Kayne Anderson Rudnick Investment Management LLC Decreases Position in Manhattan Associates, Inc. (NASDAQ:MANH)

Kayne Anderson Rudnick Investment Management LLC reduced its position in Manhattan Associates, Inc. (NASDAQ:MANH - Free Report) by 2.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,284,635 shares of the software maker's stock after selling 25,778 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC owned 2.10% of Manhattan Associates worth $347,160,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in Manhattan Associates by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 6,702,557 shares of the software maker's stock valued at $1,811,299,000 after acquiring an additional 50,538 shares during the period. FMR LLC boosted its holdings in Manhattan Associates by 16.2% during 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 period. Franklin Resources Inc. boosted its holdings in Manhattan Associates by 43.2% during the 4th quarter. Franklin Resources Inc. now owns 1,916,509 shares of the software maker's stock valued at $517,917,000 after acquiring an additional 578,295 shares during the period. Invesco Ltd. boosted its holdings in Manhattan Associates by 3.1% during the 4th quarter. Invesco Ltd. now owns 1,861,160 shares of the software maker's stock valued at $502,960,000 after acquiring an additional 55,334 shares during the period. Finally, Massachusetts Financial Services Co. MA boosted its holdings in Manhattan Associates by 101.1% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,673,776 shares of the software maker's stock valued at $452,321,000 after acquiring an additional 841,276 shares during the period. 98.45% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CFO Dennis B. Story sold 2,788 shares of the business's stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $170.83, for a total value of $476,274.04. Following the sale, the chief financial officer now directly owns 101,263 shares of the company's stock, valued at $17,298,758.29. The trade was a 2.68% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.88% of the company's stock.

Manhattan Associates Price Performance

NASDAQ:MANH traded down $2.75 during mid-day trading on Wednesday, hitting $188.28. 667,129 shares of the company's stock were exchanged, compared to its average volume of 590,966. The company has a market cap of $11.43 billion, a PE ratio of 53.64 and a beta of 1.13. Manhattan Associates, Inc. has a one year low of $140.81 and a one year high of $312.60. The business has a fifty day moving average price of $174.84 and a 200 day moving average price of $219.52.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on MANH. Citigroup dropped their target price on Manhattan Associates from $244.00 to $184.00 and set a "neutral" rating for the company in a report on Friday, March 14th. DA Davidson upped their price target on Manhattan Associates from $200.00 to $225.00 and gave the company a "buy" rating in a research report on Wednesday, May 21st. Piper Sandler lowered their price target on Manhattan Associates from $268.00 to $200.00 and set an "overweight" rating for the company in a research report on Friday, March 14th. Loop Capital reaffirmed a "hold" rating and set a $170.00 price target (down previously from $275.00) on shares of Manhattan Associates in a research report on Thursday, April 10th. Finally, Raymond James lowered their price target on Manhattan Associates from $305.00 to $270.00 and set an "outperform" rating for the company in a research report on Wednesday, January 29th. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $210.14.

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.