Forsta AP Fonden Sells 19,798 Shares of Manhattan Associates, Inc. (NASDAQ:MANH)

Key Points

• Forsta AP Fonden reduced its stake in Manhattan Associates, Inc. by 60%, owning $2.28 million worth of shares after selling 19,798 shares in the first quarter.
• Several institutional investors made significant adjustments to their holdings, with Lazard Asset Management raising its stake by an impressive 2,075.5% during the fourth quarter.
• In its latest earnings report, Manhattan Associates exceeded estimates with an EPS of $1.31, up from $1.18 the previous year, and reported a revenue increase of 2.7% year-over-year.

Forsta AP Fonden reduced its stake in Manhattan Associates, Inc. (NASDAQ:MANH - Free Report) by 60.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,200 shares of the software maker's stock after selling 19,798 shares during the period. Forsta AP Fonden's holdings in Manhattan Associates were worth $2,284,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. Central Pacific Bank Trust Division raised its holdings in Manhattan Associates by 107.3% in the 1st quarter. Central Pacific Bank Trust Division now owns 199 shares of the software maker's stock valued at $34,000 after buying an additional 103 shares during the last quarter. Park Square Financial Group LLC bought a new position in Manhattan Associates in the 4th quarter valued at approximately $38,000. Transce3nd LLC bought a new position in Manhattan Associates during the 4th quarter worth approximately $41,000. Reyes Financial Architecture Inc. raised its holdings in Manhattan Associates by 42.5% during the 1st quarter. Reyes Financial Architecture Inc. now owns 476 shares of the software maker's stock worth $82,000 after purchasing an additional 142 shares during the last quarter. Finally, Bayforest Capital Ltd raised its holdings in 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. 98.45% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. Citigroup restated a "neutral" rating and set a $200.00 price target (up previously from $177.00) on shares of Manhattan Associates in a report on Wednesday, July 16th. Truist Financial raised their price target on shares of Manhattan Associates from $210.00 to $230.00 and gave the stock a "buy" rating in a report on Wednesday, July 23rd. Morgan Stanley initiated coverage on shares of Manhattan Associates in a report on Monday, July 14th. They set an "underweight" rating and a $190.00 price target for the company. Raymond James Financial lifted their price objective on shares of Manhattan Associates from $195.00 to $250.00 and gave the company an "outperform" rating in a research note on Wednesday, July 23rd. Finally, Robert W. Baird lifted their price objective on shares of Manhattan Associates from $212.00 to $230.00 and gave the company an "outperform" rating in a research note on Wednesday, July 16th. 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. According to data from MarketBeat, Manhattan Associates currently has an average rating of "Hold" and an average price target of $216.67.

Manhattan Associates Stock Down 0.2%

Manhattan Associates stock traded down $0.41 during midday trading on Friday, reaching $214.79. The stock had a trading volume of 368,831 shares, compared to its average volume of 687,650. Manhattan Associates, Inc. has a 12 month low of $140.81 and a 12 month high of $312.60. The firm's 50-day moving average price is $203.51 and its 200 day moving average price is $187.27. The firm has a market capitalization of $12.99 billion, a PE ratio of 60.00 and a beta of 1.10.

Manhattan Associates (NASDAQ:MANH - Get Free Report) last announced its quarterly earnings results on Tuesday, July 22nd. The software maker reported $1.31 earnings per share for the quarter, beating 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 analysts' expectations of $263.62 million. During the same period in the prior year, the business posted $1.18 earnings per share. The company's revenue was up 2.7% on a year-over-year basis. Equities research analysts expect that Manhattan Associates, Inc. will post 3.3 EPS for the current year.

Insider Buying and Selling

In other Manhattan Associates news, Director Linda T. Hollembaek sold 2,024 shares of the 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 transaction, the director directly owned 11,907 shares in the company, valued at $2,637,757.71. This trade represents a 14.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP James Stewart Gantt sold 2,300 shares of the stock in a transaction that occurred on Friday, July 25th. The shares were sold at an average price of $220.33, for a total transaction of $506,759.00. Following the transaction, the executive vice president owned 48,660 shares in the company, valued at $10,721,257.80. The trade was a 4.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 41,666 shares of company stock worth $9,251,781. Insiders own 0.88% of the company's stock.

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.