Manhattan Associates (NASDAQ:MANH) Hits New 52-Week High After Analyst Upgrade

Manhattan Associates, Inc. (NASDAQ:MANH) shares hit a new 52-week high on Tuesday after Loop Capital raised their price target on the stock from $265.00 to $285.00. Loop Capital currently has a buy rating on the stock. Manhattan Associates traded as high as $272.36 and last traded at $272.26, with a volume of 12647 shares trading hands. The stock had previously closed at $270.40.

Other analysts have also issued research reports about the company. DA Davidson boosted their target price on Manhattan Associates from $260.00 to $285.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. StockNews.com downgraded Manhattan Associates from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Finally, Citigroup raised their target price on Manhattan Associates from $220.00 to $257.00 and gave the company a “neutral” rating in a report on Friday, June 28th. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $260.29.

Insider Activity at Manhattan Associates

In other Manhattan Associates news, EVP James Stewart Gantt sold 6,000 shares of the company’s stock in a transaction dated 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 owns 46,287 shares in the company, valued at approximately $11,872,615.50. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.72% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Manhattan Associates

Large investors have recently modified their holdings of the company. Private Advisor Group LLC acquired a new position in shares of Manhattan Associates during the fourth quarter worth $270,000. Principal Securities Inc. acquired a new stake in shares of Manhattan Associates during the 4th quarter worth about $93,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in Manhattan Associates by 15.5% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 29,265 shares of the software maker’s stock worth $5,983,000 after purchasing an additional 3,922 shares during the last quarter. Panagora Asset Management Inc. boosted its holdings in Manhattan Associates by 54.6% in the fourth quarter. Panagora Asset Management Inc. now owns 2,751 shares of the software maker’s stock valued at $592,000 after purchasing an additional 971 shares in the last quarter. Finally, Norges Bank purchased a new position in Manhattan Associates in the fourth quarter valued at approximately $146,984,000. 98.45% of the stock is owned by hedge funds and other institutional investors.

Manhattan Associates Stock Up 0.5 %

The company has a market cap of $16.73 billion, a price-to-earnings ratio of 88.37 and a beta of 1.50. The business’s fifty day simple moving average is $250.51 and its two-hundred day simple moving average is $239.83.

Manhattan Associates (NASDAQ:MANH) last posted its earnings results on Tuesday, July 23rd. The software maker reported $1.18 EPS for the quarter, beating analysts’ consensus estimates of $0.96 by $0.22. Manhattan Associates had a net margin of 20.54% and a return on equity of 84.54%. The firm had revenue of $265.30 million for the quarter, compared to the consensus estimate of $255.83 million. During the same period last year, the firm posted $0.63 EPS. The company’s revenue was up 14.8% on a year-over-year basis. Sell-side analysts predict that Manhattan Associates, Inc. will post 3.01 EPS for the current fiscal year.

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.