Piper Sandler Reaffirms “Overweight” Rating for Manhattan Associates (NASDAQ:MANH)

Manhattan Associates (NASDAQ:MANH)‘s stock had its “overweight” rating reissued by equities research analysts at Piper Sandler in a research note issued on Wednesday,Benzinga reports. They presently have a $268.00 price target on the software maker’s stock, down from their previous price target of $326.00. Piper Sandler’s price target would suggest a potential upside of 18.06% from the company’s previous close.

A number of other research analysts have also recently issued reports on the stock. Raymond James raised their price target on shares of Manhattan Associates from $255.00 to $305.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. DA Davidson upped their price objective on shares of Manhattan Associates from $285.00 to $315.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. StockNews.com lowered shares of Manhattan Associates from a “buy” rating to a “hold” rating in a research report on Monday, January 13th. Citigroup lowered their price objective on Manhattan Associates from $306.00 to $303.00 and set a “neutral” rating on the stock in a report on Monday. Finally, Robert W. Baird raised their target price on Manhattan Associates from $263.00 to $304.00 and gave the company an “outperform” rating in a research report on Tuesday, October 22nd. Four research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $283.33.

Manhattan Associates Stock Down 23.1 %

MANH stock traded down $68.09 during trading on Wednesday, hitting $227.01. 678,577 shares of the company’s stock traded hands, compared to its average volume of 350,916. The business has a fifty day simple moving average of $283.17 and a two-hundred day simple moving average of $272.29. The firm has a market capitalization of $13.87 billion, a P/E ratio of 64.56 and a beta of 1.52. Manhattan Associates has a 1 year low of $205.12 and a 1 year high of $312.60.

Insider Activity

In related news, SVP Bruce Richards sold 4,150 shares of Manhattan Associates stock in a transaction on Friday, November 29th. The shares were sold at an average price of $289.73, for a total transaction of $1,202,379.50. Following the sale, the senior vice president now directly owns 22,086 shares in the company, valued at $6,398,976.78. This trade represents a 15.82 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP James Stewart Gantt sold 3,475 shares of Manhattan Associates stock in a transaction dated 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 sale, the executive vice president now owns 42,812 shares in the company, valued at $12,334,137.20. This trade represents a 7.51 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.72% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA purchased a new stake in shares of Manhattan Associates in the third quarter valued at about $234,249,000. JPMorgan Chase & Co. boosted its holdings in Manhattan Associates by 213.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,009,913 shares of the software maker’s stock valued at $284,169,000 after purchasing an additional 687,933 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. increased its position in Manhattan Associates by 275.6% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 486,750 shares of the software maker’s stock worth $131,539,000 after purchasing an additional 357,172 shares during the period. Swedbank AB lifted its holdings in Manhattan Associates by 1,840.3% in the fourth quarter. Swedbank AB now owns 369,019 shares of the software maker’s stock valued at $99,724,000 after acquiring an additional 350,000 shares during the period. Finally, FMR LLC boosted its stake in shares of Manhattan Associates by 7.3% during the 3rd quarter. FMR LLC now owns 1,917,412 shares of the software maker’s stock worth $539,521,000 after acquiring an additional 130,817 shares in the last quarter. Institutional investors and hedge funds own 98.45% of the company’s stock.

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.