Manhattan Associates (NASDAQ:MANH) Releases Quarterly Earnings Results, Beats Expectations By $0.29 EPS

Manhattan Associates (NASDAQ:MANH) issued its quarterly earnings data on Tuesday. The software maker reported $1.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.06 by $0.29, Briefing.com reports. Manhattan Associates had a net margin of 20.54% and a return on equity of 84.54%. The firm had revenue of $266.70 million during the quarter, compared to analysts’ expectations of $262.90 million. During the same period in the prior year, the company posted $0.79 earnings per share. Manhattan Associates’s revenue for the quarter was up 11.9% on a year-over-year basis. Manhattan Associates updated its FY24 guidance to $4.60-4.62 EPS and its FY 2024 guidance to 4.600-4.620 EPS.

Manhattan Associates Trading Down 7.8 %

MANH stock traded down $22.87 during trading on Wednesday, hitting $269.45. 472,559 shares of the stock traded hands, compared to its average volume of 411,431. The stock has a market cap of $16.59 billion, a price-to-earnings ratio of 87.82 and a beta of 1.50. Manhattan Associates has a one year low of $182.97 and a one year high of $307.50. The company has a 50 day simple moving average of $273.75 and a 200 day simple moving average of $246.41.

Analyst Upgrades and Downgrades

MANH has been the topic of several research analyst reports. Truist Financial raised their price target on Manhattan Associates from $275.00 to $310.00 and gave the company a “buy” rating in a research report on Friday, October 11th. StockNews.com downgraded shares of Manhattan Associates from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Raymond James lifted their target price on Manhattan Associates from $255.00 to $305.00 and gave the stock an “outperform” rating in a research report on Wednesday. Loop Capital upped their price target on Manhattan Associates from $265.00 to $285.00 and gave the company a “buy” rating in a report on Monday, September 16th. Finally, DA Davidson boosted their price objective on Manhattan Associates from $260.00 to $285.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $282.63.

Insider Activity

In related news, EVP James Stewart Gantt sold 6,000 shares of the stock in a transaction that occurred on Tuesday, July 30th. The stock was sold at an average price of $256.50, for a total transaction of $1,539,000.00. Following the sale, the executive vice president now directly owns 46,287 shares in the company, valued at $11,872,615.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.72% of the stock is currently owned by corporate insiders.

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.