Manhattan Associates (NASDAQ:MANH) Hits New 52-Week High – Still a Buy?

Shares of Manhattan Associates, Inc. (NASDAQ:MANH) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $308.37 and last traded at $308.28, with a volume of 123045 shares changing hands. The stock had previously closed at $300.67.

Analysts Set New Price Targets

A number of brokerages have issued reports on MANH. Robert W. Baird raised their price objective on shares of Manhattan Associates from $263.00 to $304.00 and gave the company an “outperform” rating in a research note on Tuesday, October 22nd. DA Davidson raised their price objective on shares of Manhattan Associates from $285.00 to $315.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Piper Sandler began coverage on shares of Manhattan Associates in a research note on Monday, November 25th. They issued an “overweight” rating and a $326.00 price objective on the stock. Truist Financial raised their price objective on shares of Manhattan Associates from $275.00 to $310.00 and gave the company a “buy” rating in a research note on Friday, October 11th. Finally, Loop Capital raised their price objective on shares of Manhattan Associates from $265.00 to $285.00 and gave the company a “buy” rating in a research note on Monday, September 16th. Four research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $290.78.

Manhattan Associates Trading Down 3.7 %

The firm’s 50 day simple moving average is $286.25 and its 200-day simple moving average is $262.00. The stock has a market capitalization of $18.21 billion, a price-to-earnings ratio of 84.71 and a beta of 1.50.

Manhattan Associates (NASDAQ:MANH) last issued its quarterly earnings results 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. Manhattan Associates had a net margin of 21.38% and a return on equity of 84.55%. The firm had revenue of $266.70 million for the quarter, compared to analyst estimates of $262.90 million. During the same period in the previous year, the business earned $0.79 EPS. The company’s revenue was up 11.9% compared to the same quarter last year. As a group, equities research analysts predict that Manhattan Associates, Inc. will post 3.39 earnings per share for the current year.

Insider Transactions at Manhattan Associates

In other news, EVP James Stewart Gantt sold 3,475 shares of the company’s 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 completion of the sale, the executive vice president now owns 42,812 shares of the company’s stock, valued at approximately $12,334,137.20. This represents a 7.51 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Bruce Richards sold 4,150 shares of the company’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 sale, the senior vice president now directly owns 22,086 shares of the company’s stock, valued at approximately $6,398,976.78. This trade represents a 15.82 % decrease in their position. The disclosure for this sale can be found here. 0.72% of the stock is owned by company insiders.

Hedge Funds Weigh In On Manhattan Associates

A number of institutional investors have recently added to or reduced their stakes in the stock. Optimist Retirement Group LLC increased its position in 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 purchasing an additional 76 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new position in Manhattan Associates during the 3rd quarter worth approximately $502,000. Sanctuary Advisors LLC increased its position in Manhattan Associates by 13.1% during the 3rd quarter. Sanctuary Advisors LLC now owns 6,398 shares of the software maker’s stock worth $1,794,000 after purchasing an additional 743 shares in the last quarter. SkyView Investment Advisors LLC increased its position in Manhattan Associates by 2.0% during the 3rd quarter. SkyView Investment Advisors LLC now owns 5,120 shares of the software maker’s stock worth $1,441,000 after purchasing an additional 102 shares in the last quarter. Finally, Arete Wealth Advisors LLC acquired a new position in Manhattan Associates during the 3rd quarter worth approximately $208,000. 98.45% of the stock is currently owned by institutional investors and hedge funds.

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.