Manhattan Associates (NASDAQ:MANH) Hits New 1-Year High – Here’s What Happened

Manhattan Associates, Inc. (NASDAQ:MANH) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $306.48 and last traded at $305.93, with a volume of 20382 shares trading hands. The stock had previously closed at $304.64.

Analysts Set New Price Targets

Several research firms have recently issued reports on MANH. Truist Financial lifted their target price on shares of Manhattan Associates from $275.00 to $310.00 and gave the company a “buy” rating in a report on Friday, October 11th. Citigroup lifted their price objective on Manhattan Associates from $257.00 to $287.00 and gave the company a “neutral” rating in a research note on Wednesday, September 25th. StockNews.com cut Manhattan Associates from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Loop Capital lifted their price target on Manhattan Associates from $265.00 to $285.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. Finally, DA Davidson upped their price target on shares of Manhattan Associates from $260.00 to $285.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $271.71.

Manhattan Associates Stock Up 0.7 %

The stock has a market capitalization of $18.68 billion, a P/E ratio of 99.14 and a beta of 1.50. The business has a fifty day moving average price of $269.82 and a 200-day moving average price of $244.88.

Manhattan Associates (NASDAQ:MANH) last posted its earnings results on Tuesday, July 23rd. The software maker reported $1.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.22. Manhattan Associates had a net margin of 20.54% and a return on equity of 84.54%. The business had revenue of $265.30 million for the quarter, compared to analysts’ expectations of $255.83 million. During the same quarter in the prior year, the business earned $0.63 EPS. The business’s revenue for the quarter was up 14.8% compared to the same quarter last year. On average, equities analysts expect that Manhattan Associates, Inc. will post 3.01 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP James Stewart Gantt sold 6,000 shares of Manhattan Associates stock in a transaction on Tuesday, July 30th. The stock was sold at an average price of $256.50, for a total value of $1,539,000.00. Following the completion of the sale, the executive vice president now owns 46,287 shares of the company’s stock, valued at $11,872,615.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.72% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Manhattan Associates

Institutional investors and hedge funds have recently made changes to their positions in the business. Tobam bought a new position in Manhattan Associates in the first quarter worth approximately $25,000. Innealta Capital LLC bought a new position in Manhattan Associates in the 2nd quarter worth $26,000. Benjamin Edwards Inc. bought a new position in Manhattan Associates in the 1st quarter worth $27,000. International Assets Investment Management LLC purchased a new position in Manhattan Associates during the second quarter valued at $27,000. Finally, Contravisory Investment Management Inc. bought a new stake in Manhattan Associates during the first quarter valued at about $31,000. Hedge funds and other institutional investors own 98.45% of the company’s stock.

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.