Canaccord Genuity Believes Descartes (NASDAQ: DSGX) Won’t Stop Here

By Carrie Williams

In a report released yesterday, David Hynes from Canaccord Genuity reiterated a Buy rating on Descartes (NASDAQ: DSGX), with a price target of $26. The company’s shares closed yesterday at $24.45, close to its 52-week high of $24.50.

According to TipRanks.com, Hynes is a top 100 analyst with an average return of 28.8% and a 72.7% success rate. Hynes covers the Technology sector, focusing on stocks such as Nuance Communications, Medidata Solutions, and Ultimate Software.

Descartes has an analyst consensus of Strong Buy, with a price target consensus of $24.70.

The company has a one year high of $24.50 and a one year low of $18.21. Currently, Descartes has an average volume of 48.23K.

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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.