The Descartes Systems Group Inc. (NASDAQ:DSGX) Sees Significant Decline in Short Interest

The Descartes Systems Group Inc. (NASDAQ:DSGX) (TSE:DSG) was the recipient of a significant decline in short interest in July. As of July 31st, there was short interest totalling 593,700 shares, a decline of 6.9% from the July 15th total of 637,800 shares. Based on an average daily trading volume, of 150,300 shares, the days-to-cover ratio is presently 4.0 days. Approximately 0.7% of the shares of the stock are sold short.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in DSGX. Fiera Capital Corp lifted 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 worth $248,024,000 after purchasing an additional 81,263 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its stake in The Descartes Systems Group by 28.6% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,256 shares of the technology company’s stock worth $122,000 after acquiring an additional 279 shares during the last quarter. Creative Planning lifted its position in The Descartes Systems Group by 70.5% during the 2nd quarter. Creative Planning now owns 12,762 shares of the technology company’s stock worth $1,236,000 after acquiring an additional 5,275 shares during the period. Ascent Group LLC acquired a new stake in shares of The Descartes Systems Group during the second quarter worth about $275,000. Finally, Mackenzie Financial Corp boosted its holdings in shares of The Descartes Systems Group by 4.5% in the 2nd quarter. Mackenzie Financial Corp now owns 2,134,228 shares of the technology company’s stock valued at $206,807,000 after acquiring an additional 91,301 shares during the last quarter. 77.73% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. CIBC raised their target price on shares of The Descartes Systems Group from $101.00 to $108.00 and gave the company an “outperform” rating in a research note on Thursday, May 30th. Royal Bank of Canada boosted their target price on The Descartes Systems Group from $110.00 to $115.00 and gave the stock an “outperform” rating in a research report on Friday, May 24th. Stephens raised their price target on The Descartes Systems Group from $107.00 to $110.00 and gave the company an “overweight” rating in a report on Thursday, May 30th. Redburn Atlantic initiated coverage on The Descartes Systems Group in a research note on Tuesday, May 14th. They issued a “neutral” rating and a $90.00 price objective on the stock. Finally, StockNews.com downgraded The Descartes Systems Group from a “buy” rating to a “hold” rating in a research report on Friday, May 3rd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $102.00.

The Descartes Systems Group Trading Down 0.3 %

Shares of DSGX opened at $100.31 on Wednesday. The company’s fifty day simple moving average is $97.91 and its 200-day simple moving average is $94.06. The company has a market cap of $8.56 billion, a P/E ratio of 71.65 and a beta of 0.98. The Descartes Systems Group has a twelve month low of $69.59 and a twelve month high of $104.71.

The Descartes Systems Group (NASDAQ:DSGX) (TSE:DSG) last posted its quarterly earnings results on Wednesday, May 29th. The technology company reported $0.40 EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.02). The company had revenue of $151.30 million during the quarter, compared to the consensus estimate of $151.80 million. The Descartes Systems Group had a return on equity of 9.96% and a net margin of 20.62%. The company’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.34 earnings per share. Analysts predict that The Descartes Systems Group will post 1.7 earnings per share for the current fiscal year.

About The Descartes Systems Group

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.