Manhattan Associates (NASDAQ:MANH) Hits New 52-Week Low After Insider Selling

Manhattan Associates, Inc. (NASDAQ:MANH)’s stock price hit a new 52-week low on Monday following insider selling activity. The stock traded as low as $165.15 and last traded at $165.70, with a volume of 422328 shares. The stock had previously closed at $170.73.

Specifically, CFO Dennis B. Story sold 2,788 shares of the stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $170.83, for a total transaction of $476,274.04. Following the completion of the transaction, the chief financial officer now directly owns 101,263 shares in the company, valued at approximately $17,298,758.29. This represents a 2.68 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Analyst Ratings Changes

A number of research firms have commented on MANH. DA Davidson decreased their target price on shares of Manhattan Associates from $315.00 to $270.00 and set a “buy” rating on the stock in a research report on Wednesday, January 29th. Truist Financial decreased their price objective on shares of Manhattan Associates from $310.00 to $285.00 and set a “buy” rating on the stock in a report on Wednesday, January 29th. Piper Sandler reiterated an “overweight” rating and issued a $268.00 target price (down previously from $326.00) on shares of Manhattan Associates in a report on Wednesday, January 29th. StockNews.com cut Manhattan Associates from a “buy” rating to a “hold” rating in a report on Monday, January 13th. Finally, William Blair upgraded shares of Manhattan Associates from a “market perform” rating to an “outperform” rating in a research note on Thursday, February 13th. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, Manhattan Associates has a consensus rating of “Moderate Buy” and an average target price of $273.33.

Manhattan Associates Stock Down 3.0 %

The company’s fifty day moving average is $225.75 and its two-hundred day moving average is $260.80. The stock has a market cap of $10.12 billion, a price-to-earnings ratio of 47.19 and a beta of 1.47.

Institutional Investors Weigh In On Manhattan Associates

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its stake in shares of Manhattan Associates by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 6,702,557 shares of the software maker’s stock worth $1,811,299,000 after purchasing an additional 50,538 shares in the last quarter. FMR LLC boosted its position in shares of Manhattan Associates by 16.2% during the 4th quarter. FMR LLC now owns 2,227,669 shares of the software maker’s stock worth $602,005,000 after acquiring an additional 310,257 shares in the last quarter. State Street Corp boosted its position in shares of Manhattan Associates by 0.6% during the 3rd quarter. State Street Corp now owns 2,203,139 shares of the software maker’s stock worth $619,918,000 after acquiring an additional 12,787 shares in the last quarter. Franklin Resources Inc. increased its holdings in shares of Manhattan Associates by 43.2% in the 4th quarter. Franklin Resources Inc. now owns 1,916,509 shares of the software maker’s stock valued at $517,917,000 after acquiring an additional 578,295 shares during the last quarter. Finally, Invesco Ltd. raised its position in shares of Manhattan Associates by 3.1% during the 4th quarter. Invesco Ltd. now owns 1,861,160 shares of the software maker’s stock worth $502,960,000 after acquiring an additional 55,334 shares in the last quarter. 98.45% of the stock is currently owned by institutional investors and hedge funds.

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.