Allstate Corp Buys New Shares in Manhattan Associates, Inc. (NASDAQ:MANH)

Allstate Corp purchased a new stake in Manhattan Associates, Inc. (NASDAQ:MANH) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,682 shares of the software maker’s stock, valued at approximately $455,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of Manhattan Associates by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 6,702,557 shares of the software maker’s stock valued at $1,811,299,000 after purchasing an additional 50,538 shares during the last quarter. State Street Corp lifted its stake 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 valued at $619,918,000 after buying an additional 12,787 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Manhattan Associates by 5.8% in the third quarter. Geode Capital Management LLC now owns 1,514,941 shares of the software maker’s stock worth $426,308,000 after buying an additional 82,995 shares during the period. JPMorgan Chase & Co. lifted its position in shares of Manhattan Associates by 213.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,009,913 shares of the software maker’s stock valued at $284,169,000 after acquiring an additional 687,933 shares in the last quarter. Finally, American Century Companies Inc. boosted its stake in Manhattan Associates by 3.3% in the 4th quarter. American Century Companies Inc. now owns 859,054 shares of the software maker’s stock worth $232,151,000 after purchasing an additional 27,774 shares during the period. Institutional investors and hedge funds own 98.45% of the company’s stock.

Insiders Place Their Bets

In related news, CFO Dennis B. Story sold 2,788 shares of the firm’s stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $170.83, for a total value of $476,274.04. Following the transaction, the chief financial officer now directly owns 101,263 shares of the company’s stock, valued at approximately $17,298,758.29. This trade represents a 2.68 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.72% of the company’s stock.

Manhattan Associates Trading Up 1.0 %

MANH stock opened at $174.76 on Wednesday. The firm has a market cap of $10.68 billion, a PE ratio of 49.79 and a beta of 1.47. Manhattan Associates, Inc. has a 1 year low of $163.10 and a 1 year high of $312.60. The company has a fifty day simple moving average of $192.01 and a 200 day simple moving average of $250.29.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Robert W. Baird decreased their target price on Manhattan Associates from $282.00 to $225.00 and set an “outperform” rating for the company in a research report on Tuesday, March 18th. StockNews.com lowered Manhattan Associates from a “buy” rating to a “hold” rating in a research report on Monday, January 13th. Piper Sandler dropped their target price on Manhattan Associates from $268.00 to $200.00 and set an “overweight” rating on the stock in a report on Friday, March 14th. Loop Capital decreased their price target on shares of Manhattan Associates from $310.00 to $275.00 and set a “buy” rating for the company in a report on Wednesday, January 29th. Finally, DA Davidson upgraded shares of Manhattan Associates to a “strong-buy” rating in a research note on Monday, March 24th. Three research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Manhattan Associates currently has an average rating of “Moderate Buy” and an average target price of $243.78.

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.