Manhattan Associates, Inc. (NASDAQ:MANH) Sees Significant Growth in Short Interest

Manhattan Associates, Inc. (NASDAQ:MANH) was the target of a large increase in short interest during the month of February. As of February 28th, there was short interest totalling 1,380,000 shares, an increase of 20.0% from the February 13th total of 1,150,000 shares. Based on an average daily trading volume, of 727,300 shares, the days-to-cover ratio is currently 1.9 days. Approximately 2.3% of the shares of the stock are short sold.

Manhattan Associates Price Performance

MANH traded down $1.20 during midday trading on Thursday, reaching $173.29. 214,706 shares of the company’s stock were exchanged, compared to its average volume of 501,444. Manhattan Associates has a 1-year low of $163.10 and a 1-year high of $312.60. The stock has a market capitalization of $10.59 billion, a PE ratio of 49.47 and a beta of 1.47. The business’s 50-day moving average price is $209.62 and its 200 day moving average price is $255.67.

Insider Buying and Selling

In related news, CFO Dennis B. Story sold 2,788 shares of Manhattan Associates 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 transaction, the chief financial officer now owns 101,263 shares of the company’s stock, valued at $17,298,758.29. This trade represents a 2.68 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.72% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Manhattan Associates

A number of institutional investors have recently added to or reduced their stakes in the company. 111 Capital bought a new stake in shares of Manhattan Associates during the 4th quarter valued at about $215,000. Wealth Enhancement Advisory Services LLC lifted its position in shares of Manhattan Associates by 10.1% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 2,792 shares of the software maker’s stock valued at $755,000 after acquiring an additional 257 shares in the last quarter. Siemens Fonds Invest GmbH acquired a new stake in shares of Manhattan Associates during the fourth quarter worth approximately $379,000. Park Square Financial Group LLC acquired a new position in Manhattan Associates in the 4th quarter worth about $38,000. Finally, Menard Financial Group LLC raised its holdings in Manhattan Associates by 28.7% during the fourth quarter. Menard Financial Group LLC now owns 3,115 shares of the software maker’s stock valued at $842,000 after buying an additional 694 shares in the last quarter. Institutional investors and hedge funds own 98.45% of the company’s stock.

Analyst Upgrades and Downgrades

MANH has been the topic of a number of research analyst reports. Truist Financial dropped their target price 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. Citigroup cut their target price on shares of Manhattan Associates from $244.00 to $184.00 and set a “neutral” rating on the stock in a report on Friday, March 14th. DA Davidson lowered their price objective on shares of Manhattan Associates from $315.00 to $270.00 and set a “buy” rating for the company in a report on Wednesday, January 29th. Loop Capital dropped their price target on shares of Manhattan Associates from $310.00 to $275.00 and set a “buy” rating on the stock in a research note on Wednesday, January 29th. Finally, Raymond James lowered their target price on Manhattan Associates from $305.00 to $270.00 and set an “outperform” rating on the stock in a report on Wednesday, January 29th. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $243.78.

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.