Bank of New York Mellon Corp Sells 6,923 Shares of The Descartes Systems Group Inc. (NASDAQ:DSGX)

Bank of New York Mellon Corp reduced its position in The Descartes Systems Group Inc. (NASDAQ:DSGX) (TSE:DSG) by 4.6% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 142,901 shares of the technology company’s stock after selling 6,923 shares during the period. Bank of New York Mellon Corp owned 0.17% of The Descartes Systems Group worth $11,519,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in DSGX. Price T Rowe Associates Inc. MD raised its stake in The Descartes Systems Group by 20.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 10,948,727 shares of the technology company’s stock valued at $762,578,000 after acquiring an additional 1,834,084 shares during the period. Norges Bank purchased a new position in The Descartes Systems Group during the 4th quarter valued at about $69,541,000. Durable Capital Partners LP grew its holdings in The Descartes Systems Group by 60.6% during the 1st quarter. Durable Capital Partners LP now owns 2,585,059 shares of the technology company’s stock valued at $189,381,000 after buying an additional 975,727 shares in the last quarter. Wasatch Advisors Inc. purchased a new position in The Descartes Systems Group during the 1st quarter valued at about $66,482,000. Finally, Goldman Sachs Group Inc. grew its holdings in The Descartes Systems Group by 547.3% during the 2nd quarter. Goldman Sachs Group Inc. now owns 1,058,300 shares of the technology company’s stock valued at $65,677,000 after buying an additional 894,814 shares in the last quarter. 76.73% of the stock is currently owned by institutional investors.

The Descartes Systems Group Price Performance

Shares of DSGX opened at $75.51 on Friday. The firm has a market cap of $6.42 billion, a P/E ratio of 59.93 and a beta of 1.02. The stock has a 50 day simple moving average of $76.37 and a two-hundred day simple moving average of $77.04. The Descartes Systems Group Inc. has a 1 year low of $61.26 and a 1 year high of $82.02.

The Descartes Systems Group (NASDAQ:DSGX) (TSE:DSG) last issued its earnings results on Wednesday, May 31st. The technology company reported $0.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.01. The Descartes Systems Group had a return on equity of 10.05% and a net margin of 21.44%. The business had revenue of $136.61 million during the quarter, compared to analyst estimates of $127.10 million. During the same quarter in the prior year, the firm earned $0.27 earnings per share. On average, equities analysts anticipate that The Descartes Systems Group Inc. will post 1.32 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms have weighed in on DSGX. TD Securities lifted their target price on The Descartes Systems Group from $90.00 to $91.00 and gave the company a “buy” rating in a report on Thursday, June 1st. StockNews.com started coverage on The Descartes Systems Group in a report on Thursday, August 17th. They set a “hold” rating for the company. 22nd Century Group reissued a “maintains” rating on shares of The Descartes Systems Group in a report on Thursday, June 1st. Barclays boosted their price objective on The Descartes Systems Group from $62.00 to $65.00 in a report on Thursday, June 1st. Finally, Stephens boosted their price objective on The Descartes Systems Group from $90.00 to $93.00 in a report on Thursday, June 1st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $82.86.

The Descartes Systems Group Company Profile

The Descartes Systems Group Inc provides cloud-based logistics and supply chain solutions worldwide. The company's Logistics Technology platform offers a range of modular, interoperable web and wireless logistics management solutions. The company provides a suite of solutions that include routing, mobile, and telematics; transportation management; e-commerce shipping and fulfillment; customs and regulatory compliance; trade intelligence; broker and forwarder enterprise systems; and B2B messaging and connectivity services.