The Descartes Systems Group Inc. (NASDAQ:DSGX) Stock Short Interest Drops 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 trading volume of 844,432 shares, the short-interest ratio is currently 2.2 days. Approximately 2.2% of the shares of the company are sold short.

The Descartes Systems Group Stock Performance

Shares of NASDAQ DSGX traded down $0.18 during midday trading on Thursday, reaching $80.68. The stock had a trading volume of 157,338 shares, compared to its average volume of 621,693. The company has a market capitalization of $6.90 billion, a price-to-earnings ratio of 37.64 and a beta of 0.62. The Descartes Systems Group has a 12-month low of $62.56 and a 12-month high of $98.35. The stock has a 50-day moving average of $77.48 and a 200-day moving average of $73.59.

The Descartes Systems Group (NASDAQ:DSGX) (TSE:DSG) last released its earnings results on Thursday, September 10th. The technology company reported $0.57 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.57. The company had revenue of $198.12 million for the quarter, compared to analysts’ expectations of $197.54 million. The Descartes Systems Group had a net margin of 24.25% and a return on equity of 11.66%. The Descartes Systems Group’s revenue for the quarter was up 11.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.43 EPS. As a group, analysts forecast that The Descartes Systems Group will post 2.37 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on DSGX shares. National Bank Financial boosted their price objective 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. Scotiabank lifted their target price on The Descartes Systems Group from $95.00 to $98.00 and gave the company a “sector outperform” rating in a research report on Friday, September 11th. Canadian Imperial Bank of Commerce boosted their price target on The Descartes Systems Group from $116.00 to $118.00 and gave the company an “outperformer” rating in a report on Thursday, June 4th. Loop Capital restated a “buy” rating and issued a $96.00 price target on shares of The Descartes Systems Group in a research report on Thursday, June 4th. Finally, Raymond James Financial reduced their price target 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. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, The Descartes Systems Group presently has an average rating of “Moderate Buy” and an average target price of $102.71.

Hedge Funds Weigh In On The Descartes Systems Group

Several large investors have recently made changes to their positions in DSGX. Janus Henderson Group PLC grew its position 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 in the last quarter. Jupiter Topco LLC purchased a new position in The Descartes Systems Group in the 2nd quarter worth approximately $181,742,000. Arrowstreet Capital Limited Partnership lifted its holdings in 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 worth $152,898,000 after purchasing an additional 743,104 shares in the last quarter. The Manufacturers Life Insurance Company bought a new position in The Descartes Systems Group in the 2nd quarter worth approximately $141,403,000. Finally, Westfield Capital Management Co. LP boosted its stake in 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 worth $104,655,000 after purchasing an additional 192,538 shares during the period. 77.73% of the stock is currently owned by hedge funds and other institutional investors.

About The Descartes Systems Group

The Descartes Systems Group Inc is a Canadian technology company that provides cloud-based logistics and supply chain management solutions. Its Global Logistics Network connects manufacturers, retailers, distributors, logistics service providers, carriers, and other trading partners to support the exchange of information and the coordination of shipments.

The company’s products and services address a range of transportation and trade-management needs, including transportation management, route planning and optimization, delivery and last-mile management, shipment visibility, freight forwarding, customs and regulatory compliance, electronic data interchange, and telematics.