Manhattan Associates, Inc. (NASDAQ:MANH) Shares Acquired by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia significantly increased its stake in Manhattan Associates, Inc. by 2,599.2% during the first quarter, acquiring over 56,000 additional shares.
• Manhattan Associates reported earnings of $1.31 per share, surpassing analysts' expectations of $1.12, with revenue of $272.42 million for the quarter.
• Institutional investors and hedge funds own approximately 98.45% of Manhattan Associates stock, indicating strong institutional interest in the company.

Bank of Nova Scotia grew its position in Manhattan Associates, Inc. (NASDAQ:MANH - Free Report) by 2,599.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 58,167 shares of the software maker's stock after purchasing an additional 56,012 shares during the period. Bank of Nova Scotia owned approximately 0.10% of Manhattan Associates worth $10,065,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Lazard Asset Management LLC lifted its holdings in shares of Manhattan Associates by 2,075.5% during the 4th quarter. Lazard Asset Management LLC now owns 399,066 shares of the software maker's stock valued at $107,842,000 after acquiring an additional 380,722 shares in the last quarter. FMR LLC lifted its holdings in shares of 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 in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Manhattan Associates during the 4th quarter valued at $49,416,000. GAMMA Investing LLC lifted its holdings in shares of Manhattan Associates by 10,499.0% during the 1st quarter. GAMMA Investing LLC now owns 176,155 shares of the software maker's stock valued at $30,482,000 after acquiring an additional 174,493 shares in the last quarter. Finally, Northern Trust Corp lifted its holdings in shares of Manhattan Associates by 26.5% during the 4th quarter. Northern Trust Corp now owns 761,820 shares of the software maker's stock valued at $205,874,000 after acquiring an additional 159,572 shares in the last quarter. 98.45% of the stock is owned by institutional investors and hedge funds.

Manhattan Associates Price Performance

Shares of MANH stock opened at $218.55 on Tuesday. The firm has a market cap of $13.22 billion, a P/E ratio of 61.05 and a beta of 1.10. Manhattan Associates, Inc. has a 1-year low of $140.81 and a 1-year high of $312.60. The firm has a fifty day moving average of $199.21 and a two-hundred day moving average of $190.68.

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

Insider Transactions at Manhattan Associates

In other news, EVP James Stewart Gantt sold 2,300 shares of the firm's stock in a transaction dated Friday, July 25th. The shares were sold at an average price of $220.33, for a total value of $506,759.00. Following 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 transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Linda T. Hollembaek sold 2,024 shares of the firm's stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $221.53, for a total transaction of $448,376.72. Following the completion of the transaction, the director owned 11,907 shares in the company, valued at approximately $2,637,757.71. The trade was a 14.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 41,666 shares of company stock worth $9,251,781. 0.72% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. DA Davidson lifted their target price on shares of Manhattan Associates from $225.00 to $250.00 and gave the company a "buy" rating in a report on Wednesday, July 23rd. Raymond James Financial lifted their price target on shares of Manhattan Associates from $195.00 to $250.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 23rd. Redburn Atlantic downgraded shares of Manhattan Associates from a "buy" rating to a "neutral" rating and dropped their price target for the stock from $270.00 to $200.00 in a research note on Tuesday, June 10th. Loop Capital lifted their price target on shares of Manhattan Associates from $170.00 to $200.00 and gave the stock a "hold" rating in a research note on Tuesday, July 22nd. Finally, Morgan Stanley initiated coverage on shares of Manhattan Associates in a research note on Monday, July 14th. They set an "underweight" rating and a $190.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Manhattan Associates has a consensus rating of "Hold" and a consensus price target of $216.67.

Manhattan Associates Company 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.

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