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

The Descartes Systems Group Inc. (NASDAQ:DSGX) (TSE:DSG) was the recipient of a large 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 days-to-cover ratio is presently 2.2 days. Currently, 2.2% of the shares of the stock are sold short.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Envestnet Asset Management Inc. grew its holdings in shares of The Descartes Systems Group by 9.0% during the 2nd quarter. Envestnet Asset Management Inc. now owns 143,645 shares of the technology company’s stock worth $9,946,000 after purchasing an additional 11,828 shares during the period. The Manufacturers Life Insurance Company lifted its position in The Descartes Systems Group by 85.8% in the second quarter. The Manufacturers Life Insurance Company now owns 2,045,632 shares of the technology company’s stock valued at $141,403,000 after buying an additional 944,877 shares during the last quarter. Van Hulzen Asset Management LLC purchased a new position in The Descartes Systems Group during the second quarter worth about $669,000. Maven Securities LTD acquired a new stake in shares of The Descartes Systems Group during the second quarter valued at about $818,000. Finally, Waverly Advisors LLC increased its position in shares of The Descartes Systems Group by 46.6% during the second quarter. Waverly Advisors LLC now owns 80,543 shares of the technology company’s stock valued at $5,577,000 after acquiring an additional 25,595 shares during the last quarter. 77.73% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have weighed in on DSGX. Loop Capital restated a “buy” rating and set a $96.00 price objective on shares of The Descartes Systems Group in a research report on Thursday, June 4th. Scotia lifted their target price on shares of 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. Raymond James Financial cut their target price on shares of The Descartes Systems Group from $118.00 to $108.00 and set an “outperform” rating for the company in a research note on Thursday, June 4th. Royal Bank Of Canada set a $125.00 price target on shares of The Descartes Systems Group and gave the stock an “outperform” rating in a research report on Friday, September 4th. Finally, Weiss Ratings upgraded The Descartes Systems Group from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, September 21st. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, The Descartes Systems Group has an average rating of “Moderate Buy” and an average price target of $102.71.

The Descartes Systems Group Stock Performance

Shares of DSGX stock traded up $1.40 during trading hours on Wednesday, reaching $80.86. The company had a trading volume of 400,612 shares, compared to its average volume of 624,338. The Descartes Systems Group has a 12-month low of $62.56 and a 12-month high of $98.35. The company has a market capitalization of $6.92 billion, a price-to-earnings ratio of 37.79 and a beta of 0.62. The stock has a fifty day moving average of $77.23 and a 200-day moving average of $73.53.

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

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.