Bank of New York Mellon Corp acquired a new stake in Manhattan Associates, Inc. (NASDAQ:MANH – Free Report) in the 2nd quarter, Holdings Channel.com reports. The institutional investor acquired 387,869 shares of the software maker’s stock, valued at approximately $54,011,000.
A number of other hedge funds also recently added to or reduced their stakes in MANH. NewEdge Advisors LLC lifted its position in shares of Manhattan Associates by 3.3% in the 2nd quarter. NewEdge Advisors LLC now owns 1,852 shares of the software maker’s stock worth $366,000 after purchasing an additional 59 shares during the period. Tower Research Capital LLC TRC increased its holdings in Manhattan Associates by 2.6% during the third quarter. Tower Research Capital LLC TRC now owns 2,708 shares of the software maker’s stock valued at $555,000 after buying an additional 69 shares during the period. Covestor Ltd raised its stake in Manhattan Associates by 12.2% in the fourth quarter. Covestor Ltd now owns 670 shares of the software maker’s stock worth $116,000 after buying an additional 73 shares in the last quarter. Verdence Capital Advisors LLC lifted its holdings in Manhattan Associates by 3.4% during the fourth quarter. Verdence Capital Advisors LLC now owns 2,322 shares of the software maker’s stock worth $402,000 after buying an additional 76 shares during the period. Finally, CIBC Private Wealth Group LLC boosted its position in Manhattan Associates by 1.3% during the 4th quarter. CIBC Private Wealth Group LLC now owns 6,369 shares of the software maker’s stock valued at $1,104,000 after acquiring an additional 80 shares in the last quarter. 98.45% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of research analysts have recently issued reports on MANH shares. Citigroup lifted their price target on Manhattan Associates from $177.00 to $193.00 and gave the company a “buy” rating in a report on Tuesday, July 21st. Morgan Stanley set a $180.00 target price on shares of Manhattan Associates in a report on Wednesday, July 29th. DA Davidson raised their price target on shares of Manhattan Associates from $200.00 to $210.00 and gave the company a “buy” rating in a report on Wednesday, July 29th. Stifel Nicolaus lifted their price objective on shares of Manhattan Associates from $200.00 to $225.00 and gave the stock a “buy” rating in a research report on Wednesday, July 29th. Finally, Barclays reduced their price objective on shares of Manhattan Associates from $239.00 to $201.00 and set an “overweight” rating for the company in a research note on Friday, May 29th. Eight research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $213.40.
Manhattan Associates Stock Up 1.3%
MANH opened at $215.89 on Thursday. The company has a market cap of $12.59 billion, a P/E ratio of 61.86 and a beta of 0.93. The firm’s 50-day moving average price is $170.31 and its 200-day moving average price is $150.07. Manhattan Associates, Inc. has a 52-week low of $119.06 and a 52-week high of $220.31.
Manhattan Associates (NASDAQ:MANH – Get Free Report) last released its earnings results on Tuesday, July 28th. The software maker reported $1.39 earnings per share for the quarter, topping the consensus estimate of $1.32 by $0.07. Manhattan Associates had a net margin of 18.67% and a return on equity of 86.72%. The company had revenue of $297.79 million for the quarter, compared to the consensus estimate of $289.03 million. During the same quarter in the previous year, the firm earned $1.31 EPS. Manhattan Associates’s revenue was up 9.3% compared to the same quarter last year. On average, research analysts anticipate that Manhattan Associates, Inc. will post 3.87 EPS for the current fiscal year.
Insider Buying and Selling at Manhattan Associates
In related news, EVP James Stewart Gantt sold 5,139 shares of the firm’s stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $195.53, for a total value of $1,004,828.67. Following the completion of the transaction, the executive vice president owned 55,676 shares in the company, valued at $10,886,328.28. This trade represents a 8.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Eric Andrew Clark sold 3,000 shares of Manhattan Associates stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $197.76, for a total value of $593,280.00. Following the sale, the chief executive officer directly owned 89,638 shares of the company’s stock, valued at approximately $17,726,810.88. This represents a 3.24% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 9,139 shares of company stock valued at $1,744,879 over the last quarter. Insiders own 0.84% of the company’s stock.
About Manhattan Associates
Manhattan Associates, Inc (NASDAQ: MANH) is a provider of supply chain and omnichannel commerce software solutions designed to optimize the flow of goods, information and funds across enterprise operations. Its flagship offerings include warehouse management, transportation management, order management and omnichannel fulfillment applications. These solutions are delivered through a cloud-native platform called Manhattan Active, which enables retailers, manufacturers, carriers and third-party logistics providers to orchestrate inventory, manage distribution and improve customer service in real time.
Key product areas include Manhattan Active Warehouse Management, which automates and optimizes warehouse operations from receiving through shipping; Manhattan Active Transportation Management, supporting carrier selection, routing and freight payment; and Manhattan Active Omni, which unifies order capture, inventory visibility and fulfillment across stores, distribution centers and e-commerce channels.
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