Citigroup Has Lowered Expectations for Manhattan Associates (NASDAQ:MANH) Stock Price

Manhattan Associates (NASDAQ:MANH) had its target price dropped by Citigroup from $244.00 to $184.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has a “neutral” rating on the software maker’s stock. Citigroup’s price objective would suggest a potential upside of 5.94% from the stock’s current price.

MANH has been the topic of several other reports. Raymond James dropped their price objective on Manhattan Associates from $305.00 to $270.00 and set an “outperform” rating on the stock in a report on Wednesday, January 29th. Piper Sandler lowered their price objective on Manhattan Associates from $268.00 to $200.00 and set an “overweight” rating on the stock in a research note on Friday. Loop Capital lowered their price objective on Manhattan Associates from $310.00 to $275.00 and set a “buy” rating on the stock in a research note on Wednesday, January 29th. William Blair raised Manhattan Associates from a “market perform” rating to an “outperform” rating in a research note on Thursday, February 13th. Finally, Truist Financial reduced their target price on Manhattan Associates from $310.00 to $285.00 and set a “buy” rating on the stock in a research report on Wednesday, January 29th. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $252.56.

Manhattan Associates Price Performance

MANH stock traded up $10.19 during trading on Friday, hitting $173.69. 491,969 shares of the company traded hands, compared to its average volume of 499,047. The stock’s 50-day simple moving average is $217.41 and its 200 day simple moving average is $258.16. The company has a market cap of $10.62 billion, a PE ratio of 49.47 and a beta of 1.47. Manhattan Associates has a 1 year low of $162.78 and a 1 year high of $312.60.

Insider Activity at Manhattan Associates

In related news, CFO Dennis B. Story sold 2,788 shares of the business’s stock in a transaction 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 sale, the chief financial officer now owns 101,263 shares in the company, valued at approximately $17,298,758.29. The trade was a 2.68 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.72% of the company’s stock.

Institutional Inflows and Outflows

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

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.