Argent Trust Co Acquires 1,668 Shares of Manhattan Associates, Inc. (NASDAQ:MANH)

Key Points

• Argent Trust Co increased its stake in Manhattan Associates by 92.3%, owning 3,475 shares valued at approximately $601,000.
• A significant majority (98.45%) of Manhattan Associates' stock is held by hedge funds and institutional investors, with various firms like FMR LLC and Invesco Ltd. also raising their positions in the company.
• Manhattan Associates reported a quarterly earnings per share (EPS) of $1.31, surpassing analysts' estimates of $1.12, along with a revenue of $272.42 million, which was above expectations.

Argent Trust Co raised its position in Manhattan Associates, Inc. (NASDAQ:MANH - Free Report) by 92.3% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,475 shares of the software maker's stock after buying an additional 1,668 shares during the period. Argent Trust Co's holdings in Manhattan Associates were worth $601,000 as of its most recent filing with the SEC.

Other hedge funds have also recently modified their holdings of the company. Park Square Financial Group LLC bought a new position in Manhattan Associates during the fourth quarter valued at about $38,000. Transce3nd LLC purchased a new position in Manhattan Associates in the fourth quarter valued at about $41,000. Central Pacific Bank Trust Division grew its position in shares of Manhattan Associates by 107.3% during the 1st quarter. Central Pacific Bank Trust Division now owns 199 shares of the software maker's stock valued at $34,000 after acquiring an additional 103 shares during the period. Reyes Financial Architecture Inc. grew its position in shares of Manhattan Associates by 42.5% during the 1st quarter. Reyes Financial Architecture Inc. now owns 476 shares of the software maker's stock valued at $82,000 after acquiring an additional 142 shares during the period. Finally, Bayforest Capital Ltd increased its stake in shares of Manhattan Associates by 126.6% during the 1st quarter. Bayforest Capital Ltd now owns 494 shares of the software maker's stock worth $85,000 after purchasing an additional 276 shares during the last quarter. Institutional investors own 98.45% of the company's stock.

Insider Buying and Selling

In other news, Chairman Eddie Capel sold 37,342 shares of Manhattan Associates stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $222.18, for a total transaction of $8,296,645.56. Following the completion of the sale, the chairman owned 162,988 shares in the company, valued at approximately $36,212,673.84. This trade represents a 18.64% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Linda T. Hollembaek sold 2,024 shares of Manhattan Associates stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $221.53, for a total transaction of $448,376.72. Following the sale, the director owned 11,907 shares of the company's stock, valued at approximately $2,637,757.71. The trade was a 14.53% 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 over the last ninety days. 0.88% of the stock is owned by corporate insiders.

Manhattan Associates Trading Down 3.0%

Shares of MANH stock traded down $6.43 during trading hours on Friday, reaching $204.85. The stock had a trading volume of 192,747 shares, compared to its average volume of 815,942. The stock's fifty day simple moving average is $200.70 and its 200 day simple moving average is $190.60. The firm has a market capitalization of $12.39 billion, a PE ratio of 57.31 and a beta of 1.10. Manhattan Associates, Inc. has a 12 month low of $140.81 and a 12 month high of $312.60.

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

Analysts Set New Price Targets

Several equities analysts have weighed in on MANH shares. Robert W. Baird increased their price objective on Manhattan Associates from $212.00 to $230.00 and gave the company an "outperform" rating in a report on Wednesday, July 16th. Raymond James Financial increased their price target on Manhattan Associates from $195.00 to $250.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 23rd. Loop Capital upped their price objective on shares of Manhattan Associates from $170.00 to $200.00 and gave the company a "hold" rating in a report on Tuesday, July 22nd. Citigroup restated a "neutral" rating and set a $200.00 price target (up from $177.00) on shares of Manhattan Associates in a research note on Wednesday, July 16th. Finally, Morgan Stanley initiated coverage on shares of Manhattan Associates in a report on Monday, July 14th. They issued an "underweight" rating and a $190.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $216.67.

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.