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

Manhattan Associates, Inc. (NASDAQ:MANH)’s stock price gapped down prior to trading 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.

Other analysts have also recently issued research reports about the company. DA Davidson boosted their price target on Manhattan Associates from $285.00 to $315.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. StockNews.com downgraded shares of Manhattan Associates from a “buy” rating to a “hold” rating in a report on Monday, January 13th. Citigroup cut their price target on Manhattan Associates from $306.00 to $303.00 and set a “neutral” rating for the company in a research note on Monday. Piper Sandler assumed coverage on Manhattan Associates in a report on Monday, November 25th. They issued an “overweight” rating and a $326.00 price objective on the stock. Finally, Raymond James upped their target price on Manhattan Associates from $255.00 to $305.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Four investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $283.33.

Insider Buying and Selling at Manhattan Associates

In other Manhattan Associates news, SVP Bruce Richards sold 4,150 shares of the company’s stock in a transaction on Friday, November 29th. The stock was sold at an average price of $289.73, for a total transaction of $1,202,379.50. Following the transaction, the senior vice president now directly owns 22,086 shares in the company, valued at $6,398,976.78. This represents a 15.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP James Stewart Gantt sold 3,475 shares of the stock in a transaction that occurred 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 sale, the executive vice president now owns 42,812 shares in the company, valued at approximately $12,334,137.20. This trade represents a 7.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.72% of the company’s stock.

Institutional Investors Weigh In On Manhattan Associates

Several hedge funds and other institutional investors have recently made changes to their positions in MANH. State Street Corp raised its holdings in Manhattan Associates by 0.6% during the third quarter. State Street Corp now owns 2,203,139 shares of the software maker’s stock worth $619,918,000 after purchasing an additional 12,787 shares in the last quarter. FMR LLC boosted its stake in shares of Manhattan Associates by 7.3% during the third quarter. FMR LLC now owns 1,917,412 shares of the software maker’s stock worth $539,521,000 after buying an additional 130,817 shares during the period. Geode Capital Management LLC lifted its position in Manhattan Associates by 5.8% during the 3rd quarter. Geode Capital Management LLC now owns 1,514,941 shares of the software maker’s stock worth $426,308,000 after acquiring an additional 82,995 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Manhattan Associates by 213.7% during the third quarter. JPMorgan Chase & Co. now owns 1,009,913 shares of the software maker’s stock worth $284,169,000 after purchasing an additional 687,933 shares during the period. Finally, Massachusetts Financial Services Co. MA acquired a new position in shares of Manhattan Associates during the third quarter worth about $234,249,000. Institutional investors and hedge funds own 98.45% of the company’s stock.

Manhattan Associates Trading Down 24.3 %

The stock has a fifty day simple moving average of $283.17 and a two-hundred day simple moving average of $272.29. The company has a market cap of $13.65 billion, a PE ratio of 63.71 and a beta of 1.52.

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.