Aigen Investment Management LP Takes Position in Manhattan Associates, Inc. (NASDAQ:MANH)

Key Points

• Aigen Investment Management LP purchased a new stake of 5,180 shares in Manhattan Associates, valued at approximately $896,000 during the 1st quarter of 2023.
• Several large investors including Entropy Technologies LP and Zions Bancorporation also made significant investments in Manhattan Associates, which now has 98.45% of its stock owned by institutional investors.
• Analyst ratings show mixed perspectives on Manhattan Associates, with price targets ranging from $190.00 to $250.00, and a current average rating of "Hold."

Aigen Investment Management LP bought a new stake in Manhattan Associates, Inc. (NASDAQ:MANH - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 5,180 shares of the software maker's stock, valued at approximately $896,000.

Several other institutional investors have also recently added to or reduced their stakes in MANH. Cerity Partners LLC raised its stake in Manhattan Associates by 5.6% in the 4th quarter. Cerity Partners LLC now owns 20,715 shares of the software maker's stock valued at $5,765,000 after purchasing an additional 1,093 shares during the last quarter. APG Asset Management N.V. raised its stake in Manhattan Associates by 3.4% in the 4th quarter. APG Asset Management N.V. now owns 3,109 shares of the software maker's stock valued at $811,000 after purchasing an additional 102 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Manhattan Associates in the 4th quarter valued at about $49,416,000. Treasurer of the State of North Carolina raised its stake in Manhattan Associates by 1.1% in the 4th quarter. Treasurer of the State of North Carolina now owns 31,591 shares of the software maker's stock valued at $8,537,000 after purchasing an additional 347 shares during the last quarter. Finally, Qtron Investments LLC raised its stake in Manhattan Associates by 256.2% in the 4th quarter. Qtron Investments LLC now owns 3,167 shares of the software maker's stock valued at $856,000 after purchasing an additional 2,278 shares during the last quarter. Institutional investors and hedge funds own 98.45% of the company's stock.

Wall Street Analyst Weigh In

MANH has been the subject of several analyst reports. Morgan Stanley initiated coverage on shares of Manhattan Associates in a research note on Monday, July 14th. They issued an "underweight" rating and a $190.00 target price for the company. Citigroup reaffirmed a "neutral" rating and set a $200.00 price objective (up previously from $177.00) on shares of Manhattan Associates in a research note on Wednesday, July 16th. DA Davidson upped their price objective on shares of Manhattan Associates from $225.00 to $250.00 and gave the company a "buy" rating in a research note on Wednesday, July 23rd. Truist Financial upped their price objective on shares of Manhattan Associates from $210.00 to $230.00 and gave the company a "buy" rating in a research note on Wednesday, July 23rd. Finally, Redburn Atlantic downgraded shares of Manhattan Associates from a "buy" rating to a "neutral" rating and dropped their price objective for the company from $270.00 to $200.00 in a research note on Tuesday, June 10th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $216.67.

Manhattan Associates Price Performance

NASDAQ MANH traded up $7.50 on Tuesday, reaching $212.75. The company had a trading volume of 480,987 shares, compared to its average volume of 668,647. The firm has a market capitalization of $12.86 billion, a PE ratio of 59.43 and a beta of 1.10. Manhattan Associates, Inc. has a 1 year low of $140.81 and a 1 year high of $312.60. The firm has a 50-day moving average of $201.98 and a 200-day moving average of $188.35.

Manhattan Associates (NASDAQ:MANH - Get Free Report) last released its quarterly earnings results on Tuesday, July 22nd. The software maker reported $1.31 earnings per share for the quarter, topping analysts' consensus estimates of $1.12 by $0.19. The firm had revenue of $272.42 million during the quarter, compared to analysts' expectations of $263.62 million. Manhattan Associates had a return on equity of 82.91% and a net margin of 20.91%. Manhattan Associates's quarterly revenue was up 2.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.18 EPS. As a group, sell-side analysts expect that Manhattan Associates, Inc. will post 3.3 EPS for the current fiscal year.

Insiders Place Their Bets

In other Manhattan Associates news, Director Linda T. Hollembaek sold 2,024 shares of the company's stock in a transaction that occurred on Tuesday, July 29th. The stock was sold at an average price of $221.53, for a total value of $448,376.72. Following the completion of the transaction, the director owned 11,907 shares in the company, valued at $2,637,757.71. This represents a 14.53% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Eddie Capel sold 37,342 shares of the stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $222.18, for a total value of $8,296,645.56. Following the transaction, the chairman owned 162,988 shares of the company's stock, valued at approximately $36,212,673.84. This trade represents a 18.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 41,666 shares of company stock worth $9,251,781 in the last 90 days. 0.72% of the stock is owned by company insiders.

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.