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

Shares of Manhattan Associates, Inc. (NASDAQ:MANH) gapped down before the market opened on Wednesday after Truist Financial lowered their price target on the stock from $310.00 to $285.00. The stock had previously closed at $295.10, but opened at $222.80. Truist Financial currently has a buy rating on the stock. Manhattan Associates shares last traded at $225.89, with a volume of 678,577 shares changing hands.

A number of other brokerages have also recently weighed in on MANH. Piper Sandler assumed coverage on shares of Manhattan Associates in a research report on Monday, November 25th. They set an “overweight” rating and a $326.00 price target for the company. StockNews.com lowered shares of Manhattan Associates from a “buy” rating to a “hold” rating in a research note on Monday, January 13th. Robert W. Baird increased their price objective on shares of Manhattan Associates from $263.00 to $304.00 and gave the company an “outperform” rating in a research note on Tuesday, October 22nd. DA Davidson boosted their target price on shares of Manhattan Associates from $285.00 to $315.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Finally, Citigroup reduced their price target on shares of Manhattan Associates from $306.00 to $303.00 and set a “neutral” rating on the stock in a research report on Monday. Four investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $283.33.

Insiders Place Their Bets

In other news, EVP James Stewart Gantt sold 3,475 shares of Manhattan Associates stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $288.10, for a total transaction of $1,001,147.50. Following the transaction, the executive vice president now owns 42,812 shares in the company, valued at approximately $12,334,137.20. The trade was a 7.51 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Bruce Richards sold 4,150 shares of the stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $289.73, for a total value of $1,202,379.50. Following the completion of the transaction, the senior vice president now owns 22,086 shares in the company, valued at $6,398,976.78. This represents a 15.82 % decrease in their position. The disclosure for this sale can be found here. 0.72% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of MANH. Bank of Montreal Can boosted its stake in shares of Manhattan Associates by 7.5% during the 2nd quarter. Bank of Montreal Can now owns 19,594 shares of the software maker’s stock worth $4,845,000 after acquiring an additional 1,359 shares in the last quarter. Toronto Dominion Bank grew its holdings in shares of Manhattan Associates by 2.1% during the 2nd quarter. Toronto Dominion Bank now owns 5,992 shares of the software maker’s stock worth $1,478,000 after purchasing an additional 121 shares in the last quarter. MBB Public Markets I LLC bought a new stake in shares of Manhattan Associates during the second quarter valued at approximately $1,121,000. Mackenzie Financial Corp raised its stake in shares of Manhattan Associates by 4.9% in the second quarter. Mackenzie Financial Corp now owns 35,860 shares of the software maker’s stock valued at $8,846,000 after purchasing an additional 1,676 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in Manhattan Associates during the second quarter worth $1,484,000. Institutional investors and hedge funds own 98.45% of the company’s stock.

Manhattan Associates Trading Down 24.3 %

The stock has a market cap of $13.65 billion, a P/E ratio of 63.71 and a beta of 1.52. The company’s fifty day simple moving average is $283.17 and its 200-day simple moving average is $272.29.

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.