Scotiabank Forecasts Strong Price Appreciation for The Descartes Systems Group (NASDAQ:DSGX) Stock

The Descartes Systems Group (NASDAQ:DSGX) (TSE:DSG) had its target price upped by research analysts at Scotiabank from $120.00 to $125.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has a “sector outperform” rating on the technology company’s stock. Scotiabank’s target price points to a potential upside of 7.74% from the stock’s previous close.

A number of other analysts also recently commented on the company. Royal Bank of Canada raised their price objective on The Descartes Systems Group from $115.00 to $133.00 and gave the stock an “outperform” rating in a research report on Friday, November 29th. Canaccord Genuity Group set a $108.00 price target on shares of The Descartes Systems Group and gave the stock a “buy” rating in a research note on Thursday, September 5th. Barclays raised shares of The Descartes Systems Group from an “underweight” rating to an “equal weight” rating and boosted their price target for the company from $88.00 to $125.00 in a report on Friday, November 15th. National Bankshares set a $125.00 price objective on shares of The Descartes Systems Group and gave the stock an “outperform” rating in a report on Thursday, September 26th. Finally, StockNews.com cut shares of The Descartes Systems Group from a “buy” rating to a “hold” rating in a research note on Monday. Five analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $112.50.

The Descartes Systems Group Price Performance

Shares of The Descartes Systems Group stock traded up $0.05 during midday trading on Wednesday, hitting $116.02. The company had a trading volume of 341,459 shares, compared to its average volume of 156,754. The Descartes Systems Group has a 1-year low of $79.21 and a 1-year high of $118.49. The business’s 50 day simple moving average is $108.71 and its two-hundred day simple moving average is $101.68. The stock has a market cap of $9.91 billion, a PE ratio of 78.39 and a beta of 0.98.

The Descartes Systems Group (NASDAQ:DSGX) (TSE:DSG) last posted its quarterly earnings results on Wednesday, September 4th. The technology company reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.03). The Descartes Systems Group had a return on equity of 10.21% and a net margin of 21.02%. The company had revenue of $163.43 million during the quarter, compared to analyst estimates of $160.17 million. During the same quarter in the prior year, the business earned $0.32 earnings per share. The business’s revenue for the quarter was up 14.0% on a year-over-year basis. On average, sell-side analysts expect that The Descartes Systems Group will post 1.69 EPS for the current fiscal year.

Institutional Investors Weigh In On The Descartes Systems Group

Hedge funds have recently added to or reduced their stakes in the stock. Ellsworth Advisors LLC bought a new stake in shares of The Descartes Systems Group during the second quarter worth $527,000. Plato Investment Management Ltd bought a new stake in The Descartes Systems Group during the 3rd quarter worth about $2,308,000. Massachusetts Financial Services Co. MA lifted its position in The Descartes Systems Group by 2.1% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 470,631 shares of the technology company’s stock valued at $48,456,000 after purchasing an additional 9,768 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in shares of The Descartes Systems Group by 8.7% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 593,906 shares of the technology company’s stock valued at $57,514,000 after purchasing an additional 47,481 shares during the last quarter. Finally, Fiera Capital Corp raised its stake in shares of The Descartes Systems Group by 3.3% during the second quarter. Fiera Capital Corp now owns 2,558,831 shares of the technology company’s stock worth $248,024,000 after buying an additional 81,263 shares during the last quarter. Institutional investors own 77.73% of the company’s stock.

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.