Scotiabank Lowers The Descartes Systems Group (NASDAQ:DSGX) Price Target to $95.00

The Descartes Systems Group (NASDAQ:DSGX) (TSE:DSG) had its price objective lowered by investment analysts at Scotiabank from $115.00 to $95.00 in a report released on Wednesday, Marketbeat Ratings reports. The brokerage currently has an “outperform” rating on the technology company’s stock. Scotiabank’s price objective would suggest a potential upside of 39.93% from the stock’s previous close.

Other equities analysts have also issued research reports about the company. Morgan Stanley upgraded The Descartes Systems Group from an “equal weight” rating to an “overweight” rating in a research note on Thursday, January 15th. CIBC reduced their price target on The Descartes Systems Group from $127.00 to $126.00 and set an “outperform” rating for the company in a research note on Wednesday, October 29th. Barclays raised The Descartes Systems Group from an “equal weight” rating to an “overweight” rating and decreased their price objective for the company from $106.00 to $105.00 in a report on Monday, January 12th. Raymond James Financial raised The Descartes Systems Group from a “market perform” rating to an “outperform” rating and set a $118.00 target price for the company in a report on Thursday, December 4th. Finally, Zacks Research raised shares of The Descartes Systems Group from a “hold” rating to a “strong-buy” rating in a research report on Friday, January 16th. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, The Descartes Systems Group has an average rating of “Buy” and a consensus target price of $114.20.

The Descartes Systems Group Stock Performance

NASDAQ DSGX opened at $67.89 on Wednesday. The firm has a 50-day moving average of $85.27 and a 200-day moving average of $92.50. The stock has a market cap of $5.84 billion, a PE ratio of 38.36 and a beta of 0.75. The Descartes Systems Group has a 52-week low of $64.27 and a 52-week high of $124.31.

The Descartes Systems Group (NASDAQ:DSGX) (TSE:DSG) last announced its quarterly earnings results on Wednesday, December 3rd. The technology company reported $0.50 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.04. The business had revenue of $186.78 million for the quarter, compared to analyst estimates of $184.24 million. The Descartes Systems Group had a net margin of 22.10% and a return on equity of 10.57%. The Descartes Systems Group’s quarterly revenue was up 11.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.42 EPS. As a group, analysts predict that The Descartes Systems Group will post 1.64 EPS for the current fiscal year.

Institutional Investors Weigh In On The Descartes Systems Group

Institutional investors and hedge funds have recently bought and sold shares of the company. Norges Bank bought a new stake in The Descartes Systems Group during the second quarter worth $117,678,000. Temasek Holdings Private Ltd acquired a new position in shares of The Descartes Systems Group during the 2nd quarter worth $91,155,000. CIBC Asset Management Inc boosted its stake in The Descartes Systems Group by 275.4% in the second quarter. CIBC Asset Management Inc now owns 835,599 shares of the technology company’s stock valued at $85,085,000 after buying an additional 613,009 shares in the last quarter. Picton Mahoney Asset Management acquired a new stake in The Descartes Systems Group in the second quarter valued at about $48,378,000. Finally, Westfield Capital Management Co. LP grew its position in The Descartes Systems Group by 54.1% in the third quarter. Westfield Capital Management Co. LP now owns 1,001,331 shares of the technology company’s stock valued at $94,355,000 after acquiring an additional 351,700 shares during the last quarter. Institutional investors own 77.73% of the company’s stock.

The Descartes Systems Group Company Profile

The Descartes Systems Group Inc (NASDAQ: DSGX) is a global provider of cloud-based logistics and supply chain management solutions. The company’s software-as-a-service platform connects and optimizes the flow of goods, information and payments across the global supply chain, helping businesses coordinate transportation, customs clearance, routing, scheduling and fleet management. Descartes’ modular applications serve shippers, carriers, third-party logistics providers and regulatory authorities by enabling real-time visibility, compliance and execution across complex trade networks.

Headquartered in Waterloo, Ontario, Descartes was founded in 1981 and has grown through a combination of organic development and strategic acquisitions.