Federated Hermes Inc. Sells 7,601 Shares of Manhattan Associates, Inc. (NASDAQ:MANH)

Key Points

• Federated Hermes Inc. reduced its stake in Manhattan Associates by 42.8% in Q1, holding 10,179 shares worth approximately $1.76 million after selling 7,601 shares.
• Manhattan Associates reported earnings of $1.31 per share, surpassing estimates, and achieved a revenue of $272.42 million, reflecting a 2.7% year-over-year increase.
• Shares of Manhattan Associates have seen a price range between $140.81 and $312.60 in the past year, with a current trading price of $215.99.

Federated Hermes Inc. lessened its holdings in shares of Manhattan Associates, Inc. (NASDAQ:MANH - Free Report) by 42.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,179 shares of the software maker's stock after selling 7,601 shares during the quarter. Federated Hermes Inc.'s holdings in Manhattan Associates were worth $1,761,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. DAVENPORT & Co LLC purchased a new position in Manhattan Associates in the 1st quarter worth approximately $214,000. Allianz Asset Management GmbH raised its position in shares of Manhattan Associates by 18.9% during the 1st quarter. Allianz Asset Management GmbH now owns 143,687 shares of the software maker's stock valued at $24,864,000 after buying an additional 22,845 shares in the last quarter. SG Americas Securities LLC lifted its holdings in shares of Manhattan Associates by 876.3% during the 1st quarter. SG Americas Securities LLC now owns 7,615 shares of the software maker's stock worth $1,318,000 after acquiring an additional 6,835 shares during the last quarter. Abacus FCF Advisors LLC increased its stake in Manhattan Associates by 170.0% in the first quarter. Abacus FCF Advisors LLC now owns 32,865 shares of the software maker's stock valued at $5,687,000 after acquiring an additional 20,691 shares during the last quarter. Finally, Merit Financial Group LLC raised its position in Manhattan Associates by 165.1% during the first quarter. Merit Financial Group LLC now owns 4,279 shares of the software maker's stock valued at $740,000 after purchasing an additional 2,665 shares in the last quarter. Hedge funds and other institutional investors own 98.45% of the company's stock.

Insider Transactions at Manhattan Associates

In related news, Director Linda T. Hollembaek sold 2,024 shares of the company's stock in a transaction that occurred on 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 $2,637,757.71. This 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 through this hyperlink. Also, EVP James Stewart Gantt sold 2,300 shares of Manhattan Associates stock in a transaction 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 completion of the sale, the executive vice president 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. In the last three months, insiders have sold 41,666 shares of company stock worth $9,251,781. 0.88% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Robert W. Baird upped their price objective on Manhattan Associates from $212.00 to $230.00 and gave the stock an "outperform" rating in a report on Wednesday, July 16th. Morgan Stanley initiated coverage on Manhattan Associates in a research note on Monday, July 14th. They issued an "underweight" rating and a $190.00 target price for the company. Citigroup reiterated a "neutral" rating and set a $200.00 price target (up from $177.00) on shares of Manhattan Associates in a research report on Wednesday, July 16th. Loop Capital boosted their price objective on shares of Manhattan Associates from $170.00 to $200.00 and gave the stock a "hold" rating in a report on Tuesday, July 22nd. Finally, Raymond James Financial increased their target price on shares of Manhattan Associates from $195.00 to $250.00 and gave the company an "outperform" rating in a report on Wednesday, July 23rd. One equities research 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's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $216.67.

Manhattan Associates Price Performance

Manhattan Associates stock traded down $5.49 during trading hours on Friday, reaching $205.79. The stock had a trading volume of 389,719 shares, compared to its average volume of 671,013. The company has a fifty day simple moving average of $201.05 and a 200-day simple moving average of $190.07. Manhattan Associates, Inc. has a 52 week low of $140.81 and a 52 week high of $312.60. The stock has a market cap of $12.44 billion, a PE ratio of 57.48 and a beta of 1.10.

Manhattan Associates (NASDAQ:MANH - Get Free Report) last posted its earnings results 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. The company had revenue of $272.42 million for the quarter, compared to analysts' expectations 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 firm earned $1.18 earnings per share. Research analysts predict that Manhattan Associates, Inc. will post 3.3 earnings per share for the current fiscal year.

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.