Manhattan Associates (NASDAQ:MANH) Shares Gap Down Following Analyst Downgrade

Manhattan Associates, Inc. (NASDAQ:MANHGet Free Report) shares gapped down before the market opened on Wednesday after Loop Capital lowered their price target on the stock from $310.00 to $275.00. The stock had previously closed at $295.10, but opened at $222.80. Loop Capital currently has a buy rating on the stock. Manhattan Associates shares last traded at $225.89, with a volume of 678,577 shares.

Other research analysts also recently issued reports about the company. Robert W. Baird lifted their target price on Manhattan Associates from $263.00 to $304.00 and gave the company an “outperform” rating in a research note on Tuesday, October 22nd. StockNews.com cut shares of Manhattan Associates from a “buy” rating to a “hold” rating in a research note on Monday, January 13th. Raymond James reduced their target price on shares of Manhattan Associates from $305.00 to $270.00 and set an “outperform” rating for the company in a research note on Wednesday. DA Davidson dropped their price target on shares of Manhattan Associates from $315.00 to $270.00 and set a “buy” rating on the stock in a research note on Wednesday. Finally, Truist Financial cut their price target on shares of Manhattan Associates from $310.00 to $285.00 and set a “buy” rating for the company in a report on Wednesday. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $273.33.

Get Our Latest Research Report on MANH

Insiders Place Their Bets

In other Manhattan Associates news, EVP James Stewart Gantt sold 3,475 shares of the company’s 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 transaction, the executive vice president now directly owns 42,812 shares of the company’s stock, valued at $12,334,137.20. This represents a 7.51 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Bruce Richards sold 4,150 shares of the stock in a transaction that occurred 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 transaction, the senior vice president now owns 22,086 shares of the company’s stock, valued at approximately $6,398,976.78. This trade represents 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 insiders.

Hedge Funds Weigh In On Manhattan Associates

Several large investors have recently added to or reduced their stakes in MANH. Massachusetts Financial Services Co. MA acquired a new stake in shares of Manhattan Associates during the 3rd quarter worth approximately $234,249,000. JPMorgan Chase & Co. grew its stake in Manhattan Associates by 213.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,009,913 shares of the software maker’s stock worth $284,169,000 after buying an additional 687,933 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its position in Manhattan Associates by 275.6% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 486,750 shares of the software maker’s stock worth $131,539,000 after buying an additional 357,172 shares during the period. Swedbank AB lifted its stake in Manhattan Associates by 1,840.3% in the fourth quarter. Swedbank AB now owns 369,019 shares of the software maker’s stock valued at $99,724,000 after buying an additional 350,000 shares during the last quarter. Finally, AustralianSuper Pty Ltd boosted its holdings in shares of Manhattan Associates by 968.0% during the fourth quarter. AustralianSuper Pty Ltd now owns 232,719 shares of the software maker’s stock valued at $62,890,000 after acquiring an additional 210,929 shares during the period. 98.45% of the stock is currently owned by institutional investors.

Manhattan Associates Stock Down 3.9 %

The firm’s 50-day moving average price is $281.04 and its 200 day moving average price is $271.55. The firm has a market cap of $13.08 billion, a P/E ratio of 60.84 and a beta of 1.52.

About Manhattan Associates

(Get Free Report)

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.

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