Manhattan Associates (NASDAQ:MANH) Shares Gap Down After Analyst Downgrade

Manhattan Associates, Inc. (NASDAQ:MANH)’s stock price gapped down before the market opened on Wednesday after Citigroup lowered their price target on the stock from $260.00 to $220.00. The stock had previously closed at $230.63, but opened at $208.49. Citigroup currently has a neutral rating on the stock. Manhattan Associates shares last traded at $210.46, with a volume of 216,900 shares.

Several other brokerages have also recently weighed in on MANH. Truist Financial raised their price objective on Manhattan Associates from $240.00 to $260.00 and gave the company a “buy” rating in a report on Wednesday, January 31st. Raymond James increased their price target on Manhattan Associates from $214.00 to $250.00 and gave the company an “outperform” rating in a research report on Wednesday, January 31st. Finally, Rosenblatt Securities reaffirmed a “neutral” rating and set a $225.00 price target on shares of Manhattan Associates in a research report on Wednesday. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $234.86.

Insider Activity at Manhattan Associates

In other Manhattan Associates news, EVP James Stewart Gantt sold 680 shares of the business’s stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $248.84, for a total transaction of $169,211.20. Following the transaction, the executive vice president now owns 57,093 shares of the company’s stock, valued at $14,207,022.12. The sale was disclosed in a document filed with the SEC, which is available through this link. In other Manhattan Associates news, CEO Eddie Capel sold 10,897 shares of the firm’s stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $247.73, for a total transaction of $2,699,513.81. Following the completion of the sale, the chief executive officer now owns 242,153 shares of the company’s stock, valued at approximately $59,988,562.69. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP James Stewart Gantt sold 680 shares of the company’s stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $248.84, for a total transaction of $169,211.20. Following the completion of the transaction, the executive vice president now owns 57,093 shares in the company, valued at $14,207,022.12. The disclosure for this sale can be found here. 0.72% of the stock is currently owned by company insiders.

Institutional Trading of Manhattan Associates

Hedge funds and other institutional investors have recently modified their holdings of the stock. Teachers Retirement System of The State of Kentucky lifted its position in Manhattan Associates by 59.9% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 21,612 shares of the software maker’s stock worth $4,271,000 after acquiring an additional 8,094 shares during the last quarter. Highland Capital Management LLC acquired a new position in Manhattan Associates in the 4th quarter valued at $1,142,000. Redhawk Wealth Advisors Inc. bought a new position in Manhattan Associates during the 4th quarter worth $1,050,000. Meeder Asset Management Inc. acquired a new stake in shares of Manhattan Associates during the fourth quarter worth $2,039,000. Finally, Louisiana State Employees Retirement System bought a new stake in shares of Manhattan Associates in the fourth quarter valued at about $3,725,000. Institutional investors own 98.45% of the company’s stock.

Manhattan Associates Stock Up 1.0 %

The firm has a market capitalization of $12.83 billion, a price-to-earnings ratio of 68.07 and a beta of 1.44. The company’s 50 day moving average is $245.12 and its 200 day moving average is $226.92.

Manhattan Associates (NASDAQ:MANH) last posted its quarterly earnings data on Tuesday, January 30th. The software maker reported $0.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.55 by $0.23. Manhattan Associates had a net margin of 19.91% and a return on equity of 85.28%. The firm had revenue of $238.26 million during the quarter, compared to the consensus estimate of $223.99 million. On average, analysts expect that Manhattan Associates, Inc. will post 2.81 EPS for the current year.

About Manhattan Associates

Manhattan Associates, Inc develops, sells, deploys, services, and maintains software solutions to manage supply chains, inventory, and omni-channel operations. It offers Warehouse Management Solution for managing goods and information across the distribution centers; Manhattan Active Warehouse Management, a cloud native and version less application for the associate; and Transportation Management Solution for helping shippers navigate their way through the demands and meet customer service expectations at the lowest possible freight costs; Manhattan SCALE, a portfolio of logistics execution solution; and Manhattan Active Omni, which offers order management, store inventory and fulfillment, POS, and customer engagement tools for enterprises and stores.