Zurcher Kantonalbank Zurich Cantonalbank Cuts Stock Holdings in Manhattan Associates, Inc. (NASDAQ:MANH)

Zurcher Kantonalbank Zurich Cantonalbank reduced its position in shares of Manhattan Associates, Inc. (NASDAQ:MANH) by 55.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,669 shares of the software maker’s stock after selling 14,596 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Manhattan Associates were worth $3,283,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Innealta Capital LLC purchased a new stake in Manhattan Associates during the 2nd quarter worth approximately $26,000. International Assets Investment Management LLC purchased a new stake in Manhattan Associates during the 2nd quarter worth approximately $27,000. DT Investment Partners LLC purchased a new stake in shares of Manhattan Associates in the second quarter valued at approximately $31,000. Ashton Thomas Private Wealth LLC purchased a new stake in shares of Manhattan Associates in the second quarter valued at approximately $31,000. Finally, Capital Performance Advisors LLP purchased a new stake in shares of Manhattan Associates in the third quarter valued at approximately $34,000. 98.45% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently issued reports on MANH. Robert W. Baird upped their price target on Manhattan Associates from $263.00 to $304.00 and gave the company an “outperform” rating in a research report on Tuesday, October 22nd. DA Davidson upped their price target on Manhattan Associates from $285.00 to $315.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Loop Capital upped their price target on Manhattan Associates from $265.00 to $285.00 and gave the company a “buy” rating in a research report on Monday, September 16th. Piper Sandler began coverage on Manhattan Associates in a research report on Monday, November 25th. They issued an “overweight” rating and a $326.00 price target for the company. Finally, Raymond James upped their price target on Manhattan Associates from $255.00 to $305.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Four analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Manhattan Associates currently has a consensus rating of “Moderate Buy” and an average price target of $290.78.

Manhattan Associates Stock Performance

Shares of Manhattan Associates stock opened at $297.09 on Wednesday. The stock has a 50 day moving average of $282.57 and a 200 day moving average of $257.79. Manhattan Associates, Inc. has a fifty-two week low of $199.23 and a fifty-two week high of $307.50. The firm has a market capitalization of $18.15 billion, a price-to-earnings ratio of 84.40 and a beta of 1.50.

Manhattan Associates (NASDAQ:MANH) last released its quarterly earnings results on Tuesday, October 22nd. The software maker reported $1.35 EPS for the quarter, topping analysts’ consensus estimates of $1.06 by $0.29. Manhattan Associates had a return on equity of 84.55% and a net margin of 21.38%. The company had revenue of $266.70 million for the quarter, compared to analysts’ expectations of $262.90 million. During the same period in the prior year, the firm earned $0.79 earnings per share. The firm’s revenue was up 11.9% compared to the same quarter last year. Analysts forecast that Manhattan Associates, Inc. will post 3.39 EPS for the current year.

Insiders Place Their Bets

In other news, EVP James Stewart Gantt sold 3,475 shares of the stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $288.10, for a total value of $1,001,147.50. Following the sale, the executive vice president now directly owns 42,812 shares in the company, valued at approximately $12,334,137.20. This trade represents a 7.51 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Bruce Richards sold 4,150 shares of the stock in a transaction on Friday, November 29th. The shares were sold at an average price of $289.73, for a total value of $1,202,379.50. Following the completion of the sale, the senior vice president now owns 22,086 shares in the company, valued at approximately $6,398,976.78. The trade was a 15.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.72% of the stock is owned by 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.