Scotiabank Cuts The Descartes Systems Group (NASDAQ:DSGX) Price Target to $115.00

The Descartes Systems Group (NASDAQ:DSGX) (TSE:DSG) had its target price decreased by Scotiabank from $127.00 to $115.00 in a research note released on Thursday morning, MarketBeat Ratings reports. Scotiabank currently has an outperform rating on the technology company’s stock.

Several other brokerages have also recently weighed in on DSGX. Wall Street Zen raised The Descartes Systems Group from a “sell” rating to a “hold” rating in a research note on Friday, September 5th. TD Securities began coverage on The Descartes Systems Group in a report on Friday, October 3rd. They issued a “buy” rating and a $121.00 target price on the stock. Barclays decreased their target price on shares of The Descartes Systems Group from $108.00 to $106.00 and set an “equal weight” rating for the company in a research report on Thursday. Raymond James Financial upgraded shares of The Descartes Systems Group from a “market perform” rating to an “outperform” rating and set a $118.00 price target for the company in a report on Thursday. Finally, BMO Capital Markets reduced their price objective on shares of The Descartes Systems Group from $113.00 to $95.00 and set a “market perform” rating on the stock in a research note on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $117.55.

The Descartes Systems Group Stock Performance

Shares of NASDAQ:DSGX opened at $92.75 on Thursday. The Descartes Systems Group has a 52 week low of $78.88 and a 52 week high of $124.31. The firm has a market cap of $7.98 billion, a PE ratio of 52.40 and a beta of 0.74. The firm’s fifty day moving average is $89.24 and its 200-day moving average is $98.50.

The Descartes Systems Group (NASDAQ:DSGX) (TSE:DSG) last posted its quarterly earnings data on Wednesday, December 3rd. The technology company reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.04. The business had revenue of $186.78 million during the quarter, compared to the consensus estimate of $184.24 million. The Descartes Systems Group had a return on equity of 10.76% and a net margin of 22.10%.The Descartes Systems Group’s quarterly revenue was up 11.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.42 earnings per share. Sell-side analysts forecast that The Descartes Systems Group will post 1.64 EPS for the current year.

Institutional Trading of The Descartes Systems Group

Large investors have recently modified their holdings of the stock. Norges Bank acquired a new position in shares of The Descartes Systems Group during the 2nd quarter valued at $117,678,000. Price T Rowe Associates Inc. MD grew its holdings in The Descartes Systems Group by 15.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,134,467 shares of the technology company’s stock worth $719,370,000 after purchasing an additional 936,718 shares during the period. Temasek Holdings Private Ltd acquired a new stake in The Descartes Systems Group in the second quarter worth $91,155,000. CIBC Asset Management Inc increased 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 purchasing an additional 613,009 shares in the last quarter. Finally, Picton Mahoney Asset Management acquired a new position in shares of The Descartes Systems Group during the second quarter valued at about $48,378,000. Institutional investors and hedge funds own 77.73% of the company’s stock.

The Descartes Systems Group Company Profile

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.