Independent Solutions Wealth Management LLC Cuts Position in Manhattan Associates, Inc. (NASDAQ:MANH)

Independent Solutions Wealth Management LLC reduced its stake in shares of Manhattan Associates, Inc. (NASDAQ:MANH) by 1.6% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 4,707 shares of the software maker’s stock after selling 75 shares during the period. Independent Solutions Wealth Management LLC’s holdings in Manhattan Associates were worth $1,324,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in MANH. Massachusetts Financial Services Co. MA purchased a new stake in Manhattan Associates during the third quarter worth about $234,249,000. Fiera Capital Corp purchased a new stake in shares of Manhattan Associates during the 2nd quarter worth approximately $44,705,000. Squarepoint Ops LLC grew its holdings in shares of Manhattan Associates by 448.9% in the 2nd quarter. Squarepoint Ops LLC now owns 160,649 shares of the software maker’s stock worth $39,629,000 after acquiring an additional 131,381 shares during the period. FMR LLC increased its stake in Manhattan Associates by 7.3% in the 3rd quarter. FMR LLC now owns 1,917,412 shares of the software maker’s stock valued at $539,521,000 after purchasing an additional 130,817 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its holdings in Manhattan Associates by 118.8% during the third quarter. Allspring Global Investments Holdings LLC now owns 173,644 shares of the software maker’s stock worth $48,860,000 after purchasing an additional 94,283 shares during the last quarter. 98.45% of the stock is owned by institutional investors and hedge funds.

Manhattan Associates Stock Performance

Shares of Manhattan Associates stock traded up $3.18 on Thursday, reaching $284.81. 112,040 shares of the company were exchanged, compared to its average volume of 410,875. The firm has a market cap of $17.39 billion, a price-to-earnings ratio of 80.91 and a beta of 1.50. The company’s 50-day moving average is $286.62 and its two-hundred day moving average is $263.79. Manhattan Associates, Inc. has a 1-year low of $199.23 and a 1-year high of $312.60.

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

Insider Activity at Manhattan Associates

In other news, EVP James Stewart Gantt sold 3,475 shares of the stock in a transaction that occurred 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 completion of the sale, the executive vice president now directly owns 42,812 shares of the company’s stock, valued at approximately $12,334,137.20. This represents a 7.51 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Bruce Richards sold 4,150 shares of the company’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $289.73, for a total transaction of $1,202,379.50. Following the transaction, the senior vice president now owns 22,086 shares of the company’s stock, 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 currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

MANH has been the topic of several research reports. Truist Financial upped their target price on Manhattan Associates from $275.00 to $310.00 and gave the company a “buy” rating in a report on Friday, October 11th. DA Davidson raised their target price on shares of Manhattan Associates from $285.00 to $315.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Raymond James upped their price target on shares of Manhattan Associates from $255.00 to $305.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Loop Capital increased their price target on shares of Manhattan Associates from $265.00 to $285.00 and gave the company a “buy” rating in a research report on Monday, September 16th. Finally, Robert W. Baird lifted their price objective on Manhattan Associates from $263.00 to $304.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 22nd. Four analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, Manhattan Associates presently has an average rating of “Moderate Buy” and a consensus target price of $292.89.

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.