Manhattan Associates, Inc. (NASDAQ:MANH) Shares Sold by Jupiter Asset Management Ltd.

Key Points

• Jupiter Asset Management Ltd. drastically reduced its holdings in Manhattan Associates by 94.0%, leaving it with only 9,819 shares worth approximately $1.70 million.
• Manhattan Associates' stock has faced a recent decline, down 1.3% to $215.77, despite reporting better-than-expected earnings with an EPS of $1.31.
• Multiple analysts have raised their price targets for Manhattan Associates, with recent reports setting targets as high as $250.00 while maintaining a consensus rating of Hold.

Jupiter Asset Management Ltd. lowered its holdings in Manhattan Associates, Inc. (NASDAQ:MANH - Free Report) by 94.0% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 9,819 shares of the software maker's stock after selling 154,740 shares during the quarter. Jupiter Asset Management Ltd.'s holdings in Manhattan Associates were worth $1,699,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the business. FMR LLC increased its holdings in shares of Manhattan Associates by 16.2% in the 4th quarter. FMR LLC now owns 2,227,669 shares of the software maker's stock valued at $602,005,000 after acquiring an additional 310,257 shares during the last quarter. Invesco Ltd. boosted its position in shares of Manhattan Associates by 3.1% in the 4th quarter. Invesco Ltd. now owns 1,861,160 shares of the software maker's stock valued at $502,960,000 after purchasing an additional 55,334 shares during the period. Bessemer Group Inc. boosted its position in shares of Manhattan Associates by 1.1% in the 4th quarter. Bessemer Group Inc. now owns 781,424 shares of the software maker's stock valued at $211,172,000 after purchasing an additional 8,425 shares during the period. Northern Trust Corp boosted its position in shares of Manhattan Associates by 26.5% in the 4th quarter. Northern Trust Corp now owns 761,820 shares of the software maker's stock valued at $205,874,000 after purchasing an additional 159,572 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in shares of Manhattan Associates by 10.1% in the 1st quarter. Bank of New York Mellon Corp now owns 591,794 shares of the software maker's stock valued at $102,404,000 after purchasing an additional 54,273 shares during the period. Hedge funds and other institutional investors own 98.45% of the company's stock.

Insiders Place Their Bets

In other Manhattan Associates news, EVP James Stewart Gantt sold 2,300 shares of the firm's stock in a transaction on Friday, July 25th. The stock was sold at an average price of $220.33, for a total transaction of $506,759.00. Following the completion of the transaction, the executive vice president owned 48,660 shares of the company's stock, valued at approximately $10,721,257.80. This trade represents a 4.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Linda T. Hollembaek sold 2,024 shares of the firm's 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 directly owned 11,907 shares of the company's stock, valued at $2,637,757.71. The trade was a 14.53% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 41,666 shares of company stock valued at $9,251,781. Corporate insiders own 0.88% of the company's stock.

Manhattan Associates Stock Up 0.1%

NASDAQ MANH traded up $0.22 during mid-day trading on Wednesday, hitting $215.99. The stock had a trading volume of 336,122 shares, compared to its average volume of 659,781. Manhattan Associates, Inc. has a 52-week low of $140.81 and a 52-week high of $312.60. The company has a market cap of $13.06 billion, a price-to-earnings ratio of 60.33 and a beta of 1.10. The company has a 50 day simple moving average of $199.70 and a 200 day simple moving average of $190.85.

Manhattan Associates (NASDAQ:MANH - Get Free Report) last released its quarterly earnings data 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. The firm had revenue of $272.42 million during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period last year, the business posted $1.18 EPS. As a group, equities analysts anticipate that Manhattan Associates, Inc. will post 3.3 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Morgan Stanley assumed coverage on Manhattan Associates in a research report on Monday, July 14th. They issued an "underweight" rating and a $190.00 target price for the company. Loop Capital increased their price objective on Manhattan Associates from $170.00 to $200.00 and gave the stock a "hold" rating in a research report on Tuesday, July 22nd. Raymond James Financial increased their price objective on Manhattan Associates from $195.00 to $250.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 23rd. Truist Financial increased their price objective on Manhattan Associates from $210.00 to $230.00 and gave the stock a "buy" rating in a research report on Wednesday, July 23rd. Finally, Citigroup reaffirmed a "neutral" rating and set a $200.00 price objective (up from $177.00) on shares of Manhattan Associates in a research report on Wednesday, July 16th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus 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.