Canaccord Genuity analyst David Hynes maintained a Buy rating on Descartes (NASDAQ: DSGX) today and set a price target of $35. The company’s shares opened today at $33.05.
Hynes observed:
“We recently hosted CEO the tone of our conversation was “business as usual.” His perspective with regard to global trade, was (a) regulations, trade agreements and tariffs are constantly in flux – which is a good thing for their business, (b) this cycle, with the U.S. front and center, has certainly created a lot of media hype, but that (c) to this point, Descartes has seen no impact on its business or signs of materially slowing global trade. This is clearly an evolving situation and something that we will need to watch.”
According to TipRanks.com, Hynes is a top 100 analyst with an average return of 33.3% and a 76.3% success rate. Hynes covers the Technology sector, focusing on stocks such as Aspen Technology, Veeva Systems, and SPS Commerce.
Descartes has an analyst consensus of Moderate Buy, with a price target consensus of $35.17.
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Descartes’ market cap is currently $2.53B and has a P/E ratio of 94.29. The company has a Price to Book ratio of 4.97.
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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.
