Granite Investment Partners LLC Lowers Stock Holdings in The Descartes Systems Group Inc. (NASDAQ:DSGX)

Granite Investment Partners LLC reduced its position in The Descartes Systems Group Inc. (NASDAQ:DSGX) (TSE:DSG) by 36.8% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 210,466 shares of the technology company’s stock after selling 122,441 shares during the period. The Descartes Systems Group comprises approximately 0.8% of Granite Investment Partners LLC’s holdings, making the stock its 28th biggest holding. Granite Investment Partners LLC owned 0.25% of The Descartes Systems Group worth $20,382,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD grew its stake in The Descartes Systems Group by 3.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,602,572 shares of the technology company’s stock worth $695,864,000 after acquiring an additional 278,796 shares during the period. Vanguard Group Inc. grew its stake in shares of The Descartes Systems Group by 1.3% during the 1st quarter. Vanguard Group Inc. now owns 3,137,637 shares of the technology company’s stock valued at $287,188,000 after buying an additional 40,897 shares during the period. Conestoga Capital Advisors LLC grew its stake in shares of The Descartes Systems Group by 2.2% during the 2nd quarter. Conestoga Capital Advisors LLC now owns 3,116,109 shares of the technology company’s stock valued at $301,764,000 after buying an additional 66,645 shares during the period. Fiera Capital Corp grew its stake in shares of The Descartes Systems Group by 3.3% during the 2nd quarter. Fiera Capital Corp now owns 2,558,831 shares of the technology company’s stock valued at $248,024,000 after buying an additional 81,263 shares during the period. Finally, Norges Bank purchased a new stake in shares of The Descartes Systems Group during the 4th quarter valued at $92,571,000. 77.73% of the stock is owned by hedge funds and other institutional investors.

The Descartes Systems Group Stock Performance

Shares of The Descartes Systems Group stock opened at $103.03 on Friday. The firm has a market cap of $8.80 billion, a PE ratio of 73.59 and a beta of 0.98. The firm’s 50-day simple moving average is $98.94 and its 200-day simple moving average is $95.79. The Descartes Systems Group Inc. has a 1 year low of $69.59 and a 1 year high of $104.71.

The Descartes Systems Group (NASDAQ:DSGX) (TSE:DSG) last announced its quarterly earnings data on Wednesday, September 4th. The technology company reported $0.40 earnings per share for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.03). The Descartes Systems Group had a net margin of 21.02% and a return on equity of 10.21%. The business had revenue of $163.43 million for the quarter, compared to the consensus estimate of $160.17 million. During the same period in the prior year, the company earned $0.32 EPS. The Descartes Systems Group’s quarterly revenue was up 14.0% on a year-over-year basis. On average, equities analysts predict that The Descartes Systems Group Inc. will post 1.67 earnings per share for the current year.

Wall Street Analysts Forecast Growth

DSGX has been the subject of several research reports. Barclays boosted their price objective on shares of The Descartes Systems Group from $87.00 to $88.00 and gave the company an “underweight” rating in a research note on Thursday, September 5th. BMO Capital Markets boosted their price objective on shares of The Descartes Systems Group from $100.00 to $104.00 and gave the company a “market perform” rating in a research note on Thursday, September 5th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $115.00 price target on shares of The Descartes Systems Group in a research report on Thursday, September 5th. Stephens upped their price target on shares of The Descartes Systems Group from $107.00 to $110.00 and gave the stock an “overweight” rating in a research report on Thursday, May 30th. Finally, Raymond James upped their price target on shares of The Descartes Systems Group from $94.00 to $96.00 and gave the stock a “market perform” rating in a research report on Friday, May 31st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $103.00.

The Descartes Systems Group Profile

The Descartes Systems Group Inc provides cloud-based logistics and supply chain management solutions worldwide. Its 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; ecommerce, shipping, and fulfillment; customs and regulatory compliance; global trade intelligence; broker and forwarder enterprise systems; and B2B messaging and connectivity services.