Manhattan Associates (NASDAQ:MANH) Sets New 12-Month High After Analyst Upgrade

Shares of Manhattan Associates, Inc. (NASDAQ:MANH) reached a new 52-week high during mid-day trading on Thursday after Stifel Nicolaus raised their price target on the stock from $225.00 to $250.00. Stifel Nicolaus currently has a buy rating on the stock. Manhattan Associates traded as high as $227.71 and last traded at $226.3080, with a volume of 38,473 shares changing hands. The stock had previously closed at $220.04.

MANH has been the topic of several other reports. Citigroup lifted their price objective on Manhattan Associates from $177.00 to $193.00 and gave the company a “buy” rating in a research note on Tuesday, July 21st. UBS Group reiterated a “buy” rating on shares of Manhattan Associates in a report on Wednesday. Barclays increased their target price on shares of Manhattan Associates from $201.00 to $239.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 8th. DA Davidson lowered shares of Manhattan Associates from a “buy” rating to a “neutral” rating and set a $210.00 price target on the stock. in a report on Monday, September 28th. Finally, Robert W. Baird raised their price target on shares of Manhattan Associates from $218.00 to $260.00 and gave the company an “outperform” rating in a report on Wednesday, August 26th. Nine investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $223.70.

Insiders Place Their Bets

In other Manhattan Associates news, CEO Eric Clark sold 3,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $197.76, for a total transaction of $593,280.00. Following the completion of the sale, the chief executive officer owned 89,638 shares in the company, valued at $17,726,810.88. This trade represents a 3.24% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP James Gantt sold 5,139 shares of Manhattan Associates stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $195.53, for a total value of $1,004,828.67. Following the sale, the executive vice president owned 55,676 shares in the company, valued at $10,886,328.28. This represents a 8.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.84% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Manhattan Associates

A number of institutional investors have recently modified their holdings of the stock. BlackRock Inc. bought a new stake in Manhattan Associates in the second quarter valued at about $944,285,000. T. Rowe Price Investment Management Inc. grew its position in shares of Manhattan Associates by 35.2% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 2,580,241 shares of the software maker’s stock worth $447,182,000 after acquiring an additional 671,589 shares in the last quarter. Swedbank AB grew its position in shares of Manhattan Associates by 25.0% in the 1st quarter. Swedbank AB now owns 1,500,000 shares of the software maker’s stock worth $199,680,000 after acquiring an additional 300,000 shares in the last quarter. William Blair Investment Management LLC bought a new stake in shares of Manhattan Associates in the 2nd quarter valued at approximately $94,049,000. Finally, Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Manhattan Associates by 2.0% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 673,608 shares of the software maker’s stock valued at $89,671,000 after acquiring an additional 13,128 shares during the last quarter. Institutional investors and hedge funds own 98.45% of the company’s stock.

Manhattan Associates Trading Up 2.6%

The firm has a market capitalization of $13.16 billion, a price-to-earnings ratio of 64.69 and a beta of 0.95. The company has a 50-day moving average of $208.00 and a 200-day moving average of $167.18.

Manhattan Associates (NASDAQ:MANH) last released its quarterly earnings data on Tuesday, July 28th. The software maker reported $1.39 EPS for the quarter, topping analysts’ consensus estimates of $1.32 by $0.07. Manhattan Associates had a net margin of 18.67% and a return on equity of 86.72%. The firm had revenue of $297.79 million during the quarter, compared to the consensus estimate of $289.03 million. During the same quarter in the previous year, the company posted $1.31 earnings per share. The firm’s revenue was up 9.3% on a year-over-year basis. On average, research analysts forecast that Manhattan Associates, Inc. will post 3.87 earnings per share for the current year.

About Manhattan Associates

Manhattan Associates, Inc develops cloud-based software designed to help businesses manage supply chains, inventory, warehouse operations, transportation, and omnichannel commerce. Its solutions are used by retailers, wholesalers, manufacturers, distributors, logistics providers, and other organizations seeking to coordinate products, orders, labor, and fulfillment activities.

The company’s product portfolio includes Manhattan Active Warehouse Management, Manhattan Active Transportation Management, Manhattan Active Order Management, and related tools for inventory optimization, workforce management, customer engagement, and point-of-sale operations.