The Descartes Systems Group Inc. (NASDAQ:DSGX) Stock Short Interest Falls 52.7%

The Descartes Systems Group Inc. (NASDAQ:DSGX) (TSE:DSG) was the target of a significant drop in short interest in the month of September. As of September 15th, there was short interest totaling 1,868,443 shares, a drop of 52.7% from the August 31st total of 3,946,383 shares. Based on an average daily volume of 844,432 shares, the days-to-cover ratio is presently 2.2 days. Approximately 2.2% of the company’s stock are sold short.

Hedge Funds Weigh In On The Descartes Systems Group

A number of institutional investors and hedge funds have recently modified their holdings of the company. Janus Henderson Group PLC grew its holdings in shares of The Descartes Systems Group by 4.1% during the first quarter. Janus Henderson Group PLC now owns 2,574,468 shares of the technology company’s stock worth $184,127,000 after purchasing an additional 100,937 shares during the last quarter. Jupiter Topco LLC purchased a new stake in shares of The Descartes Systems Group in the 2nd quarter valued at about $181,742,000. Arrowstreet Capital Limited Partnership lifted its holdings in shares of The Descartes Systems Group by 74.3% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,743,262 shares of the technology company’s stock valued at $152,898,000 after purchasing an additional 743,104 shares during the last quarter. The Manufacturers Life Insurance Company acquired a new stake in shares of The Descartes Systems Group in the 2nd quarter valued at about $141,403,000. Finally, Westfield Capital Management Co. LP boosted its position in shares of The Descartes Systems Group by 19.2% in the 4th quarter. Westfield Capital Management Co. LP now owns 1,193,869 shares of the technology company’s stock valued at $104,655,000 after purchasing an additional 192,538 shares during the period. Institutional investors and hedge funds own 77.73% of the company’s stock.

The Descartes Systems Group Trading Up 0.8%

NASDAQ:DSGX traded up $0.61 during mid-day trading on Tuesday, hitting $79.46. The stock had a trading volume of 388,417 shares, compared to its average volume of 625,681. The Descartes Systems Group has a twelve month low of $62.56 and a twelve month high of $98.35. The stock has a 50-day simple moving average of $77.06 and a two-hundred day simple moving average of $73.45. The company has a market capitalization of $6.80 billion, a PE ratio of 37.13 and a beta of 0.62.

The Descartes Systems Group (NASDAQ:DSGX) (TSE:DSG) last posted its quarterly earnings results on Thursday, September 10th. The technology company reported $0.57 EPS for the quarter, hitting the consensus estimate of $0.57. The Descartes Systems Group had a net margin of 24.25% and a return on equity of 11.66%. The company had revenue of $198.12 million during the quarter, compared to analysts’ expectations of $197.54 million. During the same quarter in the previous year, the business posted $0.43 EPS. The firm’s revenue was up 11.8% on a year-over-year basis. Sell-side analysts predict that The Descartes Systems Group will post 2.37 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

DSGX has been the topic of several recent research reports. Royal Bank Of Canada set a $125.00 target price on shares of The Descartes Systems Group and gave the stock an “outperform” rating in a research note on Friday, September 4th. National Bank Financial raised their price target on shares of The Descartes Systems Group from $95.00 to $100.00 and gave the company an “outperform” rating in a research report on Monday, September 14th. Scotia boosted their price target on shares of The Descartes Systems Group from $95.00 to $98.00 and gave the stock a “sector outperform” rating in a research note on Friday, September 11th. Canadian Imperial Bank of Commerce increased their price objective on The Descartes Systems Group from $116.00 to $118.00 and gave the company an “outperformer” rating in a research note on Thursday, June 4th. Finally, Raymond James Financial decreased their target price on The Descartes Systems Group from $118.00 to $108.00 and set an “outperform” rating for the company in a report on Thursday, June 4th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $102.71.

About The Descartes Systems Group

The Descartes Systems Group Inc is a Canadian technology company that provides cloud-based logistics and supply chain management software. Its platform helps businesses manage the movement of goods, shipments, vehicles and trade-related information across complex supply chains.

The company’s offerings include transportation management, route planning and optimization, shipment tracking, telematics, freight matching, customs and regulatory compliance, logistics messaging, and electronic connectivity among shippers, carriers, brokers, manufacturers and other supply chain participants.