Manhattan Associates (NASDAQ:MANH) Upgraded to Buy by DA Davidson

Manhattan Associates (NASDAQ:MANH) was upgraded by DA Davidson from a “neutral” rating to a “buy” rating in a research report issued on Thursday, FinViz reports. The firm presently has a $240.00 price objective on the software maker’s stock, up from their prior price objective of $220.00. DA Davidson’s price objective suggests a potential upside of 16.32% from the company’s previous close. DA Davidson also issued estimates for Manhattan Associates’ Q2 2024 earnings at $0.70 EPS, FY2024 earnings at $2.90 EPS and FY2025 earnings at $3.60 EPS.

A number of other brokerages have also recently commented on MANH. Raymond James lifted their price target on Manhattan Associates from $214.00 to $250.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 31st. Citigroup decreased their price objective on Manhattan Associates from $260.00 to $220.00 and set a “neutral” rating for the company in a report on Wednesday. Truist Financial boosted 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. Finally, Rosenblatt Securities reissued a “neutral” rating and issued a $225.00 price objective on shares of Manhattan Associates in a report on Wednesday. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $234.86.

Manhattan Associates Stock Performance

Shares of MANH opened at $206.32 on Thursday. The stock has a 50-day moving average of $245.97 and a two-hundred day moving average of $227.06. Manhattan Associates has a one year low of $152.32 and a one year high of $266.94. The stock has a market cap of $12.70 billion, a P/E ratio of 67.43 and a beta of 1.44.

Manhattan Associates (NASDAQ:MANH) last issued its quarterly earnings results on Tuesday, January 30th. The software maker reported $0.78 EPS for the quarter, topping analysts’ consensus estimates of $0.55 by $0.23. Manhattan Associates had a return on equity of 87.22% and a net margin of 19.91%. The company had revenue of $238.26 million during the quarter, compared to analysts’ expectations of $223.99 million. Analysts predict that Manhattan Associates will post 2.78 EPS for the current fiscal year.

Insider Activity at Manhattan Associates

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

Institutional Investors Weigh In On Manhattan Associates

Several large investors have recently bought and sold shares of MANH. CWM LLC increased its stake in Manhattan Associates by 22.0% during the 3rd quarter. CWM LLC now owns 997 shares of the software maker’s stock worth $197,000 after buying an additional 180 shares in the last quarter. AE Wealth Management LLC increased its stake in Manhattan Associates by 119.8% during the 3rd quarter. AE Wealth Management LLC now owns 3,271 shares of the software maker’s stock worth $647,000 after buying an additional 1,783 shares in the last quarter. IFP Advisors Inc increased its stake in Manhattan Associates by 6.4% during the 3rd quarter. IFP Advisors Inc now owns 1,250 shares of the software maker’s stock worth $247,000 after buying an additional 75 shares in the last quarter. Global Retirement Partners LLC increased its stake in Manhattan Associates by 59.2% during the 3rd quarter. Global Retirement Partners LLC now owns 581 shares of the software maker’s stock worth $116,000 after buying an additional 216 shares in the last quarter. Finally, SG Americas Securities LLC increased its stake in Manhattan Associates by 61.5% during the 3rd quarter. SG Americas Securities LLC now owns 9,287 shares of the software maker’s stock worth $1,836,000 after buying an additional 3,537 shares in the last quarter. 98.45% of the stock is currently owned by hedge funds and other institutional investors.

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.