The Descartes Systems Group Inc. (NASDAQ:DSGX) Short Interest Up 8.1% in October

The Descartes Systems Group Inc. (NASDAQ:DSGX) (TSE:DSG) saw a significant increase in short interest in the month of October. As of October 31st, there was short interest totalling 560,100 shares, an increase of 8.1% from the October 15th total of 518,200 shares. Based on an average daily volume of 129,500 shares, the days-to-cover ratio is currently 4.3 days. Currently, 0.7% of the shares of the company are short sold.

The Descartes Systems Group Stock Performance

Shares of NASDAQ:DSGX traded up $1.22 during trading hours on Monday, hitting $112.63. 127,358 shares of the company’s stock traded hands, compared to its average volume of 152,894. The Descartes Systems Group has a 52 week low of $79.21 and a 52 week high of $117.24. The company’s fifty day simple moving average is $104.91 and its two-hundred day simple moving average is $100.11. The company has a market cap of $9.63 billion, a price-to-earnings ratio of 76.10 and a beta of 0.97.

The Descartes Systems Group (NASDAQ:DSGX) (TSE:DSG) last announced its earnings results on Wednesday, September 4th. The technology company reported $0.40 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 firm had revenue of $163.43 million during the quarter, compared to analyst estimates of $160.17 million. During the same quarter in the previous year, the business earned $0.32 earnings per share. The business’s quarterly revenue was up 14.0% compared to the same quarter last year. On average, analysts anticipate that The Descartes Systems Group will post 1.69 EPS for the current fiscal year.

Hedge Funds Weigh In On The Descartes Systems Group

Several institutional investors and hedge funds have recently modified their holdings of the stock. Avior Wealth Management LLC boosted its position in The Descartes Systems Group by 2.8% during the third quarter. Avior Wealth Management LLC now owns 4,273 shares of the technology company’s stock valued at $440,000 after purchasing an additional 117 shares during the last quarter. Legacy Wealth Asset Management LLC lifted its holdings in shares of The Descartes Systems Group by 3.8% during the 3rd quarter. Legacy Wealth Asset Management LLC now owns 3,771 shares of the technology company’s stock valued at $388,000 after buying an additional 137 shares during the last quarter. Assenagon Asset Management S.A. grew its stake in shares of The Descartes Systems Group by 4.3% in the 2nd quarter. Assenagon Asset Management S.A. now owns 3,832 shares of the technology company’s stock valued at $371,000 after buying an additional 158 shares in the last quarter. Assetmark Inc. increased its holdings in The Descartes Systems Group by 3.5% in the third quarter. Assetmark Inc. now owns 5,839 shares of the technology company’s stock worth $601,000 after buying an additional 197 shares during the last quarter. Finally, Park Place Capital Corp raised its position in The Descartes Systems Group by 31.6% during the second quarter. Park Place Capital Corp now owns 883 shares of the technology company’s stock valued at $86,000 after acquiring an additional 212 shares in the last quarter. 77.73% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on DSGX. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $115.00 target price on shares of The Descartes Systems Group in a report on Thursday, September 5th. BMO Capital Markets increased their price objective on shares of The Descartes Systems Group from $100.00 to $104.00 and gave the company a “market perform” rating in a research note on Thursday, September 5th. Canaccord Genuity Group set a $108.00 price objective on shares of The Descartes Systems Group and gave the stock a “buy” rating in a report on Thursday, September 5th. National Bankshares set a $125.00 target price on shares of The Descartes Systems Group and gave the company an “outperform” rating in a research note on Thursday, September 26th. Finally, Scotiabank raised their target price on shares of The Descartes Systems Group from $104.00 to $120.00 and gave the company a “sector outperform” rating in a research note on Thursday, October 24th. Four investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $109.25.

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.