Manhattan Associates (NASDAQ:MANH) Given New $270.00 Price Target at DA Davidson

Manhattan Associates (NASDAQ:MANH) had its price objective cut by stock analysts at DA Davidson from $315.00 to $270.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the software maker’s stock. DA Davidson’s price target indicates a potential upside of 21.16% from the stock’s current price.

A number of other analysts have also recently commented on MANH. Robert W. Baird boosted their price objective on Manhattan Associates from $263.00 to $304.00 and gave the company an “outperform” rating in a research report on Tuesday, October 22nd. Piper Sandler reaffirmed an “overweight” rating and issued a $268.00 price target (down from $326.00) on shares of Manhattan Associates in a research note on Wednesday. Citigroup reduced their target price on Manhattan Associates from $306.00 to $303.00 and set a “neutral” rating for the company in a report on Monday. Truist Financial lowered their price target on shares of Manhattan Associates from $310.00 to $285.00 and set a “buy” rating on the stock in a research report on Wednesday. Finally, StockNews.com lowered shares of Manhattan Associates from a “buy” rating to a “hold” rating in a research note on Monday, January 13th. Four analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, Manhattan Associates currently has a consensus rating of “Moderate Buy” and an average target price of $274.44.

Manhattan Associates Stock Performance

Shares of MANH traded down $72.26 during trading hours on Wednesday, hitting $222.84. The stock had a trading volume of 3,261,970 shares, compared to its average volume of 511,383. The firm has a 50-day moving average price of $283.17 and a 200 day moving average price of $272.29. Manhattan Associates has a fifty-two week low of $205.12 and a fifty-two week high of $312.60. The firm has a market capitalization of $13.61 billion, a price-to-earnings ratio of 63.31 and a beta of 1.52.

Insiders Place Their Bets

In other news, SVP Bruce Richards sold 4,150 shares of the business’s stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $289.73, for a total transaction of $1,202,379.50. Following the completion of the sale, the senior vice president now owns 22,086 shares in the company, valued at approximately $6,398,976.78. The trade was a 15.82 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP James Stewart Gantt sold 3,475 shares of the stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $288.10, for a total transaction of $1,001,147.50. Following the completion of the transaction, the executive vice president now directly owns 42,812 shares in the company, valued at $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. 0.72% of the stock is owned by company insiders.

Institutional Investors Weigh In On Manhattan Associates

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. State Street Corp raised its stake in shares of 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 during the last quarter. FMR LLC increased its position in Manhattan Associates by 7.3% during the 3rd quarter. FMR LLC now owns 1,917,412 shares of the software maker’s stock worth $539,521,000 after purchasing an additional 130,817 shares during the period. Geode Capital Management LLC lifted its stake 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 valued at $426,308,000 after purchasing an additional 82,995 shares during the period. JPMorgan Chase & Co. grew its position 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 buying an additional 687,933 shares during the period. Finally, Massachusetts Financial Services Co. MA acquired a new stake in shares of Manhattan Associates in the 3rd quarter worth approximately $234,249,000. Hedge funds and other institutional investors own 98.45% of the company’s stock.

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.