280,713 shares during the period. Peregrine Capital Management LLC acquired a new position in shares of The Descartes Systems Group during the first quarter worth about $8,671,000. Finally, Vanguard Group Inc. grew its position in shares of The Descartes Systems Group by 2.0% during the fourth quarter. Vanguard Group Inc. now owns 3,602,652 shares of the technology company’s stock worth $316,050,000 after buying an additional 69,260 shares in the last quarter. Institutional investors and hedge funds own 77.73% of the company’s stock.

The Descartes Systems Group Stock Performance

Shares of NASDAQ DSGX opened at $77.49 on Thursday. The stock’s 50-day simple moving average is $73.46 and its 200-day simple moving average is $71.60. The firm has a market capitalization of $6.64 billion, a PE ratio of 38.74 and a beta of 0.62. The Descartes Systems Group Inc. has a fifty-two week low of $62.56 and a fifty-two 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, beating analysts’ consensus estimates of $0.52 by $0.03. The firm had revenue of $166.96 million during 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 firm’s quarterly revenue was up 14.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.41 earnings per share. On average, sell-side analysts forecast that The Descartes Systems Group Inc. will post 2.35 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Canadian Imperial Bank of Commerce raised their target price on shares of The Descartes Systems Group from $116.00 to $118.00 and gave the company an “outperformer” rating in a 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 report on Monday, July 20th. 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 shares of The Descartes Systems Group from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, July 21st. Finally, 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. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average 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.