Descartes Receives a Buy from Canaccord GenuityBy Ryan Adsit
Canaccord Genuity analyst David Hynes reiterated a Buy rating on Descartes (NASDAQ: DSGX) yesterday and set a price target of $26. The company’s shares opened today at $22, close to its 52-week high of $22.90.
According to TipRanks.com, Hynes is a top 100 analyst with an average return of 33.2% and a 77.2% success rate. Hynes covers the Technology sector, focusing on stocks such as Nuance Communications, Ultimate Software, and Top Image Systems.
Descartes has an analyst consensus of Moderate Buy, with a price target consensus of $24.50.
Based on Descartes’ latest earnings report for the quarter ending July 31, the company posted quarterly revenue of $50.52 million and quarterly net profit of $5.78 million. In comparison, last year the company earned revenue of $47.36 million and had a net profit of $5.23 million.
The Descartes Systems Group, Inc. is an information technology company which provides logistics technology solutions. It specializes in cloud-based solutions including modular and software-as-a-service to route, schedule, track, and measure delivery resources; plan, allocate and execute shipments; rate, audit and pay transportation invoices; access and leverage global trade and restricted party data; file customers and security documents for imports and exports; research and perform trade tariff and duty calculations and to complete numerous other logistics processes. It primarily supports transportation industry, logistics service providers, third-party logistics providers, freight forwarders, and custom brokers. The company was founded on May 22, 1981 and is headquartered in Waterloo, Canada.