Manhattan Associates (NASDAQ:MANH) Upgraded at DA Davidson

Manhattan Associates (NASDAQ:MANH - Get Free Report) was upgraded by equities research analysts at DA Davidson from a "neutral" rating to a "buy" rating in a research note issued on Thursday, Marketbeat.com reports. The brokerage presently has a $240.00 target price on the software maker's stock, up from their previous target price of $220.00. DA Davidson's price objective would indicate a potential upside of 15.22% from the stock's previous close. DA Davidson also issued estimates for Manhattan Associates' Q2 2024 earnings at $0.70 EPS, FY2024 earnings at $2.90 EPS and FY2025 earnings at $3.60 EPS.

A number of other research analysts have also recently weighed in on the stock. Rosenblatt Securities reissued a "neutral" rating and set a $225.00 price objective on shares of Manhattan Associates in a research note on Wednesday. Raymond James raised their price objective on shares of Manhattan Associates from $214.00 to $250.00 and gave the stock an "outperform" rating in a research note on Wednesday, January 31st. Truist Financial raised their price objective on shares of Manhattan Associates from $240.00 to $260.00 and gave the stock a "buy" rating in a research note on Wednesday, January 31st. Finally, Citigroup decreased their target price on shares of Manhattan Associates from $260.00 to $220.00 and set a "neutral" rating on the stock in a research report on Wednesday. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, Manhattan Associates presently has an average rating of "Moderate Buy" and an average target price of $234.86.

Manhattan Associates Price Performance

Manhattan Associates stock traded up $1.98 during mid-day trading on Thursday, reaching $208.30. The company had a trading volume of 739,547 shares, compared to its average volume of 388,763. Manhattan Associates has a 1 year low of $163.43 and a 1 year high of $266.94. The company has a market capitalization of $12.83 billion, a P/E ratio of 68.07 and a beta of 1.44. The stock's 50-day simple moving average is $245.12 and its 200-day simple moving average is $226.92.

Manhattan Associates (NASDAQ:MANH - Get Free Report) last issued its quarterly earnings data on Tuesday, January 30th. The software maker reported $0.78 earnings per share for the quarter, topping analysts' consensus estimates of $0.55 by $0.23. Manhattan Associates had a net margin of 19.91% and a return on equity of 87.22%. The business had revenue of $238.26 million during the quarter, compared to analysts' expectations of $223.99 million. On average, equities analysts forecast that Manhattan Associates will post 2.78 EPS for the current fiscal year.

Insider Buying and Selling

In other Manhattan Associates news, EVP James Stewart Gantt sold 680 shares of Manhattan Associates stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $248.84, for a total value of $169,211.20. Following the transaction, the executive vice president now owns 57,093 shares in the company, valued at approximately $14,207,022.12. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Manhattan Associates news, EVP James Stewart Gantt sold 680 shares of Manhattan Associates stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $248.84, for a total value of $169,211.20. Following the transaction, the executive vice president now owns 57,093 shares in the company, valued at approximately $14,207,022.12. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Eddie Capel sold 10,897 shares of Manhattan Associates stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $247.73, for a total transaction of $2,699,513.81. Following the completion of the transaction, the chief executive officer now owns 242,153 shares in the company, valued at approximately $59,988,562.69. The disclosure for this sale can be found here. 0.72% of the stock is owned by company insiders.

Hedge Funds Weigh In On Manhattan Associates

A number of hedge funds have recently made changes to their positions in the business. FMR LLC raised its stake in shares of Manhattan Associates by 2.1% in the 3rd quarter. FMR LLC now owns 1,628,850 shares of the software maker's stock valued at $321,958,000 after acquiring an additional 33,549 shares during the period. Morgan Stanley raised its stake in shares of Manhattan Associates by 0.9% in the 3rd quarter. Morgan Stanley now owns 1,522,444 shares of the software maker's stock valued at $300,927,000 after acquiring an additional 13,303 shares during the period. Franklin Resources Inc. raised its stake in shares of Manhattan Associates by 16.8% in the 4th quarter. Franklin Resources Inc. now owns 872,966 shares of the software maker's stock valued at $187,967,000 after acquiring an additional 125,541 shares during the period. Norges Bank purchased a new position in shares of Manhattan Associates in the 4th quarter valued at $146,984,000. Finally, Northern Trust Corp increased its stake in Manhattan Associates by 10.5% during the 3rd quarter. Northern Trust Corp now owns 645,187 shares of the software maker's stock worth $127,528,000 after buying an additional 61,437 shares during the period. Hedge funds and other institutional investors own 98.45% of the company's stock.

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.