Truist Financial Cuts Manhattan Associates (NASDAQ:MANH) Price Target to $185.00

Manhattan Associates (NASDAQ:MANH) had its target price cut by investment analysts at Truist Financial from $285.00 to $185.00 in a research note issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the software maker’s stock. Truist Financial’s price target points to a potential upside of 16.59% from the stock’s previous close.

Several other equities analysts have also commented on MANH. DA Davidson upgraded shares of Manhattan Associates to a “strong-buy” rating in a research note on Monday, March 24th. Piper Sandler cut their price target on shares of Manhattan Associates from $268.00 to $200.00 and set an “overweight” rating on the stock in a research note on Friday, March 14th. StockNews.com downgraded shares of Manhattan Associates from a “buy” rating to a “hold” rating in a research note on Monday, January 13th. William Blair upgraded Manhattan Associates from a “market perform” rating to an “outperform” rating in a research report on Thursday, February 13th. Finally, Robert W. Baird reduced their target price on Manhattan Associates from $282.00 to $225.00 and set an “outperform” rating for the company in a report on Tuesday, March 18th. Four research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $221.00.

Manhattan Associates Stock Performance

NASDAQ:MANH opened at $158.67 on Monday. Manhattan Associates has a 1 year low of $140.81 and a 1 year high of $312.60. The stock has a market cap of $9.63 billion, a P/E ratio of 45.21 and a beta of 1.36. The stock has a 50-day simple moving average of $173.89 and a 200-day simple moving average of $242.09.

Insider Buying and Selling at Manhattan Associates

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

Institutional Trading of Manhattan Associates

Several hedge funds have recently made changes to their positions in the company. Massachusetts Financial Services Co. MA boosted its holdings in Manhattan Associates by 101.1% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,673,776 shares of the software maker’s stock valued at $452,321,000 after purchasing an additional 841,276 shares in the last quarter. Norges Bank purchased a new stake in shares of Manhattan Associates in the fourth quarter valued at approximately $201,377,000. JPMorgan Chase & Co. grew its holdings in 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 acquiring an additional 687,933 shares during the period. Franklin Resources Inc. grew its holdings in Manhattan Associates by 43.2% during the fourth quarter. Franklin Resources Inc. now owns 1,916,509 shares of the software maker’s stock worth $517,917,000 after acquiring an additional 578,295 shares during the period. Finally, Lazard Asset Management LLC lifted its holdings in Manhattan Associates by 2,075.5% in the fourth quarter. Lazard Asset Management LLC now owns 399,066 shares of the software maker’s stock valued at $107,842,000 after acquiring an additional 380,722 shares during the period. Institutional investors and hedge funds own 98.45% of the company’s stock.

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.