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

Shares of Manhattan Associates, Inc. (NASDAQ:MANH) 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 traded.

MANH has been the topic of a number of other reports. Rosenblatt Securities reaffirmed a “neutral” rating and set a $225.00 target price on shares of Manhattan Associates in a research note on Wednesday. Truist Financial boosted their price target on shares of Manhattan Associates from $240.00 to $260.00 and gave the company a “buy” rating in a research note on Wednesday, January 31st. Finally, Raymond James boosted their price target on shares of Manhattan Associates from $214.00 to $250.00 and gave the company an “outperform” rating in a research note on Wednesday, January 31st. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Manhattan Associates currently has an average rating of “Moderate Buy” and a consensus target price of $234.86.

Insider Buying and Selling

In related news, EVP James Stewart Gantt sold 680 shares of the company’s stock in a transaction that occurred 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 sale, the executive vice president now directly owns 57,093 shares of the company’s stock, valued at approximately $14,207,022.12. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, EVP James Stewart Gantt sold 680 shares of the company’s stock in a transaction that occurred 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 sale, the executive vice president now directly owns 57,093 shares of the company’s stock, valued at approximately $14,207,022.12. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Eddie Capel sold 10,897 shares of the company’s stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 242,153 shares in the company, valued at $59,988,562.69. The disclosure for this sale can be found here. 0.72% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. FMR LLC grew its holdings in Manhattan Associates by 2.1% during the 3rd quarter. FMR LLC now owns 1,628,850 shares of the software maker’s stock worth $321,958,000 after acquiring an additional 33,549 shares in the last quarter. Morgan Stanley grew its holdings in Manhattan Associates by 0.9% during the 3rd quarter. Morgan Stanley now owns 1,522,444 shares of the software maker’s stock worth $300,927,000 after acquiring an additional 13,303 shares in the last quarter. Franklin Resources Inc. grew its holdings in Manhattan Associates by 16.8% during the 4th quarter. Franklin Resources Inc. now owns 872,966 shares of the software maker’s stock worth $187,967,000 after acquiring an additional 125,541 shares in the last quarter. Norges Bank acquired a new position in shares of Manhattan Associates in the 4th quarter valued at $146,984,000. Finally, Northern Trust Corp boosted its holdings in shares of Manhattan Associates by 10.5% in the 3rd quarter. Northern Trust Corp now owns 645,187 shares of the software maker’s stock valued at $127,528,000 after buying an additional 61,437 shares in the last quarter. Institutional investors and hedge funds own 98.45% of the company’s stock.

Manhattan Associates Trading Up 1.0 %

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

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

Manhattan Associates Company Profile

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.