Citigroup Cuts Manhattan Associates (NASDAQ:MANH) Price Target to $220.00

Manhattan Associates (NASDAQ:MANH) had its price target trimmed by Citigroup from $260.00 to $220.00 in a research report sent to investors on Wednesday, Benzinga reports. The brokerage currently has a neutral rating on the software maker’s stock.

Other research analysts have also recently issued research reports about the stock. Rosenblatt Securities reaffirmed a neutral rating and issued a $225.00 target price on shares of Manhattan Associates in a research report on Wednesday. Truist Financial increased their price target on shares of Manhattan Associates from $240.00 to $260.00 and gave the stock a buy rating in a research report on Wednesday, January 31st. Finally, Raymond James increased their price target on shares of Manhattan Associates from $214.00 to $250.00 and gave the stock an outperform rating in a research report on Wednesday, January 31st. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and an average target price of $234.86.

Manhattan Associates Price Performance

NASDAQ MANH opened at $209.02 on Wednesday. The firm’s 50-day moving average is $243.64 and its two-hundred day moving average is $226.91. Manhattan Associates has a 12 month low of $164.55 and a 12 month high of $266.94. The stock has a market capitalization of $12.87 billion, a P/E ratio of 68.31 and a beta of 1.44.

Manhattan Associates (NASDAQ:MANH) last posted its earnings results on Tuesday, January 30th. The software maker reported $0.78 EPS for the quarter, beating analysts’ consensus estimates of $0.55 by $0.23. Manhattan Associates had a net margin of 19.91% and a return on equity of 85.28%. The company had revenue of $238.26 million for the quarter, compared to analysts’ expectations of $223.99 million. As a group, analysts anticipate that Manhattan Associates will post 2.81 EPS for the current year.

Insider Activity at Manhattan Associates

In related news, EVP James Stewart Gantt sold 680 shares of the firm’s stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $248.84, for a total value of $169,211.20. Following the sale, the executive vice president now owns 57,093 shares of the company’s stock, valued at $14,207,022.12. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, EVP James Stewart Gantt sold 680 shares of the firm’s stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $248.84, for a total value of $169,211.20. Following the sale, the executive vice president now owns 57,093 shares of the company’s stock, valued at $14,207,022.12. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Eddie Capel sold 10,897 shares of the firm’s stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $247.73, for a total transaction of $2,699,513.81. Following the completion of the sale, the chief executive officer now directly owns 242,153 shares in the company, valued at approximately $59,988,562.69. The disclosure for this sale can be found here. 0.72% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Manhattan Associates

Hedge funds have recently added to or reduced their stakes in the stock. Teachers Retirement System of The State of Kentucky increased its stake in Manhattan Associates by 59.9% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 21,612 shares of the software maker’s stock valued at $4,271,000 after purchasing an additional 8,094 shares during the last quarter. Highland Capital Management LLC purchased a new position in Manhattan Associates in the fourth quarter valued at approximately $1,142,000. Redhawk Wealth Advisors Inc. purchased a new position in Manhattan Associates in the fourth quarter valued at approximately $1,050,000. Meeder Asset Management Inc. purchased a new position in Manhattan Associates in the fourth quarter valued at approximately $2,039,000. Finally, Louisiana State Employees Retirement System purchased a new position in Manhattan Associates in the fourth quarter valued at approximately $3,725,000. 98.45% of the stock is currently owned by hedge funds and other institutional investors.

About Manhattan Associates

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.