Fred Alger Management LLC Sells 9,581 Shares of Manhattan Associates, Inc. (NASDAQ:MANH)

Fred Alger Management LLC lowered its stake in shares of Manhattan Associates, Inc. (NASDAQ:MANH) by 5.8% in the second quarter, Holdings Channel reports. The firm owned 156,799 shares of the software maker’s stock after selling 9,581 shares during the period. Fred Alger Management LLC’s holdings in Manhattan Associates were worth $38,679,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. TD Asset Management Inc raised its holdings in Manhattan Associates by 234.2% in the 4th quarter. TD Asset Management Inc now owns 549,308 shares of the software maker’s stock worth $118,277,000 after acquiring an additional 384,941 shares during the period. M&G Plc acquired a new position in shares of Manhattan Associates during the first quarter worth approximately $77,433,000. Epoch Investment Partners Inc. increased its position in Manhattan Associates by 110.6% during the fourth quarter. Epoch Investment Partners Inc. now owns 369,352 shares of the software maker’s stock worth $79,529,000 after acquiring an additional 193,951 shares during the period. Fiera Capital Corp bought a new position in shares of Manhattan Associates during the 2nd quarter worth about $44,705,000. Finally, Public Employees Retirement Association of Colorado raised its position in shares of Manhattan Associates by 1,624.2% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 113,297 shares of the software maker’s stock valued at $24,395,000 after buying an additional 106,726 shares during the last quarter. Institutional investors and hedge funds own 98.45% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on MANH. DA Davidson lifted their target price on Manhattan Associates from $260.00 to $285.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. StockNews.com lowered Manhattan Associates from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Citigroup upped their target price on Manhattan Associates from $220.00 to $257.00 and gave the company a “neutral” rating in a research note on Friday, June 28th. Finally, Loop Capital lifted their price target on shares of Manhattan Associates from $265.00 to $285.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Manhattan Associates currently has a consensus rating of “Moderate Buy” and an average price target of $260.29.

Insider Buying and Selling at Manhattan Associates

In other news, EVP James Stewart Gantt sold 6,000 shares of the business’s stock in a transaction dated 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 sale, the executive vice president now directly owns 46,287 shares in the company, valued at $11,872,615.50. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.72% of the company’s stock.

Manhattan Associates Trading Up 1.7 %

Manhattan Associates stock opened at $286.00 on Wednesday. The firm has a market capitalization of $17.52 billion, a P/E ratio of 93.46 and a beta of 1.50. The business has a 50-day moving average of $254.71 and a 200-day moving average of $240.65. Manhattan Associates, Inc. has a 1 year low of $182.97 and a 1 year high of $287.63.

Manhattan Associates (NASDAQ:MANH) last issued its quarterly earnings data on Tuesday, July 23rd. The software maker reported $1.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.22. The firm had revenue of $265.30 million during the quarter, compared to analysts’ expectations of $255.83 million. Manhattan Associates had a net margin of 20.54% and a return on equity of 84.54%. The business’s revenue for the quarter was up 14.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.63 earnings per share. Research analysts anticipate 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.