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

Manhattan Associates, Inc. (NASDAQ:MANH) reached a new 52-week high 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. The stock had previously closed at $270.40.

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

Insiders Place Their Bets

In other Manhattan Associates news, EVP James Stewart Gantt sold 6,000 shares of the business’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 completion of the transaction, the executive vice president now owns 46,287 shares in the company, valued at $11,872,615.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.72% of the stock is owned by company insiders.

Hedge Funds Weigh In On Manhattan Associates

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Tobam purchased a new position in Manhattan Associates in the first quarter worth approximately $25,000. Innealta Capital LLC purchased a new stake in shares of Manhattan Associates during the 2nd quarter worth $26,000. Benjamin Edwards Inc. acquired a new position in shares of Manhattan Associates during the first quarter worth $27,000. International Assets Investment Management LLC purchased a new position in Manhattan Associates in the second quarter valued at $27,000. Finally, Contravisory Investment Management Inc. acquired a new stake in Manhattan Associates in the first quarter valued at $31,000. 98.45% of the stock is owned by institutional investors and hedge funds.

Manhattan Associates Price Performance

The stock has a 50 day simple moving average of $250.51 and a two-hundred day simple moving average of $239.83. The company has a market capitalization of $16.78 billion, a price-to-earnings ratio of 88.93 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 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.22. The business had revenue of $265.30 million for 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 business’s quarterly revenue was up 14.8% on a year-over-year basis. During the same quarter last year, the company earned $0.63 EPS. Equities research analysts predict that Manhattan Associates, Inc. will post 3.01 EPS for the current 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.