Citigroup Has Lowered Expectations for Manhattan Associates (NASDAQ:MANH) Stock Price

Manhattan Associates (NASDAQ:MANH) had its price target dropped by stock analysts at Citigroup from $244.00 to $184.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a “neutral” rating on the software maker’s stock. Citigroup’s price objective suggests a potential upside of 6.67% from the stock’s current price.

Several other equities analysts also recently issued reports on MANH. Piper Sandler reduced their price objective on shares of Manhattan Associates from $268.00 to $200.00 and set an “overweight” rating on the stock in a research note on Friday. Truist Financial reduced their price objective on shares of Manhattan Associates from $310.00 to $285.00 and set a “buy” rating on the stock in a research note on Wednesday, January 29th. Raymond James dropped their price target on shares of Manhattan Associates from $305.00 to $270.00 and set an “outperform” rating for the company in a research report on Wednesday, January 29th. William Blair raised shares of Manhattan Associates from a “market perform” rating to an “outperform” rating in a research report on Thursday, February 13th. Finally, StockNews.com lowered shares of Manhattan Associates from a “buy” rating to a “hold” rating in a research report on Monday, January 13th. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $252.56.

Manhattan Associates Stock Performance

Shares of MANH opened at $172.50 on Friday. The company has a market capitalization of $10.54 billion, a price-to-earnings ratio of 49.15 and a beta of 1.47. The company’s 50 day simple moving average is $215.40 and its 200 day simple moving average is $257.51. Manhattan Associates has a 1 year low of $163.10 and a 1 year high of $312.60.

Insider Transactions at Manhattan Associates

In related news, CFO Dennis B. Story sold 2,788 shares of the firm’s stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $170.83, for a total transaction of $476,274.04. Following the completion of the sale, the chief financial officer now directly owns 101,263 shares of the company’s stock, valued at approximately $17,298,758.29. This trade represents a 2.68 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.72% of the company’s stock.

Institutional Investors Weigh In On Manhattan Associates

Large investors have recently added to or reduced their stakes in the company. Tokio Marine Asset Management Co. Ltd. acquired a new stake in Manhattan Associates during the 4th quarter valued at $3,890,000. GDS Wealth Management grew its holdings in Manhattan Associates by 281.4% during the 4th quarter. GDS Wealth Management now owns 6,347 shares of the software maker’s stock valued at $1,715,000 after purchasing an additional 4,683 shares in the last quarter. Oak Thistle LLC acquired a new stake in Manhattan Associates during the 4th quarter valued at $1,326,000. AustralianSuper Pty Ltd grew its holdings in Manhattan Associates by 968.0% during the 4th quarter. AustralianSuper Pty Ltd now owns 232,719 shares of the software maker’s stock valued at $62,890,000 after purchasing an additional 210,929 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd bought a new position in Manhattan Associates during the 4th quarter valued at $1,200,000. 98.45% of the stock is 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.