387,869 Shares in Manhattan Associates, Inc. $MANH Bought by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon acquired 387,869 Manhattan Associates shares worth approximately $54 million, giving it a 0.67% stake. Institutional investors collectively own 98.45% of the company.
• Insiders sold 9,139 shares valued at about $1.74 million over the past three months, including sales by CEO Eric Andrew Clark and EVP James Stewart Gantt.
• Manhattan Associates beat quarterly estimates with $1.39 EPS and $297.79 million in revenue, up 9.3% year over year. Analysts maintain a “Moderate Buy” consensus with an average price target of $213.40.

Bank of New York Mellon Corp bought a new position in shares of Manhattan Associates, Inc. (NASDAQ:MANH - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 387,869 shares of the software maker's stock, valued at approximately $54,011,000. Bank of New York Mellon Corp owned approximately 0.67% of Manhattan Associates at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Caitong International Asset Management Co. Ltd raised its position in shares of Manhattan Associates by 448.0% during the third quarter. Caitong International Asset Management Co. Ltd now owns 137 shares of the software maker's stock valued at $28,000 after buying an additional 112 shares during the last quarter. BNP Paribas bought a new position in shares of Manhattan Associates during the fourth quarter worth $39,000. TD Private Client Wealth LLC boosted its position in shares of Manhattan Associates by 83.8% during the fourth quarter. TD Private Client Wealth LLC now owns 239 shares of the software maker's stock worth $41,000 after acquiring an additional 109 shares during the last quarter. Leonteq Securities AG purchased a new position in Manhattan Associates during the fourth quarter valued at $44,000. Finally, Los Angeles Capital Management LLC purchased a new position in Manhattan Associates during the fourth quarter valued at $49,000. Institutional investors own 98.45% of the company's stock.

Insider Activity

In related news, CEO Eric Andrew Clark sold 3,000 shares of the firm's stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $197.76, for a total value of $593,280.00. Following the transaction, the chief executive officer owned 89,638 shares of the company's stock, valued at $17,726,810.88. This trade represents a 3.24% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP James Stewart Gantt sold 5,139 shares of the business's stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $195.53, for a total transaction of $1,004,828.67. Following the completion of the sale, the executive vice president directly owned 55,676 shares of the company's stock, valued at approximately $10,886,328.28. This trade represents a 8.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 9,139 shares of company stock valued at $1,744,879. 0.84% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have commented on MANH shares. Morgan Stanley set a $180.00 price target on shares of Manhattan Associates in a research note on Wednesday, July 29th. Citigroup raised their price objective on Manhattan Associates from $177.00 to $193.00 and gave the company a "buy" rating in a research report on Tuesday, July 21st. Wall Street Zen cut Manhattan Associates from a "buy" rating to a "hold" rating in a report on Sunday, July 12th. DA Davidson increased their price target on Manhattan Associates from $200.00 to $210.00 and gave the company a "buy" rating in a research note on Wednesday, July 29th. Finally, Barclays cut their price target on Manhattan Associates from $239.00 to $201.00 and set an "overweight" rating for the company in a report on Friday, May 29th. Eight research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $213.40.

Manhattan Associates Price Performance

NASDAQ:MANH opened at $215.89 on Thursday. The firm has a market capitalization of $12.59 billion, a price-to-earnings ratio of 61.86 and a beta of 0.93. Manhattan Associates, Inc. has a 1 year low of $119.06 and a 1 year high of $220.31. The business has a 50 day simple moving average of $170.31 and a 200-day simple moving average of $150.07.

Manhattan Associates (NASDAQ:MANH - Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The software maker reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.32 by $0.07. Manhattan Associates had a return on equity of 86.72% and a net margin of 18.67%.The company had revenue of $297.79 million for the quarter, compared to analyst estimates of $289.03 million. During the same quarter in the prior year, the firm posted $1.31 EPS. Manhattan Associates's quarterly revenue was up 9.3% compared to the same quarter last year. As a group, analysts expect that Manhattan Associates, Inc. will post 3.87 earnings per share for the current fiscal year.

About Manhattan Associates

Manhattan Associates, Inc NASDAQ: MANH is a provider of supply chain and omnichannel commerce software solutions designed to optimize the flow of goods, information and funds across enterprise operations. Its flagship offerings include warehouse management, transportation management, order management and omnichannel fulfillment applications. These solutions are delivered through a cloud-native platform called Manhattan Active, which enables retailers, manufacturers, carriers and third-party logistics providers to orchestrate inventory, manage distribution and improve customer service in real time.

Key product areas include Manhattan Active Warehouse Management, which automates and optimizes warehouse operations from receiving through shipping; Manhattan Active Transportation Management, supporting carrier selection, routing and freight payment; and Manhattan Active Omni, which unifies order capture, inventory visibility and fulfillment across stores, distribution centers and e-commerce channels.

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