Manhattan Associates (NASDAQ:MANH) Hits New 52-Week High on Analyst Upgrade

Manhattan Associates, Inc. (NASDAQ:MANH) shares hit a new 52-week high during trading on Tuesday after Loop Capital raised their price target on the stock from $265.00 to $285.00. Loop Capital currently has a buy rating on the stock. Manhattan Associates traded as high as $272.36 and last traded at $272.26, with a volume of 12647 shares changing hands. The stock had previously closed at $270.40.

A number of other equities research analysts also recently issued reports on the company. DA Davidson increased their price target on Manhattan Associates from $260.00 to $285.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Citigroup increased their target price on Manhattan Associates from $220.00 to $257.00 and gave the stock a “neutral” rating in a report on Friday, June 28th. Finally, StockNews.com downgraded Manhattan Associates from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Manhattan Associates presently has a consensus rating of “Moderate Buy” and a consensus price target of $260.29.

Insiders Place Their Bets

In other news, EVP James Stewart Gantt sold 6,000 shares of the company’s stock in a transaction on Tuesday, July 30th. The shares were 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 of the company’s stock, valued at approximately $11,872,615.50. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 0.72% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in MANH. Norges Bank acquired a new stake in Manhattan Associates during the fourth quarter worth approximately $146,984,000. TD Asset Management Inc increased its stake in shares of Manhattan Associates by 234.2% in the 4th quarter. TD Asset Management Inc now owns 549,308 shares of the software maker’s stock valued at $118,277,000 after acquiring an additional 384,941 shares in the last quarter. M&G Plc acquired a new position in shares of Manhattan Associates during the 1st quarter valued at $77,433,000. Epoch Investment Partners Inc. boosted its stake 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 in the last quarter. Finally, Fiera Capital Corp bought a new position in Manhattan Associates during the second quarter worth $44,705,000. 98.45% of the stock is owned by institutional investors and hedge funds.

Manhattan Associates Price Performance

The business’s fifty day simple moving average is $251.12 and its 200 day simple moving average is $239.94. The firm has a market capitalization of $16.57 billion, a price-to-earnings ratio of 88.54 and a beta of 1.50.

Manhattan Associates (NASDAQ:MANH) last issued its earnings results on Tuesday, July 23rd. The software maker reported $1.18 EPS for the quarter, beating analysts’ consensus estimates of $0.96 by $0.22. The business had revenue of $265.30 million during the quarter, compared to analyst estimates of $255.83 million. Manhattan Associates had a return on equity of 84.54% and a net margin of 20.54%. The firm’s revenue was up 14.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.63 EPS. Equities research analysts expect that Manhattan Associates, Inc. will post 3.01 earnings per share 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.