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

Manhattan Associates, Inc. (NASDAQ:MANH) shares gapped down prior to trading 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.

A number of other equities analysts also recently weighed in on MANH. 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 raised their price target on shares of Manhattan Associates from $240.00 to $260.00 and gave the company a “buy” rating in a research report on Wednesday, January 31st. Finally, Raymond James raised their price target on shares of Manhattan Associates from $214.00 to $250.00 and gave the company an “outperform” rating in a research report on Wednesday, January 31st. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $234.86.

Insider Activity at Manhattan Associates

In related news, EVP James Stewart Gantt sold 680 shares of Manhattan Associates 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 transaction, the executive vice president now owns 57,093 shares in the company, valued at approximately $14,207,022.12. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Manhattan Associates news, EVP James Stewart Gantt sold 680 shares of Manhattan Associates stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $248.84, for a total value of $169,211.20. Following the sale, the executive vice president now directly owns 57,093 shares in the company, valued at approximately $14,207,022.12. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Eddie Capel sold 10,897 shares of Manhattan Associates stock in a transaction on Tuesday, February 6th. The shares were 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 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 corporate insiders.

Institutional Trading of Manhattan Associates

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

Manhattan Associates Stock Performance

The company has a market capitalization of $12.83 billion, a P/E ratio of 68.07 and a beta of 1.44. The firm’s fifty day moving average is $245.12 and its 200 day moving average is $226.92.

Manhattan Associates (NASDAQ:MANH) last issued its quarterly earnings results on Tuesday, January 30th. The software maker reported $0.78 EPS for the quarter, beating the consensus estimate of $0.55 by $0.23. The company had revenue of $238.26 million for the quarter, compared to the consensus estimate of $223.99 million. Manhattan Associates had a net margin of 19.91% and a return on equity of 85.28%. On average, analysts forecast 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.