Man Group plc Makes New Investment in The Descartes Systems Group Inc. $DSGX

Man Group plc 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 13F filing with the Securities & Exchange Commission. The firm purchased 94,896 shares of the technology company’s stock, valued at approximately $6,571,000.

A number of other hedge funds also recently made changes to their positions in DSGX. Jupiter Topco LLC bought a new stake in The Descartes Systems Group during the second quarter worth approximately $181,742,000. Primecap Management Co. CA acquired a new stake in The Descartes Systems Group in the second quarter worth approximately $50,460,000. Canada Pension Plan Investment Board bought a new position in The Descartes Systems Group during the 2nd quarter valued at $20,550,000. Legal & General Group Plc bought a new position in The Descartes Systems Group during the 2nd quarter valued at $24,201,000. Finally, The Manufacturers Life Insurance Company bought a new position in The Descartes Systems Group during the 2nd quarter valued at $141,403,000. Institutional investors own 77.73% of the company’s stock.

The Descartes Systems Group Trading Up 1.5%

The Descartes Systems Group stock opened at $81.83 on Friday. The Descartes Systems Group Inc. has a 1-year low of $62.56 and a 1-year high of $109.00. The firm’s fifty day simple moving average is $74.02 and its 200-day simple moving average is $71.77. The company has a market capitalization of $7.01 billion, a P/E ratio of 40.91 and a beta of 0.62.

The Descartes Systems Group (NASDAQ:DSGX) (TSE:DSG) last issued its quarterly earnings data on Wednesday, June 3rd. The technology company reported $0.55 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.03. The business had revenue of $166.96 million during 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 Descartes Systems Group’s revenue for the quarter was up 14.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.41 earnings per share. On average, equities research analysts predict that The Descartes Systems Group Inc. will post 2.34 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have commented on DSGX. Raymond James Financial dropped their price target on shares of The Descartes Systems Group from $118.00 to $108.00 and set an “outperform” rating on the stock 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 research report on Tuesday, July 21st. Canadian Imperial Bank of Commerce lifted 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 research note on Thursday, June 4th. Loop Capital reiterated a “buy” rating and issued a $96.00 target price on shares of The Descartes Systems Group in a report on Thursday, June 4th. Finally, National Bank Financial set a $95.00 target price on shares of The Descartes Systems Group and gave the company an “outperform” rating in a research note 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. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $102.54.

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.