Connor Clark & Lunn Investment Management Ltd. Invests $58.76 Million in The Descartes Systems Group Inc. $DSGX

Connor Clark & Lunn Investment Management Ltd. bought a new stake in The Descartes Systems Group Inc. (NASDAQ:DSGX) (TSE:DSG) during the second quarter, HoldingsChannel reports. The firm bought 849,164 shares of the technology company’s stock, valued at approximately $58,755,000.

Several other large investors have also modified their holdings of the stock. Quarry LP bought a new position in The Descartes Systems Group during the 3rd quarter worth approximately $27,000. Trust Co. of Vermont bought a new stake in The Descartes Systems Group during the second quarter valued at $33,000. Danske Bank A S acquired a new stake in shares of The Descartes Systems Group during the third quarter worth $34,000. Keating Financial Advisory Services Inc. acquired a new stake in The Descartes Systems Group during the second quarter worth about $38,000. Finally, EverSource Wealth Advisors LLC raised its position in shares of The Descartes Systems Group by 57.5% during the 1st quarter. EverSource Wealth Advisors LLC now owns 548 shares of the technology company’s stock worth $39,000 after purchasing an additional 200 shares during the period. Institutional investors own 77.73% of the company’s stock.

The Descartes Systems Group Price Performance

Shares of DSGX opened at $78.21 on Monday. The firm has a 50-day moving average price of $73.07 and a 200 day moving average price of $71.37. The firm has a market capitalization of $6.70 billion, a PE ratio of 39.10 and a beta of 0.62. The Descartes Systems Group Inc. has a 52-week low of $62.56 and a 52-week high of $109.00.

The Descartes Systems Group (NASDAQ:DSGX) (TSE:DSG) last released its earnings results on Wednesday, June 3rd. The technology company reported $0.55 EPS for the quarter, beating the consensus estimate of $0.52 by $0.03. The Descartes Systems Group had a net margin of 23.35% and a return on equity of 11.17%. The firm had revenue of $166.96 million for the quarter, compared to analysts’ expectations of $193.57 million. During the same quarter last year, the company earned $0.41 EPS. The Descartes Systems Group’s quarterly revenue was up 14.7% on a year-over-year basis. On average, equities analysts expect that The Descartes Systems Group Inc. will post 2.37 EPS for the current year.

Analyst Ratings Changes

Several research analysts have commented on DSGX shares. Canadian Imperial Bank of Commerce upped their target price on shares of The Descartes Systems Group from $116.00 to $118.00 and gave the stock an “outperformer” rating in a research report on Thursday, June 4th. Weiss Ratings raised The Descartes Systems Group from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, July 21st. Raymond James Financial reduced their price objective on 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. National Bank Financial set a $95.00 price objective on The Descartes Systems Group and gave the stock an “outperform” rating in a report on Monday, July 20th. Finally, Loop Capital restated a “buy” rating and issued a $96.00 target price on shares of The Descartes Systems Group in a research report on Thursday, June 4th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average 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.