Verdence Capital Advisors LLC Acquires New Position in Manhattan Associates, Inc. (NASDAQ:MANH)

Verdence Capital Advisors LLC bought a new position in shares of Manhattan Associates, Inc. (NASDAQ:MANH - Free Report) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 2,014 shares of the software maker's stock, valued at approximately $349,000.

Several other large investors have also recently modified their holdings of the business. Massachusetts Financial Services Co. MA boosted its position in shares of 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 last quarter. Norges Bank bought a new stake in Manhattan Associates during the fourth quarter valued at approximately $201,377,000. Franklin Resources Inc. grew its stake in Manhattan Associates by 43.2% in the 4th quarter. Franklin Resources Inc. now owns 1,916,509 shares of the software maker's stock worth $517,917,000 after buying an additional 578,295 shares in the last quarter. Lazard Asset Management LLC increased its holdings in shares of Manhattan Associates by 2,075.5% in the 4th quarter. Lazard Asset Management LLC now owns 399,066 shares of the software maker's stock worth $107,842,000 after buying an additional 380,722 shares during the last quarter. Finally, FMR LLC raised its position 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 buying an additional 310,257 shares in the last quarter. Hedge funds and other institutional investors own 98.45% of the company's stock.

Wall Street Analysts Forecast Growth

MANH has been the topic of several recent research reports. Redburn Atlantic lowered Manhattan Associates from a "buy" rating to a "neutral" rating and reduced their price target for the stock from $270.00 to $200.00 in a research report on Tuesday, June 10th. Loop Capital restated a "hold" rating and issued a $170.00 price objective (down previously from $275.00) on shares of Manhattan Associates in a research report on Thursday, April 10th. DA Davidson upped their price objective on shares of Manhattan Associates from $200.00 to $225.00 and gave the company a "buy" rating in a research note on Wednesday, May 21st. Citigroup reissued a "neutral" rating and issued a $200.00 target price (up from $177.00) on shares of Manhattan Associates in a research note on Wednesday. Finally, Truist Financial upped their price target on Manhattan Associates from $190.00 to $210.00 and gave the company a "buy" rating in a research report on Thursday, May 22nd. One 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's stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $210.56.

Manhattan Associates Stock Down 0.9%

Manhattan Associates stock opened at $202.05 on Friday. Manhattan Associates, Inc. has a twelve month low of $140.81 and a twelve month high of $312.60. The company has a market capitalization of $12.27 billion, a P/E ratio of 57.73 and a beta of 1.08. The stock's 50 day moving average is $193.57 and its 200 day moving average is $195.37.

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.

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