Manhattan Associates, Inc. (NASDAQ:MANH) Shares Purchased by PNC Financial Services Group Inc.

Key Points

• PNC Financial Services Group Inc. has significantly increased its stake in Manhattan Associates, Inc. by 95.6%, acquiring a total of 8,691 shares valued at approximately $1,504,000.
• Analysts have set new price targets for Manhattan Associates, with DA Davidson raising their target from $225.00 to $250.00 and Truist Financial updating theirs to $230.00, indicating strong overall sentiment toward the stock.
• Company insiders have sold a total of 41,666 shares valued at $9.25 million in the last quarter, suggesting some level of selling pressure despite strong earnings reports.

PNC Financial Services Group Inc. raised its stake in shares of Manhattan Associates, Inc. (NASDAQ:MANH - Free Report) by 95.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,691 shares of the software maker's stock after acquiring an additional 4,247 shares during the quarter. PNC Financial Services Group Inc.'s holdings in Manhattan Associates were worth $1,504,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Federated Hermes Inc. lifted its holdings in shares of Manhattan Associates by 84.0% during the 4th quarter. Federated Hermes Inc. now owns 17,780 shares of the software maker's stock valued at $4,805,000 after purchasing an additional 8,116 shares during the last quarter. Cerity Partners LLC lifted its holdings in shares of Manhattan Associates by 5.6% during the 4th quarter. Cerity Partners LLC now owns 20,715 shares of the software maker's stock valued at $5,765,000 after purchasing an additional 1,093 shares during the last quarter. Advisory Services Network LLC lifted its holdings in shares of Manhattan Associates by 100.4% during the 4th quarter. Advisory Services Network LLC now owns 8,593 shares of the software maker's stock valued at $2,322,000 after purchasing an additional 4,305 shares during the last quarter. APG Asset Management N.V. lifted its holdings in shares of Manhattan Associates by 3.4% during the 4th quarter. APG Asset Management N.V. now owns 3,109 shares of the software maker's stock valued at $811,000 after purchasing an additional 102 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in shares of Manhattan Associates during the 4th quarter valued at $49,416,000. Institutional investors own 98.45% of the company's stock.

Analyst Ratings Changes

MANH has been the subject of several analyst reports. Redburn Atlantic lowered Manhattan Associates from a "buy" rating to a "neutral" rating and decreased their price objective for the company from $270.00 to $200.00 in a report on Tuesday, June 10th. Citigroup restated a "neutral" rating and issued a $200.00 target price (up previously from $177.00) on shares of Manhattan Associates in a research note on Wednesday, July 16th. Morgan Stanley began 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. Loop Capital raised their target price on Manhattan Associates from $170.00 to $200.00 and gave the stock a "hold" rating in a research note on Tuesday, July 22nd. Finally, Robert W. Baird raised their target price on Manhattan Associates from $212.00 to $230.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 16th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Manhattan Associates has a consensus rating of "Hold" and an average price target of $216.67.

Manhattan Associates Stock Up 3.5%

Shares of NASDAQ:MANH traded up $7.44 during trading on Wednesday, reaching $220.19. 548,804 shares of the company's stock traded hands, compared to its average volume of 809,705. Manhattan Associates, Inc. has a fifty-two week low of $140.81 and a fifty-two week high of $312.60. The firm has a market cap of $13.31 billion, a PE ratio of 61.51 and a beta of 1.10. The company has a 50-day simple moving average of $201.98 and a 200-day simple moving average of $188.35.

Manhattan Associates (NASDAQ:MANH - Get Free Report) last posted its quarterly earnings data 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. Manhattan Associates had a return on equity of 82.91% and a net margin of 20.91%. The company had revenue of $272.42 million for the quarter, compared to analysts' expectations of $263.62 million. During the same period in the previous year, the firm posted $1.18 EPS. Manhattan Associates's revenue was up 2.7% compared to the same quarter last year. On average, equities research analysts forecast that Manhattan Associates, Inc. will post 3.3 EPS for the current year.

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 that occurred on 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 of the company's stock, valued at $10,721,257.80. This trade represents a 4.51% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Linda T. Hollembaek sold 2,024 shares of the firm'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 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 disclosure for this sale can be found here. Insiders have sold 41,666 shares of company stock valued at $9,251,781 in the last ninety days. 0.72% of the stock is currently owned by corporate insiders.

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.