Manhattan Associates (NASDAQ:MANH) Shares Gap Up on Analyst Upgrade

Manhattan Associates, Inc. (NASDAQ:MANH) shares gapped up prior to trading on Wednesday after Truist Financial raised their price target on the stock from $180.00 to $190.00. The stock had previously closed at $162.25, but opened at $178.47. Truist Financial currently has a buy rating on the stock. Manhattan Associates shares last traded at $184.08, with a volume of 375,342 shares trading hands.

Other analysts have also issued research reports about the stock. DA Davidson boosted their price target on shares of Manhattan Associates from $195.00 to $200.00 and gave the company a “buy” rating in a research report on Wednesday. Citigroup cut their price target on Manhattan Associates from $244.00 to $184.00 and set a “neutral” rating for the company in a report on Friday, March 14th. Raymond James decreased their price objective on Manhattan Associates from $305.00 to $270.00 and set an “outperform” rating on the stock in a research note on Wednesday, January 29th. Piper Sandler reduced their target price on Manhattan Associates from $268.00 to $200.00 and set an “overweight” rating for the company in a report on Friday, March 14th. Finally, Loop Capital restated a “hold” rating and issued a $170.00 price objective (down from $275.00) on shares of Manhattan Associates in a research report on Thursday, April 10th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $212.38.

Insider Activity at Manhattan Associates

In other news, CFO Dennis B. Story sold 2,788 shares of the company’s stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $170.83, for a total value of $476,274.04. Following the completion of the transaction, the chief financial officer now directly owns 101,263 shares in the company, valued at approximately $17,298,758.29. This represents a 2.68 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.72% of the stock is owned by insiders.

Institutional Trading of Manhattan Associates

Hedge funds have recently bought and sold shares of the company. Massachusetts Financial Services Co. MA lifted its holdings in shares of Manhattan Associates by 101.1% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,673,776 shares of the software maker’s stock worth $452,321,000 after acquiring an additional 841,276 shares during the last quarter. Norges Bank bought a new stake in Manhattan Associates in the fourth quarter worth $201,377,000. JPMorgan Chase & Co. boosted its position in Manhattan Associates by 213.7% during the third quarter. JPMorgan Chase & Co. now owns 1,009,913 shares of the software maker’s stock valued at $284,169,000 after buying an additional 687,933 shares during the period. Franklin Resources Inc. grew its stake in shares of Manhattan Associates by 43.2% during the fourth quarter. Franklin Resources Inc. now owns 1,916,509 shares of the software maker’s stock valued at $517,917,000 after buying an additional 578,295 shares during the last quarter. Finally, Lazard Asset Management LLC increased its holdings in shares of Manhattan Associates by 2,075.5% in the fourth quarter. Lazard Asset Management LLC now owns 399,066 shares of the software maker’s stock worth $107,842,000 after buying an additional 380,722 shares during the period. Institutional investors own 98.45% of the company’s stock.

Manhattan Associates Stock Performance

The business has a 50 day moving average price of $169.45 and a two-hundred day moving average price of $235.51. The company has a market cap of $10.58 billion, a P/E ratio of 49.63 and a beta of 1.36.

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.