Castleark Management LLC Reduces Stock Position in Manhattan Associates, Inc. (NASDAQ:MANH)

Castleark Management LLC reduced its holdings in shares of Manhattan Associates, Inc. (NASDAQ:MANH - Free Report) by 72.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 890 shares of the software maker's stock after selling 2,390 shares during the period. Castleark Management LLC's holdings in Manhattan Associates were worth $250,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Massachusetts Financial Services Co. MA purchased a new position in Manhattan Associates in the 3rd quarter worth $234,249,000. Fiera Capital Corp bought a new stake in shares of Manhattan Associates in the 2nd quarter valued at about $44,705,000. Squarepoint Ops LLC boosted its holdings in Manhattan Associates by 448.9% during the 2nd quarter. Squarepoint Ops LLC now owns 160,649 shares of the software maker's stock valued at $39,629,000 after acquiring an additional 131,381 shares during the period. FMR LLC grew its position in Manhattan Associates by 7.3% during the 3rd quarter. FMR LLC now owns 1,917,412 shares of the software maker's stock worth $539,521,000 after acquiring an additional 130,817 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its stake in Manhattan Associates by 118.8% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 173,644 shares of the software maker's stock worth $48,860,000 after purchasing an additional 94,283 shares during the period. 98.45% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Manhattan Associates news, SVP Bruce Richards sold 4,150 shares of the stock in a transaction 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 in the company, valued at approximately $6,398,976.78. This trade represents a 15.82 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP James Stewart Gantt sold 3,475 shares of the business's stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $288.10, for a total value of $1,001,147.50. Following the completion of the transaction, the executive vice president now owns 42,812 shares of the company's stock, valued at $12,334,137.20. This represents a 7.51 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.72% of the company's stock.

Wall Street Analyst Weigh In

MANH has been the subject of a number of analyst reports. Raymond James increased their price objective on Manhattan Associates from $255.00 to $305.00 and gave the company an "outperform" rating in a research note on Wednesday, October 23rd. DA Davidson increased their price target on shares of Manhattan Associates from $285.00 to $315.00 and gave the company a "buy" rating in a research report on Wednesday, October 23rd. Loop Capital boosted their price objective on shares of Manhattan Associates from $265.00 to $285.00 and gave the company a "buy" rating in a research report on Monday, September 16th. Truist Financial increased their target price on shares of Manhattan Associates from $275.00 to $310.00 and gave the stock a "buy" rating in a report on Friday, October 11th. Finally, Robert W. Baird raised their target price on Manhattan Associates from $263.00 to $304.00 and gave the stock an "outperform" rating in a research note on Tuesday, October 22nd. Four equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $290.78.

Manhattan Associates Stock Performance

Shares of NASDAQ MANH traded down $0.01 during mid-day trading on Friday, hitting $302.59. 341,830 shares of the stock traded hands, compared to its average volume of 364,184. The company has a market cap of $18.48 billion, a price-to-earnings ratio of 85.96 and a beta of 1.50. The stock has a fifty day moving average price of $283.99 and a 200-day moving average price of $259.63. Manhattan Associates, Inc. has a 52 week low of $199.23 and a 52 week high of $307.50.

Manhattan Associates (NASDAQ:MANH - Get Free Report) last announced its earnings results on Tuesday, October 22nd. The software maker reported $1.35 EPS for the quarter, beating analysts' consensus estimates of $1.06 by $0.29. The firm had revenue of $266.70 million for the quarter, compared to analysts' expectations of $262.90 million. Manhattan Associates had a net margin of 21.38% and a return on equity of 84.55%. The company's quarterly revenue was up 11.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.79 EPS. As a group, sell-side analysts predict that Manhattan Associates, Inc. will post 3.39 EPS for the current fiscal year.

Manhattan Associates 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.