Franklin Resources Inc. Lowers Position in Manhattan Associates, Inc. (NASDAQ:MANH)

Franklin Resources Inc. reduced its position in shares of Manhattan Associates, Inc. (NASDAQ:MANH) by 2.3% in the 3rd quarter, HoldingsChannel reports. The firm owned 1,338,214 shares of the software maker’s stock after selling 30,949 shares during the period. Franklin Resources Inc.’s holdings in Manhattan Associates were worth $407,674,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Optimist Retirement Group LLC raised its stake in shares of Manhattan Associates by 9.0% during the 3rd quarter. Optimist Retirement Group LLC now owns 916 shares of the software maker’s stock worth $258,000 after buying an additional 76 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new position in Manhattan Associates during the third quarter worth $502,000. Sanctuary Advisors LLC grew its holdings in Manhattan Associates by 13.1% during the third quarter. Sanctuary Advisors LLC now owns 6,398 shares of the software maker’s stock worth $1,794,000 after acquiring an additional 743 shares during the period. SkyView Investment Advisors LLC raised its position in Manhattan Associates by 2.0% in the third quarter. SkyView Investment Advisors LLC now owns 5,120 shares of the software maker’s stock worth $1,441,000 after acquiring an additional 102 shares in the last quarter. Finally, Arete Wealth Advisors LLC acquired a new stake in Manhattan Associates in the third quarter valued at $208,000. Institutional investors and hedge funds own 98.45% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on MANH. Robert W. Baird upped their price target on shares of Manhattan Associates from $263.00 to $304.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 22nd. Raymond James upped their target price on shares of Manhattan Associates from $255.00 to $305.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Citigroup lifted their price target on shares of Manhattan Associates from $257.00 to $287.00 and gave the company a “neutral” rating in a research report on Wednesday, September 25th. DA Davidson boosted their price target on Manhattan Associates from $285.00 to $315.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Finally, Piper Sandler began coverage on Manhattan Associates in a report on Monday, November 25th. They set an “overweight” rating and a $326.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $290.78.

Insiders Place Their Bets

In other Manhattan Associates news, SVP Bruce Richards sold 4,150 shares of the business’s stock in a transaction on Friday, November 29th. The stock was sold at an average price of $289.73, for a total value of $1,202,379.50. Following the completion of the transaction, the senior vice president now directly owns 22,086 shares in the company, valued at approximately $6,398,976.78. The trade was a 15.82 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP James Stewart Gantt sold 3,475 shares of the stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $288.10, for a total value of $1,001,147.50. Following the transaction, the executive vice president now directly owns 42,812 shares in the company, valued at approximately $12,334,137.20. This represents a 7.51 % decrease in their position. The disclosure for this sale can be found here. 0.72% of the stock is owned by corporate insiders.

Manhattan Associates Stock Performance

MANH stock opened at $298.17 on Friday. The stock’s 50 day moving average price is $286.25 and its 200 day moving average price is $262.00. The firm has a market cap of $18.21 billion, a P/E ratio of 84.71 and a beta of 1.50. Manhattan Associates, Inc. has a 1 year low of $199.23 and a 1 year high of $312.60.

Manhattan Associates (NASDAQ:MANH) last issued its quarterly earnings data on Tuesday, October 22nd. The software maker reported $1.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.06 by $0.29. The business had revenue of $266.70 million for the quarter, compared to the consensus estimate of $262.90 million. Manhattan Associates had a return on equity of 84.55% and a net margin of 21.38%. The business’s revenue was up 11.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.79 earnings per share. On average, research analysts predict that Manhattan Associates, Inc. will post 3.39 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.