Manhattan Associates (NASDAQ:MANH) Shares Gap Down on Analyst Downgrade

Manhattan Associates, Inc. (NASDAQ:MANH) shares gapped down before the market opened on Wednesday after Loop Capital lowered their price target on the stock from $310.00 to $275.00. The stock had previously closed at $295.10, but opened at $222.80. Loop Capital currently has a buy rating on the stock. Manhattan Associates shares last traded at $225.89, with a volume of 678,577 shares trading hands.

A number of other equities analysts also recently weighed in on MANH. Raymond James dropped their price target on shares of Manhattan Associates from $305.00 to $270.00 and set an “outperform” rating on the stock in a research note on Wednesday. Piper Sandler reaffirmed an “overweight” rating and issued a $268.00 target price (down from $326.00) on shares of Manhattan Associates in a research report on Wednesday. Robert W. Baird lifted their price target on Manhattan Associates from $263.00 to $304.00 and gave the company an “outperform” rating in a report on Tuesday, October 22nd. Truist Financial dropped their price objective on Manhattan Associates from $310.00 to $285.00 and set a “buy” rating on the stock in a report on Wednesday. Finally, DA Davidson reduced their target price on shares of Manhattan Associates from $315.00 to $270.00 and set a “buy” rating for the company in a research note on Wednesday. Four equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, Manhattan Associates presently has an average rating of “Moderate Buy” and an average target price of $273.33.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Manhattan Associates

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Capital Performance Advisors LLP bought a new position in Manhattan Associates in the third quarter valued at about $34,000. Synergy Asset Management LLC acquired a new stake in shares of Manhattan Associates during the 4th quarter worth approximately $35,000. Ashton Thomas Securities LLC bought a new stake in shares of Manhattan Associates during the third quarter worth approximately $42,000. Carolina Wealth Advisors LLC acquired a new position in Manhattan Associates in the third quarter valued at approximately $50,000. Finally, Brooklyn Investment Group bought a new position in Manhattan Associates in the third quarter valued at approximately $58,000. 98.45% of the stock is owned by institutional investors and hedge funds.

Manhattan Associates Trading Down 3.9 %

The business’s fifty day simple moving average is $281.04 and its 200 day simple moving average is $271.55. The stock has a market cap of $13.08 billion, a price-to-earnings ratio of 60.84 and a beta of 1.52.

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.