Manhattan Associates (NASDAQ:MANH) Reaches New 52-Week High – Time to Buy?

Manhattan Associates, Inc. (NASDAQ:MANH)’s share price hit a new 52-week high during mid-day trading on Wednesday. The company traded as high as $261.01 and last traded at $259.6550, with a volume of 25,014 shares trading hands. The stock had previously closed at $255.14.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on MANH shares. Robert W. Baird lifted their price objective on shares of Manhattan Associates from $218.00 to $260.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 26th. Citigroup boosted their price objective on shares of Manhattan Associates from $260.00 to $280.00 and gave the company a “buy” rating in a report on Wednesday, October 28th. Stifel Nicolaus upped their target price on Manhattan Associates from $250.00 to $300.00 and gave the company a “buy” rating in a research report on Wednesday, October 28th. Morgan Stanley upgraded Manhattan Associates from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $180.00 to $250.00 in a research note on Monday, October 12th. Finally, Weiss Ratings raised Manhattan Associates from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, October 2nd. Eight analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $261.11.

Manhattan Associates Stock Down 2.0%

The stock has a 50-day moving average of $219.93 and a 200 day moving average of $168.32. The stock has a market cap of $14.82 billion, a PE ratio of 71.48 and a beta of 0.85.

Manhattan Associates (NASDAQ:MANH) last posted its quarterly earnings results on Tuesday, October 27th. The software maker reported $1.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.46 by $0.09. Manhattan Associates had a net margin of 18.41% and a return on equity of 98.67%. The company had revenue of $306.19 million during the quarter, compared to analyst estimates of $297.01 million. During the same period last year, the firm posted $1.36 EPS. Manhattan Associates’s revenue for the quarter was up 11.0% compared to the same quarter last year. On average, equities analysts anticipate that Manhattan Associates, Inc. will post 3.88 EPS for the current year.

Insider Buying and Selling at Manhattan Associates

In related news, Director Linda Hollembaek sold 1,315 shares of the firm’s stock in a transaction on Tuesday, November 3rd. The shares were sold at an average price of $250.00, for a total transaction of $328,750.00. Following the completion of the transaction, the director owned 10,953 shares of the company’s stock, valued at $2,738,250. This trade represents a 10.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Eric Clark sold 3,000 shares of the business’s stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $197.76, for a total transaction of $593,280.00. Following the transaction, the chief executive officer owned 89,638 shares of the company’s stock, valued at $17,726,810.88. This represents a 3.24% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.84% of the company’s stock.

Hedge Funds Weigh In On Manhattan Associates

Several institutional investors and hedge funds have recently modified their holdings of MANH. Bank of America Corp DE acquired a new position in Manhattan Associates during the second quarter worth about $75,136,000. William Blair Investment Management LLC acquired a new stake in Manhattan Associates in the 2nd quarter valued at about $94,049,000. BlackRock Inc. acquired a new stake in Manhattan Associates in the 2nd quarter valued at about $944,285,000. Engineers Gate Manager LP raised its holdings in Manhattan Associates by 1,309.1% in the 2nd quarter. Engineers Gate Manager LP now owns 132,846 shares of the software maker’s stock valued at $18,499,000 after acquiring an additional 123,418 shares during the last quarter. Finally, Man Group plc purchased a new position in Manhattan Associates in the 2nd quarter worth approximately $7,809,000. Institutional investors and hedge funds own 98.45% of the company’s stock.

Manhattan Associates Company Profile

Manhattan Associates, Inc develops supply chain commerce software for retailers, wholesalers, manufacturers and logistics providers. Its solutions help organizations plan, execute and optimize inventory, warehouse, transportation and omnichannel fulfillment operations.

The company’s product portfolio includes warehouse management, transportation management, order management, inventory optimization, labor management and point-of-sale capabilities. Manhattan Associates also provides tools that support warehouse automation, store fulfillment, distributed order management and customer engagement across digital and physical retail channels.

Founded in 1990 and headquartered in Atlanta, Georgia, Manhattan Associates serves customers across North America, Europe, Asia-Pacific and other international markets.