Descartes Systems (DSGX)

• Market cap: $9.02B
• 1 day: -0.53%
• 5 days: 1.50%
• 1 month: 4.52%
• 3 months: -10.28%
• 6 months: -1.01%
• Year to date: -7.15%
• 1 year: 13.58%
• 5 years: 150.45%
• 10 years: 602.60%
• Sector: Technology
• Industry: Software - Application

About: Descartes Systems Group provides a software solution that allows users in the shipping industry to communicate with one another. Its core product is the Global Logistics Network, which is best understood as transaction-driven. Descartes charges clients to send/receive messages, data, and documents on the GLN. Customers typically contract for a monthly minimum over a multiyear period. The GLN platform allows Descartes to upsell additional software modules as well, typically provided via a software-as-a-service model.

Employees: 2,175

Fund manager confidence

Based on 2024 Q4 regulatory disclosures by fund managers ($100M+ AUM)

219% more first-time investments, than exits

New positions opened: 51 | Existing positions closed: 16

40% more funds holding in top 10

Funds holding in top 10: 5 [Q3] → 7 (+2) [Q4]

14% more capital invested

Capital invested by funds: $6.79B [Q3] → $7.77B (+$982M) [Q4]

9% more funds holding

Funds holding: 336 [Q3] → 366 (+30) [Q4]

2.77% more ownership

Funds ownership: 76.81% [Q3] → 79.58% (+2.77%) [Q4]

9% less repeat investments, than reductions

Existing positions increased: 129 | Existing positions reduced: 142

33% less call options, than puts

Call options by funds: $7.07M | Put options by funds: $10.6M

Research analyst outlook

5 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $113 7% upside
• Avg. target: $125 19% upside
• High target: $137 30% upside

5 analyst ratings

• positive: 3 60%
• neutral: 2 40%
• negative: 0 0%

RBC Capital Paul Treiber 50% 1-year accuracy 11 / 22 met price target	23% upside $130	Outperform Reiterated	28 Mar 2025
Scotiabank Kevin Krishnaratne 40% 1-year accuracy 4 / 10 met price target	21% upside $127	Sector Outperform Maintained	26 Mar 2025
BMO Capital Thanos Moschopoulos 67% 1-year accuracy 4 / 6 met price target	7% upside $113	Market Perform Maintained	6 Mar 2025
Barclays Raimo Lenschow 40% 1-year accuracy 37 / 93 met price target	12% upside $118	Equal-Weight Maintained	6 Mar 2025
Stephens & Co. John Campbell 53% 1-year accuracy 16 / 30 met price target	30% upside $137	Overweight Maintained	6 Mar 2025