The Descartes Systems Group (NASDAQ:DSGX) Price Target Cut to $71.00 by Analysts at Raymond James

The Descartes Systems Group (NASDAQ:DSGXGet Rating) (TSE:DSG) had its target price reduced by Raymond James from $83.00 to $71.00 in a research report issued to clients and investors on Thursday, BayStreet.CA reports. The firm presently has a “market perform” rating on the technology company’s stock. Raymond James’ target price would indicate a potential upside of 12.40% from the stock’s previous close.

DSGX has been the subject of a number of other reports. StockNews.com assumed coverage on shares of The Descartes Systems Group in a report on Thursday, March 31st. They set a “buy” rating for the company. Barclays reduced their target price on shares of The Descartes Systems Group from $78.00 to $61.00 and set an “equal weight” rating for the company in a report on Friday, May 20th. Royal Bank of Canada reduced their target price on shares of The Descartes Systems Group from $100.00 to $85.00 and set an “outperform” rating for the company in a report on Friday, May 27th. Zacks Investment Research lowered shares of The Descartes Systems Group from a “buy” rating to a “hold” rating in a research note on Wednesday. Finally, BMO Capital Markets decreased their price objective on shares of The Descartes Systems Group from $81.00 to $68.00 in a research note on Thursday. Four equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, The Descartes Systems Group presently has a consensus rating of “Buy” and an average target price of $80.11.

Shares of The Descartes Systems Group stock traded up $2.22 on Thursday, hitting $63.17. The company had a trading volume of 18,220 shares, compared to its average volume of 163,969. The company has a market cap of $5.35 billion, a PE ratio of 63.17 and a beta of 1.13. The Descartes Systems Group has a 52 week low of $56.19 and a 52 week high of $91.39. The business has a 50-day simple moving average of $63.98 and a 200-day simple moving average of $71.44.

The Descartes Systems Group (NASDAQ:DSGXGet Rating) (TSE:DSG) last issued its earnings results on Wednesday, June 1st. The technology company reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.26 by $0.01. The firm had revenue of $116.40 million during the quarter, compared to analysts’ expectations of $113.97 million. The Descartes Systems Group had a net margin of 20.32% and a return on equity of 8.86%. The firm’s revenue for the quarter was up 17.8% compared to the same quarter last year. During the same period last year, the firm posted $0.21 earnings per share. On average, equities analysts expect that The Descartes Systems Group will post 1.12 EPS for the current year.

A number of hedge funds have recently added to or reduced their stakes in DSGX. Durable Capital Partners LP lifted its position in The Descartes Systems Group by 60.6% in the 1st quarter. Durable Capital Partners LP now owns 2,585,059 shares of the technology company’s stock worth $189,381,000 after buying an additional 975,727 shares in the last quarter. Wasatch Advisors Inc. purchased a new stake in The Descartes Systems Group in the 1st quarter worth approximately $66,482,000. Norges Bank purchased a new stake in The Descartes Systems Group in the 4th quarter worth approximately $70,678,000. Principal Financial Group Inc. purchased a new stake in The Descartes Systems Group in the 1st quarter worth approximately $41,939,000. Finally, The Manufacturers Life Insurance Company lifted its position in The Descartes Systems Group by 46.3% in the 1st quarter. The Manufacturers Life Insurance Company now owns 1,803,787 shares of the technology company’s stock worth $132,240,000 after buying an additional 570,744 shares in the last quarter. Institutional investors own 72.41% of the company’s stock.

About The Descartes Systems Group (Get Rating)

The Descartes Systems Group Inc provides cloud-based logistics and supply chain management business process solutions that focuses on enhancing the productivity, performance, and security of logistics-intensive businesses worldwide. Its Logistics Technology platform offers a range of modular, cloud-based, and interoperable web and wireless logistics management applications, which unites a community of logistics-focused parties, allowing them to transact business.

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