The Descartes Systems Group Inc. (NASDAQ:DSGX) Short Interest Up 73.9% in March

The Descartes Systems Group Inc. (NASDAQ:DSGX) (TSE:DSG) saw a significant growth in short interest in March. As of March 15th, there was short interest totalling 1,070,000 shares, a growth of 73.9% from the February 28th total of 615,300 shares. Based on an average daily volume of 282,700 shares, the days-to-cover ratio is currently 3.8 days. Approximately 1.3% of the shares of the stock are short sold.

Hedge Funds Weigh In On The Descartes Systems Group

Several large investors have recently modified their holdings of the business. FMR LLC raised its holdings in The Descartes Systems Group by 2.8% in the 3rd quarter. FMR LLC now owns 150,654 shares of the technology company’s stock valued at $15,503,000 after buying an additional 4,067 shares during the period. Quantbot Technologies LP purchased a new stake in shares of The Descartes Systems Group in the 3rd quarter valued at approximately $352,000. BNP Paribas Financial Markets acquired a new position in shares of The Descartes Systems Group in the 3rd quarter worth approximately $926,000. Northwest & Ethical Investments L.P. purchased a new position in shares of The Descartes Systems Group during the 3rd quarter worth approximately $2,404,000. Finally, Verition Fund Management LLC acquired a new stake in The Descartes Systems Group in the 3rd quarter valued at approximately $313,000. Institutional investors and hedge funds own 77.73% of the company’s stock.

The Descartes Systems Group Price Performance

Shares of DSGX stock opened at $100.24 on Monday. The company has a market capitalization of $8.58 billion, a PE ratio of 63.04 and a beta of 0.99. The firm’s 50-day moving average is $110.36 and its two-hundred day moving average is $110.33. The Descartes Systems Group has a 12 month low of $87.20 and a 12 month high of $124.31.

The Descartes Systems Group (NASDAQ:DSGX) (TSE:DSG) last released its quarterly earnings results on Wednesday, March 5th. The technology company reported $0.43 EPS for the quarter, meeting the consensus estimate of $0.43. The firm had revenue of $167.50 million for the quarter, compared to analyst estimates of $169.97 million. The Descartes Systems Group had a net margin of 21.80% and a return on equity of 10.65%. Sell-side analysts forecast that The Descartes Systems Group will post 1.64 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on DSGX shares. CIBC cut their price objective on The Descartes Systems Group from $128.00 to $127.00 and set an “outperform” rating for the company in a research report on Thursday, March 6th. Royal Bank of Canada restated an “outperform” rating and set a $130.00 price objective on shares of The Descartes Systems Group in a research report on Friday. StockNews.com lowered shares of The Descartes Systems Group from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. BMO Capital Markets cut their target price on shares of The Descartes Systems Group from $120.00 to $113.00 and set a “market perform” rating for the company in a research note on Thursday, March 6th. Finally, Scotiabank raised their price target on shares of The Descartes Systems Group from $125.00 to $127.00 and gave the company a “sector outperform” rating in a research note on Wednesday, March 26th. Five research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, The Descartes Systems Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $120.50.

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.