Everence Capital Management Inc. Purchases New Stake in Manhattan Associates, Inc. (NASDAQ:MANH)

Everence Capital Management Inc. acquired a new position in shares of Manhattan Associates, Inc. (NASDAQ:MANH) during the fourth quarter, Holdings Channel.com reports. The institutional investor acquired 1,790 shares of the software maker’s stock, valued at approximately $484,000.

Other hedge funds have also recently bought and sold shares of the company. Victory Capital Management Inc. raised its position in Manhattan Associates by 30.5% during the second quarter. Victory Capital Management Inc. now owns 53,856 shares of the software maker’s stock valued at $13,285,000 after purchasing an additional 12,593 shares in the last quarter. MainStreet Investment Advisors LLC lifted its position in shares of Manhattan Associates by 6.4% during the 2nd quarter. MainStreet Investment Advisors LLC now owns 2,459 shares of the software maker’s stock worth $607,000 after buying an additional 148 shares during the last quarter. Caprock Group LLC bought a new position in Manhattan Associates in the second quarter valued at about $1,024,000. Ashton Thomas Private Wealth LLC acquired a new position in Manhattan Associates during the second quarter worth about $31,000. Finally, Choreo LLC boosted its stake in shares of Manhattan Associates by 35.8% in the 2nd quarter. Choreo LLC now owns 1,935 shares of the software maker’s stock valued at $475,000 after purchasing an additional 510 shares in the last quarter. 98.45% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, SVP Bruce Richards sold 4,150 shares of the company’s stock in a transaction that occurred on Friday, November 29th. The stock was 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 directly owns 22,086 shares of the company’s stock, valued at approximately $6,398,976.78. This represents a 15.82 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP James Stewart Gantt sold 3,475 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The shares were 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 $12,334,137.20. This trade represents a 7.51 % decrease in their position. The disclosure for this sale can be found here. 0.72% of the stock is currently owned by corporate insiders.

Manhattan Associates Stock Performance

Shares of NASDAQ MANH opened at $272.84 on Monday. The company’s 50 day moving average price is $282.61 and its 200-day moving average price is $268.33. Manhattan Associates, Inc. has a 52-week low of $199.23 and a 52-week high of $312.60. The company has a market capitalization of $16.66 billion, a P/E ratio of 77.51 and a beta of 1.52.

Manhattan Associates (NASDAQ:MANH) last issued its quarterly earnings results on Tuesday, October 22nd. The software maker reported $1.35 EPS for the quarter, beating 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 in the prior year, the firm posted $0.79 earnings per share. The business’s quarterly revenue was up 11.9% compared to the same quarter last year. Analysts forecast that Manhattan Associates, Inc. will post 3.39 earnings per share for the current year.

Wall Street Analyst Weigh In

MANH has been the subject of several research reports. Piper Sandler began coverage on shares of Manhattan Associates in a research note on Monday, November 25th. They issued an “overweight” rating and a $326.00 price objective for the company. Citigroup raised their price objective on Manhattan Associates from $287.00 to $306.00 and gave the company a “neutral” rating in a report on Monday, December 16th. Raymond James increased their target price on Manhattan Associates from $255.00 to $305.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Truist Financial boosted their price target on Manhattan Associates from $275.00 to $310.00 and gave the stock a “buy” rating in a report on Friday, October 11th. Finally, DA Davidson raised their price objective 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. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $292.89.

Manhattan Associates 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.