Bank of America Corp DE Buys New Shares in Manhattan Associates, Inc. $MANH

Key Points

• Bank of America purchased 539,577 shares of Manhattan Associates in the second quarter, valued at approximately $75.1 million and representing about 0.93% of the company. Institutional investors and hedge funds collectively own 98.45% of the stock.
• Analysts remain broadly positive, with eight Buy ratings and three Holds, producing a consensus “Moderate Buy” rating and an average price target of $217.20. Several firms recently raised their targets, including Robert W. Baird to $260.
• Manhattan Associates exceeded quarterly expectations, reporting $1.39 in EPS and $297.79 million in revenue, with revenue up 9.3% year over year. The stock opened at $211.40, near its 52-week high of $227.03, while two executives recently sold shares.

Bank of America Corp DE purchased a new stake in shares of Manhattan Associates, Inc. (NASDAQ:MANH - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 539,577 shares of the software maker's stock, valued at approximately $75,136,000. Bank of America Corp DE owned about 0.93% of Manhattan Associates as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently bought and sold shares of the company. BlackRock Inc. acquired a new position in Manhattan Associates during the second quarter worth $944,285,000. T. Rowe Price Investment Management Inc. grew its position in shares of Manhattan Associates by 35.2% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 2,580,241 shares of the software maker's stock valued at $447,182,000 after acquiring an additional 671,589 shares during the period. Geode Capital Management LLC increased its stake in shares of Manhattan Associates by 5.3% during the 4th quarter. Geode Capital Management LLC now owns 1,753,909 shares of the software maker's stock worth $305,199,000 after purchasing an additional 88,005 shares during the last quarter. Swedbank AB increased its stake in shares of Manhattan Associates by 25.0% during the 1st quarter. Swedbank AB now owns 1,500,000 shares of the software maker's stock worth $199,680,000 after purchasing an additional 300,000 shares during the last quarter. Finally, TD Asset Management Inc raised its holdings in shares of Manhattan Associates by 37.2% in the 4th quarter. TD Asset Management Inc now owns 730,815 shares of the software maker's stock valued at $126,658,000 after purchasing an additional 198,228 shares during the period. 98.45% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently commented on MANH. Stifel Nicolaus lifted their price target on Manhattan Associates from $200.00 to $225.00 and gave the stock a "buy" rating in a report on Wednesday, July 29th. Barclays raised their price objective on Manhattan Associates from $201.00 to $239.00 and gave the company an "overweight" rating in a research report on Tuesday, September 8th. DA Davidson lifted their target price on Manhattan Associates from $200.00 to $210.00 and gave the stock a "buy" rating in a research note on Wednesday, July 29th. Robert W. Baird boosted their target price on Manhattan Associates from $218.00 to $260.00 and gave the stock an "outperform" rating in a report on Wednesday, August 26th. Finally, Weiss Ratings upgraded Manhattan Associates from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Tuesday, July 14th. Eight investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $217.20.

Manhattan Associates Price Performance

MANH stock opened at $211.40 on Friday. Manhattan Associates, Inc. has a fifty-two week low of $119.06 and a fifty-two week high of $227.03. The stock has a market capitalization of $12.33 billion, a price-to-earnings ratio of 60.57 and a beta of 0.95. The business's fifty day moving average price is $194.42 and its two-hundred day moving average price is $158.66.

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

Insider Activity at Manhattan Associates

In other Manhattan Associates news, CEO Eric Clark sold 3,000 shares of Manhattan Associates stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $197.76, for a total value of $593,280.00. Following the completion of the transaction, the chief executive officer directly owned 89,638 shares of the company's stock, valued at $17,726,810.88. The trade was a 3.24% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP James Gantt sold 5,139 shares of the company's stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $195.53, for a total value of $1,004,828.67. Following the sale, the executive vice president owned 55,676 shares of the company's stock, valued at approximately $10,886,328.28. The trade was a 8.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.84% of the stock is currently owned by company insiders.

About Manhattan Associates

Manhattan Associates, Inc is a technology company that develops cloud-based software for supply chain, inventory, and omnichannel commerce operations. Its solutions help businesses manage the movement of goods from suppliers and distribution centers to stores and customers, while improving visibility, efficiency, and service.

The company's product portfolio includes Manhattan Active Warehouse Management, Manhattan Active Transportation Management, Manhattan Active Order Management, supply chain planning, inventory optimization, labor management, and customer engagement applications.

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