Short Interest in The Descartes Systems Group Inc. (NASDAQ:DSGX) Declines By 11.8%

The Descartes Systems Group Inc. (NASDAQ:DSGX) (TSE:DSG) was the recipient of a large drop in short interest during the month of June. As of June 30th, there was short interest totalling 662,100 shares, a drop of 11.8% from the June 15th total of 750,300 shares. Approximately 0.8% of the shares of the company are sold short. Based on an average daily trading volume, of 187,600 shares, the days-to-cover ratio is presently 3.5 days.

Hedge Funds Weigh In On The Descartes Systems Group

Institutional investors have recently made changes to their positions in the stock. TD Asset Management Inc raised its holdings in shares of The Descartes Systems Group by 10.5% in the fourth quarter. TD Asset Management Inc now owns 772,483 shares of the technology company’s stock worth $65,201,000 after acquiring an additional 73,410 shares during the last quarter. Quadrature Capital Ltd raised its holdings in shares of The Descartes Systems Group by 13.6% in the fourth quarter. Quadrature Capital Ltd now owns 156,000 shares of the technology company’s stock worth $13,131,000 after acquiring an additional 18,700 shares during the last quarter. Zeno Equity Partners LLP acquired a new position in shares of The Descartes Systems Group in the fourth quarter worth $11,108,000. Mackenzie Financial Corp raised its holdings in shares of The Descartes Systems Group by 8.8% in the fourth quarter. Mackenzie Financial Corp now owns 1,914,238 shares of the technology company’s stock worth $160,912,000 after acquiring an additional 154,110 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its position in shares of The Descartes Systems Group by 14.8% in the fourth quarter. Russell Investments Group Ltd. now owns 253,893 shares of the technology company’s stock valued at $21,420,000 after purchasing an additional 32,794 shares during the period. 77.73% of the stock is owned by institutional investors and hedge funds.

The Descartes Systems Group Stock Performance

DSGX stock traded down $3.74 during midday trading on Wednesday, hitting $100.19. 199,032 shares of the stock were exchanged, compared to its average volume of 164,470. The stock’s 50-day moving average price is $96.74 and its 200-day moving average price is $91.83. The stock has a market cap of $8.55 billion, a price-to-earnings ratio of 71.56 and a beta of 0.98. The Descartes Systems Group has a fifty-two week low of $69.59 and a fifty-two week high of $104.71.

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

Wall Street Analyst Weigh In

DSGX has been the topic of a number of research reports. StockNews.com downgraded The Descartes Systems Group from a “buy” rating to a “hold” rating in a research note on Friday, May 3rd. BMO Capital Markets raised their price target on The Descartes Systems Group from $94.00 to $100.00 and gave the stock a “market perform” rating in a research note on Thursday, May 30th. Stephens lifted their target price on The Descartes Systems Group from $107.00 to $110.00 and gave the company an “overweight” rating in a research note on Thursday, May 30th. Scotiabank lifted their target price on The Descartes Systems Group from $100.00 to $104.00 and gave the company a “sector outperform” rating in a research note on Friday, May 31st. Finally, TD Securities lifted their target price on The Descartes Systems Group from $110.00 to $115.00 and gave the company a “buy” rating in a research note on Thursday, May 30th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $102.00.

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.