Zurcher Kantonalbank Zurich Cantonalbank Trims Stock Holdings in Manhattan Associates, Inc. (NASDAQ:MANH)

Key Points

• Zurcher Kantonalbank significantly reduced its stake in Manhattan Associates by 44.3%, holding 12,698 shares valued at approximately $2.2 million after selling 10,083 shares in the first quarter.
• Several institutional investors have increased their stakes in Manhattan Associates, with FMR LLC and Northern Trust Corp raising their positions by 16.2% and 26.5%, respectively.
• The stock price of Manhattan Associates opened at $214.66 and has shown a twelve-month range between $140.81 and $312.60, with an average analyst rating of "Hold" and a consensus target price of $216.67.

Zurcher Kantonalbank Zurich Cantonalbank trimmed its stake in Manhattan Associates, Inc. (NASDAQ:MANH - Free Report) by 44.3% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 12,698 shares of the software maker's stock after selling 10,083 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Manhattan Associates were worth $2,197,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the stock. Park Square Financial Group LLC acquired a new position in Manhattan Associates in the fourth quarter valued at $38,000. Transce3nd LLC acquired a new position in Manhattan Associates in the fourth quarter valued at $41,000. Central Pacific Bank Trust Division increased its stake in Manhattan Associates by 107.3% in the first quarter. Central Pacific Bank Trust Division now owns 199 shares of the software maker's stock valued at $34,000 after purchasing an additional 103 shares during the last quarter. Reyes Financial Architecture Inc. increased its stake in Manhattan Associates by 42.5% in the first quarter. Reyes Financial Architecture Inc. now owns 476 shares of the software maker's stock valued at $82,000 after purchasing an additional 142 shares during the last quarter. Finally, Harbor Investment Advisory LLC increased its stake in Manhattan Associates by 57.7% in the first quarter. Harbor Investment Advisory LLC now owns 552 shares of the software maker's stock valued at $96,000 after purchasing an additional 202 shares during the last quarter. 98.45% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MANH has been the subject of several research analyst reports. Morgan Stanley initiated coverage on Manhattan Associates in a research note on Monday, July 14th. They set an "underweight" rating and a $190.00 price target for the company. Citigroup restated a "neutral" rating and set a $200.00 price target (up from $177.00) on shares of Manhattan Associates in a research note on Wednesday, July 16th. Loop Capital upped their price target on Manhattan Associates from $170.00 to $200.00 and gave the stock a "hold" rating in a research note on Tuesday, July 22nd. Redburn Atlantic lowered 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. Finally, Truist Financial upped their price target on Manhattan Associates from $210.00 to $230.00 and gave the stock a "buy" rating in a research note on Wednesday, July 23rd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $216.67.

Insider Transactions at Manhattan Associates

In other news, Director Linda T. Hollembaek sold 2,024 shares of the company's stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $221.53, for a total value of $448,376.72. Following the completion of the sale, the director owned 11,907 shares of the company's stock, valued at $2,637,757.71. This represents a 14.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP James Stewart Gantt sold 2,300 shares of the company's stock in a transaction dated Friday, July 25th. The stock was sold at an average price of $220.33, for a total value of $506,759.00. Following the completion of the sale, the executive vice president directly owned 48,660 shares of the company's stock, valued at $10,721,257.80. The trade was a 4.51% decrease in their position. The disclosure for this sale can be found here. Insiders sold 41,666 shares of company stock valued at $9,251,781 over the last quarter. Company insiders own 0.72% of the company's stock.

Manhattan Associates Stock Down 2.3%

Shares of NASDAQ MANH traded down $5.00 on Friday, hitting $214.66. The company had a trading volume of 476,308 shares, compared to its average volume of 673,420. Manhattan Associates, Inc. has a 12-month low of $140.81 and a 12-month high of $312.60. The business has a 50 day moving average of $198.54 and a two-hundred day moving average of $191.06. The firm has a market capitalization of $12.98 billion, a P/E ratio of 59.96 and a beta of 1.10.

Manhattan Associates (NASDAQ:MANH - Get Free Report) last issued its earnings results 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. 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 during the quarter, compared to the consensus estimate of $263.62 million. During the same quarter in the prior year, the business earned $1.18 earnings per share. The company's revenue was up 2.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Manhattan Associates, Inc. will post 3.3 earnings per share for the current year.

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.