The Descartes Systems Group (NASDAQ:DSGX) Shares Gap Down After Analyst Downgrade

The Descartes Systems Group Inc. (NASDAQ:DSGX) (TSE:DSG) shares gapped down before the market opened on Thursday after Royal Bank of Canada lowered their price target on the stock from $133.00 to $130.00. The stock had previously closed at $110.92, but opened at $95.95. Royal Bank of Canada currently has an outperform rating on the stock. The Descartes Systems Group shares last traded at $102.52, with a volume of 187,115 shares.

Several other equities analysts have also recently weighed in on the stock. StockNews.com cut shares of The Descartes Systems Group from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Loop Capital started coverage on The Descartes Systems Group in a research report on Tuesday, December 17th. They issued a “buy” rating and a $140.00 price target for the company. TD Securities lifted their price objective on shares of The Descartes Systems Group from $115.00 to $135.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Stephens lowered their target price on shares of The Descartes Systems Group from $145.00 to $137.00 and set an “overweight” rating for the company in a report on Thursday. Finally, BMO Capital Markets boosted their price target on shares of The Descartes Systems Group from $104.00 to $120.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. Five investment 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 company’s stock. Based on data from MarketBeat, The Descartes Systems Group has an average rating of “Moderate Buy” and a consensus price target of $119.33.

Hedge Funds Weigh In On The Descartes Systems Group

Several institutional investors have recently bought and sold shares of the company. Mackenzie Financial Corp lifted its stake in The Descartes Systems Group by 130.4% in the 4th quarter. Mackenzie Financial Corp now owns 4,947,789 shares of the technology company’s stock worth $561,827,000 after purchasing an additional 2,800,492 shares in the last quarter. Vanguard Group Inc. grew its position in The Descartes Systems Group by 1.7% during the fourth quarter. Vanguard Group Inc. now owns 3,299,323 shares of the technology company’s stock worth $375,047,000 after buying an additional 54,341 shares in the last quarter. Fiera Capital Corp increased its stake in The Descartes Systems Group by 0.8% in the 3rd quarter. Fiera Capital Corp now owns 2,578,648 shares of the technology company’s stock worth $265,692,000 after acquiring an additional 19,817 shares during the last quarter. T. Rowe Price Investment Management Inc. increased its stake in The Descartes Systems Group by 6.1% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,766,861 shares of the technology company’s stock worth $200,716,000 after acquiring an additional 101,290 shares during the last quarter. Finally, Franklin Resources Inc. raised its holdings in shares of The Descartes Systems Group by 23.9% in the 4th quarter. Franklin Resources Inc. now owns 1,694,589 shares of the technology company’s stock valued at $192,502,000 after acquiring an additional 326,643 shares in the last quarter. Hedge funds and other institutional investors own 77.73% of the company’s stock.

The Descartes Systems Group Stock Performance

The stock has a market cap of $8.52 billion, a P/E ratio of 63.34 and a beta of 0.99. The stock has a 50-day moving average price of $114.83 and a 200-day moving average price of $110.17.

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

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.