State Board of Administration of Florida Retirement System Sells 7,098 Shares of The Descartes Systems Group Inc. (NASDAQ:DSGX)

State Board of Administration of Florida Retirement System trimmed its holdings in The Descartes Systems Group Inc. (NASDAQ:DSGXGet Rating) (TSE:DSG) by 60.0% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,739 shares of the technology company’s stock after selling 7,098 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in The Descartes Systems Group were worth $294,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in DSGX. Durable Capital Partners LP boosted its stake in The Descartes Systems Group by 60.6% in the 1st quarter. Durable Capital Partners LP now owns 2,585,059 shares of the technology company’s stock worth $189,381,000 after purchasing an additional 975,727 shares during the period. Wasatch Advisors Inc. bought a new position in The Descartes Systems Group in the 1st quarter worth approximately $66,482,000. Principal Financial Group Inc. bought a new position in The Descartes Systems Group in the 1st quarter worth approximately $41,939,000. The Manufacturers Life Insurance Company boosted its stake in The Descartes Systems Group by 46.3% in the 1st quarter. The Manufacturers Life Insurance Company now owns 1,803,787 shares of the technology company’s stock worth $132,240,000 after purchasing an additional 570,744 shares during the period. Finally, Invesco Ltd. boosted its stake in The Descartes Systems Group by 28.7% in the 1st quarter. Invesco Ltd. now owns 1,638,074 shares of the technology company’s stock worth $120,005,000 after purchasing an additional 365,533 shares during the period. 80.28% of the stock is currently owned by institutional investors.

The Descartes Systems Group Stock Performance

NASDAQ:DSGX opened at $67.68 on Tuesday. The stock’s fifty day moving average is $67.27 and its 200 day moving average is $65.83. The Descartes Systems Group Inc. has a fifty-two week low of $56.19 and a fifty-two week high of $90.85. The firm has a market capitalization of $5.74 billion, a PE ratio of 63.85 and a beta of 1.03.

The Descartes Systems Group (NASDAQ:DSGXGet Rating) (TSE:DSG) last released its quarterly earnings results on Wednesday, September 7th. The technology company reported $0.27 earnings per share for the quarter, meeting the consensus estimate of $0.27. The Descartes Systems Group had a return on equity of 8.97% and a net margin of 19.69%. The company had revenue of $123.01 million for the quarter, compared to analyst estimates of $118.72 million. During the same quarter in the prior year, the firm posted $0.27 EPS. The Descartes Systems Group’s quarterly revenue was up 17.6% compared to the same quarter last year. Equities analysts forecast that The Descartes Systems Group Inc. will post 1.08 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on DSGX. Canaccord Genuity Group upped their price objective on The Descartes Systems Group from $74.00 to $77.00 in a report on Thursday, September 8th. Barclays cut The Descartes Systems Group from an “equal weight” rating to an “underweight” rating and decreased their price objective for the stock from $72.00 to $60.00 in a report on Tuesday, October 18th. TD Securities upped their price objective on The Descartes Systems Group from $84.00 to $85.00 and gave the stock a “buy” rating in a report on Thursday, September 8th. Wolfe Research cut The Descartes Systems Group from an “outperform” rating to a “peer perform” rating in a report on Thursday, November 17th. Finally, Canaccord Genuity Group upped their price objective on The Descartes Systems Group from $74.00 to $77.00 and gave the stock a “buy” rating in a report on Thursday, September 8th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, The Descartes Systems Group currently has a consensus rating of “Hold” and an average target price of $74.89.

The Descartes Systems Group Company Profile

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The Descartes Systems Group Inc provides cloud-based logistics and supply chain management business process solutions that focuses on enhancing the productivity, performance, and security of logistics-intensive businesses worldwide. Its Logistics Technology platform offers a range of modular, cloud-based, and interoperable web and wireless logistics management applications, which unites a community of logistics-focused parties, allowing them to transact business.

See Also

Institutional Ownership by Quarter for The Descartes Systems Group (NASDAQ:DSGX)

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