The Descartes Systems Group Inc. (NASDAQ:DSGX) Short Interest Down 10.8% in August

The Descartes Systems Group Inc. (NASDAQ:DSGX) (TSE:DSG) saw a large drop in short interest during the month of August. As of August 15th, there was short interest totalling 529,300 shares, a drop of 10.8% from the July 31st total of 593,700 shares. Approximately 0.6% of the shares of the company are sold short. Based on an average daily volume of 143,000 shares, the days-to-cover ratio is currently 3.7 days.

Analysts Set New Price Targets

DSGX has been the topic of several analyst reports. Raymond James lifted their target price on The Descartes Systems Group from $94.00 to $96.00 and gave the company a “market perform” rating in a research note on Friday, May 31st. TD Securities lifted their price target 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. Redburn Atlantic started coverage on The Descartes Systems Group in a research note on Tuesday, May 14th. They issued a “neutral” rating and a $90.00 price target on the stock. Barclays lifted their price target on The Descartes Systems Group from $75.00 to $87.00 and gave the company an “underweight” rating in a research note on Friday, May 17th. Finally, BMO Capital Markets lifted their price target on The Descartes Systems Group from $94.00 to $100.00 and gave the company a “market perform” rating in a research note on Thursday, May 30th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $102.00.

Hedge Funds Weigh In On The Descartes Systems Group

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Norges Bank acquired a new position in shares of The Descartes Systems Group in the fourth quarter worth $92,571,000. Westfield Capital Management Co. LP acquired a new position in shares of The Descartes Systems Group in the first quarter worth $47,481,000. Clearbridge Investments LLC acquired a new position in shares of The Descartes Systems Group in the fourth quarter worth $36,767,000. Price T Rowe Associates Inc. MD raised its holdings in shares of The Descartes Systems Group by 3.8% in the first 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 last quarter. Finally, Riverbridge Partners LLC raised its holdings in shares of The Descartes Systems Group by 36.6% in the first quarter. Riverbridge Partners LLC now owns 976,613 shares of the technology company’s stock worth $89,389,000 after acquiring an additional 261,688 shares during the last quarter. 77.73% of the stock is owned by institutional investors and hedge funds.

The Descartes Systems Group Stock Performance

DSGX stock traded down $1.25 during midday trading on Tuesday, hitting $99.64. 110,639 shares of the stock were exchanged, compared to its average volume of 156,566. The stock’s 50-day moving average price is $99.06 and its 200-day moving average price is $94.94. The stock has a market cap of $8.51 billion, a price-to-earnings ratio of 71.17 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.

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.