Entropy Technologies LP Makes New Investment in Manhattan Associates, Inc. (NASDAQ:MANH)

Key Points

• Entropy Technologies LP has invested approximately $1.49 million in Manhattan Associates, acquiring 8,581 shares during the first quarter of 2024.
• Manhattan Associates reported $1.31 earnings per share, exceeding analyst estimates and showcasing a revenue of $272.42 million for the quarter.
• In recent analyst ratings, several firms have adjusted their price targets for Manhattan Associates, with a consensus price target of $216.67 and a mix of buy, hold, and sell ratings.

Entropy Technologies LP bought a new position in shares of Manhattan Associates, Inc. (NASDAQ:MANH - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 8,581 shares of the software maker's stock, valued at approximately $1,485,000.

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

Manhattan Associates Stock Up 3.7%

NASDAQ:MANH traded up $7.50 during trading hours on Tuesday, hitting $212.75. 480,987 shares of the stock were exchanged, compared to its average volume of 668,647. The company's 50 day moving average is $201.98 and its two-hundred day moving average is $188.35. Manhattan Associates, Inc. has a twelve month low of $140.81 and a twelve month high of $312.60. The company has a market capitalization of $12.86 billion, a P/E ratio of 59.43 and a beta of 1.10.

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

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Redburn Atlantic cut shares of Manhattan Associates from a "buy" rating to a "neutral" rating and lowered their target price for the company from $270.00 to $200.00 in a research note on Tuesday, June 10th. Raymond James Financial boosted their target price on Manhattan Associates from $195.00 to $250.00 and gave the stock an "outperform" rating in a report on Wednesday, July 23rd. Truist Financial boosted their target price on Manhattan Associates from $210.00 to $230.00 and gave the stock a "buy" rating in a report on Wednesday, July 23rd. Morgan Stanley assumed coverage on Manhattan Associates in a report on Monday, July 14th. They issued an "underweight" rating and a $190.00 target price on the stock. Finally, Loop Capital boosted their target price on Manhattan Associates from $170.00 to $200.00 and gave the stock a "hold" rating in a report on Tuesday, July 22nd. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, Manhattan Associates presently has an average rating of "Hold" and a consensus target price of $216.67.

Insider Activity

In other news, Director Linda T. Hollembaek sold 2,024 shares of the stock in a transaction 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 transaction, the director owned 11,907 shares of the company's stock, valued at $2,637,757.71. This represents a 14.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP James Stewart Gantt sold 2,300 shares of the stock in a transaction on Friday, July 25th. The shares were sold at an average price of $220.33, for a total value of $506,759.00. Following the completion of the transaction, the executive vice president directly owned 48,660 shares in the company, valued at approximately $10,721,257.80. This trade represents a 4.51% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 41,666 shares of company stock valued at $9,251,781 in the last 90 days. 0.72% of the stock is owned by company insiders.

Manhattan Associates Profile

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.