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

Manhattan Associates (NASDAQ:MANH) had its price target decreased by research analysts at Citigroup from $244.00 to $184.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the software maker’s stock. Citigroup’s target price would indicate a potential upside of 5.94% from the stock’s current price.

A number of other analysts have also weighed in on MANH. Loop Capital reduced their target price on Manhattan Associates from $310.00 to $275.00 and set a “buy” rating on the stock in a research note on Wednesday, January 29th. Raymond James reduced their target price on Manhattan Associates from $305.00 to $270.00 and set an “outperform” rating on the stock in a research note on Wednesday, January 29th. William Blair upgraded Manhattan Associates from a “market perform” rating to an “outperform” rating in a research note on Thursday, February 13th. StockNews.com lowered Manhattan Associates from a “buy” rating to a “hold” rating in a research note on Monday, January 13th. Finally, DA Davidson reduced their target price on Manhattan Associates from $315.00 to $270.00 and set a “buy” rating on the stock in a research note on Wednesday, January 29th. 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, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $252.56.

Manhattan Associates Trading Up 6.2 %

NASDAQ:MANH traded up $10.19 during midday trading on Friday, hitting $173.69. 491,969 shares of the company traded hands, compared to its average volume of 499,047. The firm’s fifty day moving average is $217.41 and its 200-day moving average is $258.16. Manhattan Associates has a 12-month low of $162.78 and a 12-month high of $312.60. The firm has a market capitalization of $10.62 billion, a P/E ratio of 49.47 and a beta of 1.47.

Insider Activity at Manhattan Associates

In other Manhattan Associates news, CFO Dennis B. Story sold 2,788 shares of the stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $170.83, for a total value of $476,274.04. Following the completion of the sale, the chief financial officer now directly owns 101,263 shares in the company, valued at approximately $17,298,758.29. This trade represents a 2.68 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.72% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Manhattan Associates

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MANH. Vanguard Group Inc. raised its stake in shares of Manhattan Associates by 0.8% in 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 during the last quarter. FMR LLC raised its stake in shares of Manhattan Associates by 16.2% in the fourth quarter. FMR LLC now owns 2,227,669 shares of the software maker’s stock worth $602,005,000 after purchasing an additional 310,257 shares during the last quarter. State Street Corp raised its stake in shares of Manhattan Associates by 0.6% in the third quarter. State Street Corp now owns 2,203,139 shares of the software maker’s stock worth $619,918,000 after purchasing an additional 12,787 shares during the last quarter. Franklin Resources Inc. raised its stake in shares of Manhattan Associates by 43.2% in the fourth quarter. Franklin Resources Inc. now owns 1,916,509 shares of the software maker’s stock worth $517,917,000 after purchasing an additional 578,295 shares during the last quarter. Finally, Invesco Ltd. raised its stake in shares of Manhattan Associates by 3.1% in the fourth quarter. Invesco Ltd. now owns 1,861,160 shares of the software maker’s stock worth $502,960,000 after purchasing an additional 55,334 shares during the last quarter. 98.45% of the stock is currently owned by hedge funds and other institutional investors.

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.