Manhattan Associates (NASDAQ:MANH) Upgraded to Buy by DA Davidson

Manhattan Associates (NASDAQ:MANH) was upgraded by analysts at DA Davidson from a “neutral” rating to a “buy” rating in a research note issued on Thursday, FinViz reports. The firm presently has a $240.00 target price on the software maker’s stock, up from their prior target price of $220.00. DA Davidson’s target price indicates a potential upside of 16.32% from the stock’s current price. 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 brokerages have also recently weighed in on MANH. Citigroup dropped their target price on shares of Manhattan Associates from $260.00 to $220.00 and set a “neutral” rating on the stock in a report on Wednesday. Raymond James increased their target price on shares of Manhattan Associates from $214.00 to $250.00 and gave the stock an “outperform” rating in a report on Wednesday, January 31st. Truist Financial increased their target price on shares of Manhattan Associates from $240.00 to $260.00 and gave the stock a “buy” rating in a report on Wednesday, January 31st. Finally, Rosenblatt Securities reissued a “neutral” rating and set a $225.00 target price on shares of Manhattan Associates in a report on Wednesday. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $234.86.

Manhattan Associates Price Performance

NASDAQ MANH opened at $206.32 on Thursday. Manhattan Associates has a 12 month low of $152.32 and a 12 month high of $266.94. The company has a market capitalization of $12.70 billion, a price-to-earnings ratio of 67.43 and a beta of 1.44. The company’s fifty day moving average price is $245.97 and its two-hundred day moving average price is $227.06.

Manhattan Associates (NASDAQ:MANH) last posted its quarterly earnings data on Tuesday, January 30th. The software maker reported $0.78 EPS for the quarter, beating 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 firm had revenue of $238.26 million for the quarter, compared to the consensus estimate of $223.99 million. As a group, analysts anticipate that Manhattan Associates will post 2.78 EPS for the current year.

Insider Buying and Selling

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

Hedge Funds Weigh In On Manhattan Associates

Several large investors have recently bought and sold shares of the stock. FMR LLC increased its stake in Manhattan Associates by 2.1% during the 3rd quarter. FMR LLC now owns 1,628,850 shares of the software maker’s stock valued at $321,958,000 after buying an additional 33,549 shares during the period. Morgan Stanley increased its stake in Manhattan Associates by 0.9% during the 3rd quarter. Morgan Stanley now owns 1,522,444 shares of the software maker’s stock valued at $300,927,000 after buying an additional 13,303 shares during the period. Franklin Resources Inc. boosted its position in shares of Manhattan Associates by 16.8% during the 4th quarter. Franklin Resources Inc. now owns 872,966 shares of the software maker’s stock valued at $187,967,000 after purchasing an additional 125,541 shares in the last quarter. Norges Bank bought a new position in shares of Manhattan Associates during the 4th quarter valued at about $146,984,000. Finally, Northern Trust Corp boosted its position in shares of Manhattan Associates by 10.5% during the 3rd quarter. Northern Trust Corp now owns 645,187 shares of the software maker’s stock valued at $127,528,000 after purchasing an additional 61,437 shares in the last quarter. Institutional investors and hedge funds 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.